Even though Workforce Management Suite is very cost-effective, some employers still aren’t convinced that it’s worth it and hang onto old school manual timekeeping systems. Today’s post is addressed to employers who are using manual Workforce Management practices because they don’t believe that investing in an automated system will yield a consequential ROI.
Here are 3 vital ways Workforce Management Suite helps organizations rein in labor expenses:
Employee Time Theft
If you haven’t caught any of your employees fudging on their time cards—it’s only a matter of time (pun definitely intended). In a survey of over 500 retail and service industry personnel, over 30 percent admitted to deliberate time theft.1 The two types they indicated specifically are buddy punching and recording inaccurate start and end times.
Buddy punching, logging erroneous start times, and early punch-ins and late punch-outs result in an average of 4.5 fraudulent hours per week, per employee. For one worker earning a wage of $10 per hour, that can be a loss of $45 per week.
Reduce Administrative Costs
With pen and paper time cards, your managers spend tedious hours troubleshooting timesheet inaccuracies and then manually slinging the data into the payroll system. When your HR staff can submit payroll in minutes, they are free to work on company initiatives that have a bigger payoff. Overtime policing can also be time-consuming, which leads us to number 3:
Limit Costly Overtime
Companies that mismanage overtime for hourly team members can really take a financial hit. Manual timekeeping systems don’t have built-in warnings to alert supervisors when employees are approaching or have exceeded their authorized hours. The larger your business, the more last-minute overtime costs you. Workforce Management Suite customizable overtime notifications are one of the most popular features in our system.
Workforce Management Suite will quickly pay for itself and continue to save on labor amounts every single payroll!
1“Employee Theft No Longer an If-It Is Now How Much!,” Kessler, https://investigation.com/2013/04/26/employee-theft-longer-now-much/, accessed March 6, 2017
Absolute Payroll Inc offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your managers, employees, and organization.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. We’ve just added onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is designed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and lessen labor costs.
How much can you save? Check our Absolute Payroll Inc ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to book a demo.