How much money can your business save by automating time and attendance processes? Complete the form below to estimate the amount of money that you can save each month by implementing TimeTrak In The Cloud – Workforce Management Solutions.
The estimated Monthly savings often outweigh the cost, the system essentially pays for itself each and every month.
Industry experts place the following conservative averages on various tasks related to manual systems, each average is for one employee for one pay period:
- 2 Minutes — Distribution / Collection of Time Cards
- 3 Minutes — For Clerk to Review / Compute Payable Hours
- 1 Minute — Keypunch Entry of Employee Hours
For all tasks, approx. 6 minutes / employee per pay period.
When was the last time an employee came to you to complain that they received too much money in their paycheck? Supervisors and Time Clerks generally err in favor of the employees when in doubt, and yet surprisingly many employees show up each week complaining of being underpaid.
The cost of human error factors are often overlooked.
Studies show that the rate of error is somewhere between ½% and 8% of total payroll, including overhead. One-half of one percent is used in this conservative estimate.
Annual surveys on theft of time reveal that businesses in the United States lose $120 billion a year. According to the results, employees on the average ‘steal’ four (4) hours a week by coming in late, taking long lunches, leaving a few minutes late in order to get overtime pay, etc. An automated time & attendance system cannot keep people honest, but if it were able to reclaim as few as six (6) minutes per day on average, the cost savings would be phenomenal for your company.