Time theft has been a problem ever since the first business opened its doors. Companies with 50 blue-collar workers currently lose about $21, 500 in profits a year this way. White-collar fraud may increase that number by as much as 100%. That’s why time and attendance tracking has become today’s must-have technology. Not only does it help save time and increase productivity, but it ups revenues as it saves you business costs.
Growing Your Client Base
Not all time theft can be sketched out in black and white, and grey areas can end up causing your company a lot of money. Time and attendance tracking gives you the metrics you need to find out who your most profitable employees are. By collecting data on their hours, the time they spend on tasks, and how many clients they’re gathering, you can build on the actions and employees that deliver real revenue. Insights help you to decrease the time spent on non-core activities and use the hours you save for core tasks that have the most impact on your bottom line.
This is where the Pareto Principle comes into effect. If 20% of your clients are responsible for 80% of your sales, time tracking lets you increase that 20% loyalty base by helping your organization to focus on important revenue drivers.
Creativity is crucial to human resources management if morale is to be kept at its pinnacle. You can only incentivize your workers if you know which actions need to be rewarded. Mobile tracking records staff activities, exports them into Excel, and lets you cross reference that data with profits. Time reporting accuracy is improved, so you’ll never wonder where your profits come from again. Your human resources department can also encourage work processes that deliver on revenue and save your accounting department much-needed hours.
Integration in A Data Driven Age
- 86% of “Best in Class” businesses have integrated attendance tracking and payroll systems.
- 71% have integrated time and attendance systems.
- To harness everything that big data can do for your profits, your information needs to eventually fall under one umbrella. Integrated business intelligence helps each department earn more revenue through improved strategic management.
- Time and attendance tracking can only free up the hours your bookkeepers spends on manual payroll if you export the information into software your accountants can actually use.
- Your task tracking can only help marketers improve your lead quality if your software integrates with information being collected by HR and marketing departments.
Time tracking software has the power to raise profits through every single prong of your company. When your HR data can be exported into generic software like Excel, you gain the ability to integrate your entire business. Now that’s power.
The Profitable Vacation
Netflix began giving its staff as many vacation days as they wanted, along with flexible hours and permission to work remotely in 2004. In eras prior to the big data explosion, a decision like that would have been too high risk to even try. However, with data comes freedom, so Netflix now knows its policy has won them more than $51 billion’s worth of increased market cap. Results-driven management works, and this is where the creative potential offered by time and attendance tracking software really shines.
Software like Synerion Time and Attendance delivers authentic return on investment, keeping your information accuracy where it should be. Talent is arguably your most valuable asset, but it only delivers on full potential if you manage it tactically.