Time clock software, also known as attendance software has become invaluable for just about every business out there. Purchasing such a solution may be something that you don’t even think twice about. The same applies to the specifics of the program or the massive impact it is going to have on your business in the near future.
While time clock software has a pretty straightforward purpose, there are numerous details and facts about the solution that business owners are unfamiliar with.
Are you feeling somewhat curious about attendance software and the scope of its application? Here are four cool, strange and unknown attendance software facts for you.
Successful Businesses Use Time Clock Software
While tracking attendance may seem like a pretty standard task, it can have a profound positive impact on a business.
Aberdeen Group research suggests that some of the most successful performers in different industries employ time clock software. The introduction of such a solution brings down the time that will otherwise have to be spent on workforce management. According to 36 percent of the participants in the survey, serious errors are also reduced, which increases cost-efficiency and productivity
A simple case study shows that manual time calculation requires seven minutes per time card and the standard calculation error is three percent. In addition, when calculations are being made, time missed by workers is often not included in the payroll estimates.
As a result, the lack of time clock software in a company that has 20 workers will contribute to annual manual calculation cost of 15,054 dollars – a pretty solid figure for a relatively small company.
It’s Possible to Reduce the Time Workers Waste at the Office
Being present at the office isn’t the only goal for businesses. Rather, workers should be spending time on their professional tasks instead of watching cat videos or updating their Facebook profiles.
There are software solutions out there that can be used for the purpose of monitoring employee activity. When professionals know that their supervisors are aware of activities at the office, they’ll be less likely to procrastinate and engage themselves in distracting practices.
Time Tracking is a Pretty Old Concept
The concept of time tracking itself is a relatively old one.
The old-school punch clock was created back in the 1880s and it has been used since the start to figure out when employees are coming to work and when they’re leaving. With the passage of time, technologies for attendance monitoring have become more complex.
Contemporary solutions can check for biometric data, track attendance remotely and give supervisors access to personalized reports. In addition, notifications and alerts are sent out on a regular basis to speed up attendance and payroll processing.
It will Pay Itself Off Really Fast
Axsium Group carried out an interesting survey to determine whether the acquisition of time clock software is worth it.
According to the company’s final report, companies save over 1,600 dollars per employee in the year after the introduction of attendance tracking software. This means that regardless of company size, the selection of such a solution will lead to a massive return on investment.
On top of this fact, companies brought down payroll cost by four percent on the average in the year after the implementation. In addition, 88 percent of the respondents in the survey said that the system either met or surpassed their expectation – a number that is a clear demonstration of just how much of a positive impact time clock software can make in a relatively short amount of time.