Even though Workforce Management Suite is very affordable, some employers still aren’t convinced that it’s worth it and hang onto old school manual timekeeping systems. Today’s article is addressed to employers who are using manual Workforce Management practices because they don’t believe that investing in an automated system will yield a significant ROI.
Here are 3 vital ways Workforce Management Suite helps companies rein in labor expenses:
Employee Time Theft
If you haven’t caught any of your staff members fudging on their time cards—it’s only a matter of time (pun definitely intended). In a survey of over 500 retail and service industry workers, over 30 percent admitted to calculated time theft.1 The two types they mentioned specifically are buddy punching and recording erroneous start and end times.
Buddy punching, recording erroneous start times, and early punch-ins and late punch-outs result in an average of 4.5 fraudulent hours per week, per employee. For one worker earning $10 per hour, that can be a loss of $45 per week.
Minimize Administrative Costs
With pen and paper time cards, your managers spend tedious hours troubleshooting timesheet inaccuracies and then manually slinging the data into the payroll system. When your HR staff can complete payroll in minutes, they are free to work on organization initiatives that have a bigger payoff. Overtime policing can also be time-consuming, which leads us to number 3:
Limit Costly Overtime
Companies that mismanage overtime for hourly employees can really take a financial hit. Pen and paper timekeeping systems don’t have built-in warnings to alert supervisors when staff members are approaching or have exceeded their authorized hours. The larger your business, the more last-minute overtime costs you. Workforce Management Suite customizable overtime alerts are one of the most popular features in our system.
Workforce Management Suite will swiftly pay for itself and continue to save on labor expenses every single payroll!
1“Employee Theft No Longer an If-It Is Now How Much!,” Kessler, https://investigation.com/2013/04/26/employee-theft-longer-now-much/, accessed March 6, 2017
Advantage Payroll Services offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your supervisors, employees, and business.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. We’ve just added onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is developed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and decrease labor costs.
How much can you save? Check our Advantage Payroll Services ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to schedule a demo.