Labour costing and attendance tracking aren’t the easiest tasks out there. The good news is that innovative solutions have become available, giving businesses the tools needed to increase accountability and identify detrimental trends.
If you’re still wondering whether such software is the right option for your business, the following guide will be the right one for you. It will give you a better idea about the positive manners in which labour costing and attendance tracking solutions will affect your business.
No More Timesheet Fraud
Businesses are losing money because of timesheet fraud. Time theft and fraud cost US companies more than 400 billion dollars per year in lost productivity, a US Chambers of Commerce report suggests. Of the companies polled, 74 percent report dealing with issues like buddy punching.
The likelihood of timesheet fraud, buddy punching and related behaviours will be reduced significantly through effective tracking. Choosing the right system will make it impossible for coworkers to do buddy punching or punch in early/late. Biometric data is just one example of a provision against such adverse practices.
Higher Productivity
Reliance on such software can also have a positive impact on productivity, enabling people to make the most of the hours spent at the office. Through automated time tracking and labour costing solutions, supervisors and managers are freed to focus on other aspects of their work. Such professionals will simply need to dedicate some time at the end of the month to review the data that the programme has produced.
A good leader is an imperative for high worker morale. When people are led effectively and communication with the management improves, they will be much more likely to do a good job.
Accurate Payments and Guaranteed Fairness
Fears of favouritism can have a detrimental impact on worker morale. Such fears can be put to rest through the selection of the right attendance tracking solution. As already mentioned, the risk of time tracking fraud is reduced significantly. When everyone is paid exactly what they deserve, people will have peace of mind that additional efforts will pay off in the long run.
The lack of fairness is a major annoyance for workers and it can even lead to a high employee turnover. When faulty practices remain unchecked for a long period of time, corporate culture will be destroyed.
An accurate tracking solution can’t be blamed of favouritism. There will be no need to police everyone in order to make sure that employees are being paid exactly what they deserve. The results are easy to understand – hard-workers will be awarded and they’ll get some additional satisfaction from knowing that their commitment has been recognized.
Higher Employee Retention
This aspect of accurate time tracking and labour costing has already been touched upon but it’s very important and deserves some elaboration. Employee retention is a major problem for businesses today. Statistics suggest that a third of newly hired employees will leave their job in six months. According to 37 percent of employers, turnover has increased over the past 12 months.
The main reason for a high turnover rate is disengagement. Surveys show that engaged and thriving workers are 59 percent less likely to look for a new job than the ones that have a low level of engagement.
High engagement can be guaranteed through fair practices, better communication with team managers and perks for the people who work the hardest. All of these can be accomplished through the selection of a clever and well-developed attendance tracking and labour costing solution.