3 min read

Time is Money: The Benefits of Time and Attendance Tracking Software

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If your small business is quickly growing in size and employee headcount, there's a good chance you require a new solution for time and attendance. While your initial employee base was likely all salary-based, you will now need hourly tracking and a robust time and attendance solution. Here's how tracking software can make all the difference:

  • Accuracy: accuracy in time and attendance reporting is absolutely essential to cost savings. Research shows that as much as $11 billion is wasted annually on time theft (accidentally and on purpose), with time theft affecting most (75%) businesses. 
  • Labor Law Compliance: there are hundreds of labor laws and regulations to follow, including many that reference the accuracy of time and attendance — i.e., so you don't underpay employees and get hit with fines and penalties. Tracking software eliminates human error inaccuracies, which is responsible for nearly 70% of incidents, by replacing manual labor with automation. 
  • Easy transition with YPD: Here at Your Payroll Department, we understand that time is money, and you need the smoothest transition from manual labor to tracking software. We make sure you have a robust software that creates the most holistic experience with an HCM (human capital management) platform and integrated solutions. 

When it comes down to it, the sooner you start, the quicker you gain a competitive advantage in your market. On the other hand, the later you start, the more likely you are to fall behind on the latest advancements created to make your business life much easier.

Here are the most significant reasons you need time and attendance tracking software as we enter 2022. 

AUTOMATION AND TIME MANAGEMENT

Easy-to-use software allows employees to submit their hours daily or weekly depending on your requirements. This automation improves time management for both your:

  • HR team — not tracking down every employee and every hour worked
  • Employees — spend minimal time worrying about hours

In fact, studies have shown that automating tasks like time management can reduce wasted time by nearly 69% by making tedious and repetitive tasks a thing of the past. Forbes adds that according to employees surveyed in a report, automating small tasks like time and attendance saves them up to two work hours a day, equal to 240 hours per year.

PAYROLL INTEGRATION

For employees, payroll disturbances can be terribly inconvenient for those who rely on their paychecks to pay bills and feed their families. While most workers would love to have enough in savings for those slight bumps in the road in payroll, it's not always the case.

According to studies reported in Forbes, 28% of people making $50,000-$99,999 'usually' or 'always' live paycheck to paycheck, and 70% of them are in debt. LendingClub Corporation adds that another 40% with incomes over $100,000 also live paycheck to paycheck, with at least 12% of those struggling to pay important bills. 

As for HR, disruptions in payroll can become more time-consuming to correct than the free time the team has to offer. There are a lot of important moving parts for HR to address to ensure employees are happy and productive and the company is on track for growth — and no time for mistakes. When timesheets automatically sync with payroll, there is less lift and more accuracy. 

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SUPERVISION

Although there is a misconception that less supervision is more motivating, research often says otherwise. According to Chron, "One of the most important purposes of supervision is to provide a supportive and comfortable atmosphere in which employees can feel comfortable at work."

With the right time and attendance tracking software, supervisors can easily manage time and attendance dashboards to keep tabs on employee productivity. This can be a great way to acknowledge and reward employees who are on track and discuss potential solutions for those underperforming. 

Your tracking software solution can allow you to create and edit schedules, browse and change employee time cards, leave requests that need approval, create customizable time and attendance reports, and more. 

MOBILE USAGE

Mobile usage has been rapidly growing in the workplace over the last decade or more. While it was once forbidden to bring your phone out at work, it has now become a requirement — if not a necessity.

According to a study conducted by Samsung, 93% of workers use their smartphones at work. The report also found that as much as 33% of their workdays are spent on a cellphone, with some occupations seeing much higher figures. To support mobile-friendly usage even further, the cellphone company adds that nearly half (42%) of participants surveyed preferred their cell phone for work over other devices. 

The right time and attendance software will allow employees and employers to manage time and attendance from a mobile app, keeping these essential tasks easily accessible to those who need them — not to mention further improving efficiency and productivity. 

IMPROVE YOUR TIME AND ATTENDANCE SOLUTION

An HCM platform takes your HR team to the next level, improving their impact on employees and the company's growth by freeing up precious time to focus on more important matters and contribute to the bottom line. Easy integrations to your HCM are essential to accessing all your accounting needs in one place.

When you're ready to explore all of your HCM and integration options for more growth opportunities, contact our team at Your Payroll Department. We will be more than happy to get your workplace set up with the latest automation platforms like time and attendance tracking software.

After all, time is money, and the only way you're going to get some back is by automating small tasks that are better suited for technology.

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