When it comes down to it, there are many costs that are directly associated with absenteeism. Many reasons for employees being absent, such as poor weather or traffic conditions, may seem innocent and justified. However, they can still have a major impact on your bottom line, and as a business owner, it’s important to know the causes and solutions to absenteeism.
Did you know that nearly half of employees commit time theft in one form or another? According to a survey created by Software Advice, 43% of employees accept pay for time that they have not actually worked. Because of this, organizations are losing over $400 billion annually in lost productivity. Of the hourly workers surveyed in this study, not only did 43% of them admit to exaggerating the amount of time they’ve worked during their shifts, but 25% also said they reported more hours than they actually worked on their timesheets almost 100% of the time. However, only 3% of employees surveyed said they committed time theft by using their biometric time clocks. This is a great statistic to keep in mind as you evaluate your timekeeping process.
All employers will have to discipline an employee at some point in their professional career. It’s an unfortunate circumstance of running a business, largely because underperformance, employee time theft, and unexcused absences cost employers millions of dollars a year. Therefore, it’s important to know how to address an issue as soon as possible. With Time & Attendance Software, managing points and incidents has never been easier. You can easily monitor employee hours, encourage proper attendance habits, and see who has incurred infractions.
If you’re reading this blog, it’s probably safe to say you have at least a few hourly employees within your company and it’s your job to calculate their time cards by hand. What’s more, you probably spend a decent amount of time worrying about those hourly employees receiving excessive overtime. After all, the Fair Labor Standards Act (FLSA) states that employees must receive overtime pay of at least one and a half times regular pay for an excess of 40 hours worked in a workweek. This can really add up in the long run financially, especially if your employees abuse the system. What’s more, there are certain laws and regulations that must be met when it comes to tracking your employees’ overtime pay, so you have to have records of all your employee time and attendance.
There are a number of factors that contribute to a truly successful business, which is why it’s important to re-evaluate your processes from time to time. You know all too well how important it is to keep paperwork organized, track your employee’s time and attendance, maintain constant communication, and measure the success of your organization, all the while ensuring your clients are happy and satisfied with the product or services they receive. However, you don’t have to do this all on your own.
Did you just start a business or are you thinking about it? As you think about what talent you want to hire, you should also think about how you plan on tracking the hours they work. Time and attendance tracking is a key component of any business, as there are many aspects to it. One of them is that accurate time tracking ensures that payroll is processed quickly and it guarantees that policies and regulations are enforced. There are many different methods of tracking time and attendance, and it’s up to you to choose which method suits your business the best. Paper forms, punch cards, biometric time clocks, and online web portals are a few examples of these methods, and each method has its own pros and cons. Since we live in such a technology-driven world, paper forms and paper time cards are becoming more and more uncommon due to cloud-based time and attendance systems and biometric time clocks. The truth is that automated time and attendance has been proven to be the best option for any business, so it is highly recommended. With an automated, cloud-based time and attendance system you avoid manual calculations, save time and money, stay compliant, and even reduce absenteeism. All this will in return help your bottom line. So how do you go about setting up a time and attendance system for your business?
Leave Management Also Known As Time Off
Now, if you are not using our Time & Attendance system, we do have an entire Leave Management tool that I'd like to show you here real quick. I'm going to log out as Julie Andrews. I'm going to log in as Jane Doe. Jane Doe is my company admin. As we log in here, I'm going to move over to my Company tab and go to Leave Management and this is where I have the ability to run reports and check statuses and approve leave time for my employees. Now, if supervisors have access to the system, they will only see their employees, whichever employees they're attached to or whichever departments are assigned to them.