Time and Attendance Software - Reduce Costs in a Difficult Climate
The benefits of Time and Attendance Software and how it can help businesses to reduce costs in a difficult climate by monitoring staff hours and lateness
Time and Attendance Software offers a range of useful functionality that is highly beneficial, particularly to an organisation who has a fully integrated system, which includes HR and Payroll functionality.
In today's tough economic climate Time and Attendance Software is particularly useful as it enables managers to maintain a better control of their workforce. They will immediately be able to calculate employee's time in terms of basic hours and overtime worked, providing accurate figures for transfer to payroll. Managers will also be able to accurately monitor 'working time' regulations, ensuring conformance with legislation.
It is estimated that absence costs British businesses in the region of £12.5 billion in direct costs each year! Worse still this figure doesn't include the effect of absenteeism on productivity, management time, low morale of colleagues and reduced quality standards, so alarmingly some analysts estimate this figure to be double in real terms. Unfortunately few organisations have mechanisms in place to identify the cost of absence. As a result, effective absence management is one of the key challenges facing businesses today, making the need for Time and Attendance Software ever more important.
The Benefits of Time and Attendance Software
Time and Attendance Software has many benefits. The software can assist in areas such as making decisions about complicated work rotas and keeping up to date with productivity issues. These features of a time and attendance system can all help you to run your business more effectively.
A recent study showed that the total error rate paid by employers using a traditional time card method averaged between 1-8%, and that doesn't take account of the mistakes that need to be corrected each pay cycle by the payroll department. Attendance Software will ensure that only correct data is entered, creating the most accurate payroll. Imagine... no more time wasted fixing inevitable human error mistakes! The software will also reduce time used to prepare time sheets, improve workforce management, and help you track and manage labour expenses. It is ideal for the manufacturing and retail industries, where there is still the need to 'clock in and clock out' staff.
Time and Attendance Software can replace the need for a manual timesheet system which can be time-consuming and contentious to process. Employees using a manual system may forget to complete timesheets regularly and start guessing when they arrived, went to lunch and left for the day. This could cause an organisation to lose out on actual hours worked.
Of course there are many other benefits to a business moving over to a Time and Attendance software solution. For example it will ensure you get the best value from your staff, by confirming that they are arriving and leaving when they should. Also accurately monitoring staff attendance can create opportunities for motivating and retaining your best staff, by actively rewarding good attendance and punctuality. Incentives schemes could be introduced to reward these staff, providing an excellent motivation tool, especially as the business may not be able to reward all staff with a pay rise.
In summary, using an effective Human Resource Software tool will not only make a huge difference to the processes your HR Department may have in place at present, but it will potentially result in cost savings to your companies bottom line, an improvement in productivity and increased efficiency.
About Bond Teamspirit
Bond Teamspirit is part of Bond International Software (UK) Limited. For over 30 years the company has been developing software and services dedicated to payroll and HR.
Our Time and Attendance Software is completely flexible and user-friendly making it ideal for both large and small organisations.
With a wealth of functionality as standard, our Time and Attendance Software can be fully integrated with Teamspirit HR and Payroll operating from a single database, with many features such as accurate recording of clocking data, with real time 'who's in' information, automated calculations of an employees attendance and absence hours and when transferring to a TeamSpirit payroll system, there is no re-entry of data.
We have successfully implemented HR and Payroll Software for over 500 clients with between 80 and 50,000 employees. These range from Blue chip companies to household names in the public and private sector. Committed to building long-term relationship with our clients, Bond TeamSpirit provide tailored HR Software systems to each clients individual requirements and can incorporate traditional bureau, fully managed and hosted payroll services, plus other benefits such as HR outsourcing, consultancy and advisory services.