Biometrics Time Attendance Gaining Popularity

Biometrics Time Attendance Gaining Popularity

Maintaining profitability in a struggling economy is never an easy task for any business owner. Throughout the recent recession thousands of businesses have been forced to aggressively reduce their operating costs with corporate layoffs being the first step for most business owners. Payroll related expenses are generally the largest burdens for employers during times of impacted revenues forcing managers to cut back hours and eliminate positions. As a business owner, what if you could significantly reduce payroll related expenses by implanting a more accurate and effective time attendance system? Well, you can! Emerging biometric time and attendance systems are in popular demand these days and for good reason they save business owners money!

A Brief Overview of Biometrics

Biometrics has advanced significantly over the past five years and market growth has been unprecedented with fingerprint authentication and facial recognition technologies expected to grow into a 4.6 billion dollar industry by 2012. Currently, most consumer products that utilize biometric technology make use of fingerprint authentication scanners that identify an individual with the simple scan of a fingerprint. The biometric scanner doesn't physically capture the users fingerprint per say; however, it creates a mathematical representation of an individuals biometric data with fingerprint ridges being the key identification points. This is important to note as many who are unfamiliar with biometric fingerprint authentication often have privacy concerns about their fingerprints being stored into an obscure database. Modern biometric scanners store fingerprints as mathematical formulas without ever storing a users complete print. The process is simple and since most fingerprint scanners offer 500dpi resolution, authentication generally takes less than one second with false authentication rates (FAR) of less than .00002%

Biometrics in Human Resource Applications

Although biometrics has seen the largest growth in government, financial, and medical applications, biometrics is becoming increasingly popular in time and attendance solutions bringing innovative change to business owners. With traditional time and attendance systems, employees either manually punch a time card, key in a digital PIN, or swipe a card with magnetic or RFID code that has been pre-programmed into the card. While most modern businesses rely on digital time and attendance systems, recent studies suggest that over 30 percent of businesses rely on traditional time card based systems with an HR Manager manually calculating hours each pay period. Elecronic systems can immediately reduce the hours spent in calculating time cards; however, loopholes exist for employees to cheat the system to record falsified hours worked a phenomenon known as Buddy Punching.'

A Closer Look at Buddy Punching'

Buddy Punching refers to when an employee fraudulently enters time stamps for another employee. Whether it is an employee arriving late or sneaking out a few minutes early, buddy punching has serious financial ramifications for business owners. A recent study concluded that over 70 percent of business owners experience payroll losses that result from buddy punching. For an organization of 5,000 employees, payroll losses can easily exceed 4 million dollars every year.

Biometric time and attendance systems can immediately eliminate these losses by providing accurate time records and paying employees for their exact hours worked which in turns affects the businesses bottom line. Furthermore, most biometric time and attendance systems automate other processes such as schedule creation, timecard tallying, vacation requests, and more which can save the average employee and manager hours of work each year resulting in more cost savings for your organization. When you add the cost savings measures up it is easy to see how a biometric time and attendance system is an easy decision for any business owner looking to reduce their operating costs.

Putting the Pieces Together

As biometric technology continues to grow within a variety of industries, the decision to implement this innovative technology into your HR department may come sooner than later for many business owners. If your organization is considering making the investment into a biometric time and attendance system, be sure to compare the features and specifications thoroughly before choosing a time and attendance system for your business.

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