In the United States, nearly three percent of the workforce is unproductive on any given day, and missed work costs employers, $1,685 annually. Managing employee absenteeism and other regulatory compliance issues is more manageable with accurate time and attendance data. Additionally, precise time and attendance data can help identify underlying causes of absenteeism, allowing you to make informed decisions about your workforce. This article will explore how time and attendance data can benefit your business.
Costs of time and attendance systems
There are two main types of time and attendance systems, on-premises and cloud-based. On-premises systems usually require significant upfront costs, but monthly fees are much smaller. On the other hand, cloud-based solutions generally charge per-employee fees ranging from $1 to $10 per month. However, some cloud services also charge a monthly base fee, usually included in the monthly subscription price. Therefore, comparing costs between both types of systems is a good idea before choosing a vendor.
Some time and attendance tracking solutions are integrated with other applications. For example, an electronic access control system can record the time and location an employee enters or leaves the building. These systems can read the information from the access control database, reducing the cost of installing separate terminals. Many of these systems also include employee portraits. You may be able to save money by avoiding time clocks altogether. But be prepared for the additional cost.
Accuracy of time and attendance data
Accurate time and attendance data are crucial for businesses because it enables faster payroll processing and compliance with workplace policies. However, manual tracking of employee hours is hugely inefficient and prone to error. Additionally, employees responsible for manually tracking time are often under considerable stress, which reduces productivity. Therefore, if you’re considering implementing a time tracking system, you must consider the following factors. Let’s look at some of these factors.
The accuracy of time and attendance data is vital to comply with FLSA regulations. Failing to do so can result in hefty fines. This is where time and attendance software comes in handy. The cloud-based system can be far more efficient than using internal hardware and software. In addition to allowing you to access real-time data anywhere in the world, cloud-based attendance software eliminates the need for complex IT infrastructure.
Reporting on time and attendance data
Time and attendance data can help businesses determine if certain employees are consistently late or absent. Knowing how long an employee is absent can help managers determine if a particular department or position needs extra staff. Additionally, it can help HR professionals spot pattern abuse and defend themselves against disputes. In addition, attendance reports can help businesses decide which employees are most valuable to their companies. Those who are consistently late or absent are typically less productive and inefficient.
When setting up a time and attendance report, you’ll want to choose the date range in which to see the data. You can select a date range and include a range of data. A detailed report lets you edit individual attendance records, and you can also set a rule for overtime hours. This report helps attach to payslips, as it shows when employees have worked less than usual hours and which days they were not.
Benefits of time and attendance data
The US Department of Labor states that nearly three percent of the workforce is absent from work on any given day and that missed work costs businesses about $1,685 annually. Keeping track of employee hours helps companies manage absenteeism and compliance issues, as well as the costs of regulatory violations. In addition, accurate time and attendance data can help companies make more informed decisions about hiring and scheduling, and it can help identify the causes of employee absences.
Many time and attendance systems can be integrated with other applications. For example, an electronic access control system can record when an employee arrives and exits the workplace. By combining time and attendance systems with access control databases, businesses can save money by installing separate terminals. Additionally, employees can access their timesheets on their mobile devices. The data collected is stored in the cloud so that a single system can be used for multiple locations.