One of the major HR challenges of running a full-fledged business organization is hiring cost-effective high-quality talent. Even more important is ensuring that the employees are highly productive, and that they offer their optimal output. Managing Productivity is a complex task that involves various essential metrics one of which is Time and Attendance tracking; it is being increasingly automated and integrated with existing HRM systems for better efficiency and transparency.
Benefits of automating time and attendance
A survey by the American Pay Association reveals that as much as 75% of businesses are affected by time-theft, whereby employees are paid for time they did not work. They record work-hours falsely, or ask others unethically to clock time for them. Companies could be paying employees 1.5 to 10% more than fair wages, because of such dishonest practices, which could cost them about 7% on their annual gross payroll.
This has created a strong business case for an automated T&A solution as against a manual system that is prone to weaknesses. The following are the benefits of such a solution.
Time and attendance automation: choosing the best solution
The obvious business benefits of automating T&A have led to numerous solutions from various vendors. It has become necessary therefore, for you to choose the best solution among them, most optimized for your need; the following guidelines can be of some help.
In addition to the above benefits, automating T&A ensures compliance with federal norms on recording employee time and pay. To sum up, T&A automation reduces costs, improves productivity, and creates a positive culture within the organization.