Reduce Your Labor Costs with Time and Attendance Software
Reduce Your Labor Costs with Time and Attendance Software
The current recession is making life difficult for CFOs and CIOs. The majority of U.S. States are experiencing an unemployment rate of 7 to 9.9%. According to the Bureau of Labor Statistics, during the months of December 2007 to June 2010 the number of initial unemployment claims was 6,213,880.
Although high level executives have to cut costs, many workforces are becoming leaner and the money available for productivity-improving IT investments may be shrinking. However, focusing on labor costs typically an organization's largest expense by deploying time and attendance tracking software, significant cost reductions can be achieved. Properly deployed, these applications, as well as complementary applications for other workforce-related functions, can substantially reduce various types of overcompensation and improve productivity at relatively low costs with minimal operational risk.
The worst times are the best times for time and attendance.
Because time and attendance software applications enable significant cost reductions, have relatively low costs, and have little operational risk, companies should rank them favorably when deciding how to spend their shrinking IT budgets. Companies should always consider potential investments on a project-by-project basis, but here are some considerations that make investments in time and attendance more attractive than most other IT investments:
Benefits. The average company's payroll error rate is 1.2 percent. Properly deployed, time and attendance can rapidly eliminate up to 95 percent of this cost.
Accountability by employee, not management. Online web clock applications, offline time clock terminals in the workplace, or telephony devices via cell phone applications are all different options with our software that makes the employee accountable for properly tracking their daily activities such as clocking in and out, and breaks. This removes the burned of employee time supervision from the hands of the management so that their time can be best spent managing. This is another good reinvestment of your management teams' time.
Costs. Relative to the benefits, the costs of time clocks, servers, software, personnel, and training tend to be low. Combined with the magnitude of benefits and accountability, this means that time and attendance deployments typically have high ROI's and rapid paybacks.
Risk. Time and attendance software deployments do not pose a risk to operationally critical workflows, relationships with employees, or third parties. Although these deployments pose a small amount of risk to the first pay periods after the go-live date, this can be fully mitigated as the result of help from consultants and parallel testing.
In addition to typically having a rapid paybacks, time and attendance software deployments are also more effective over the long run than the most common cost reduction strategies. Companies typically reduce costs during a recession by laying employees off. Unfortunately, this is a risky cost-reduction strategy; as the American workforce ages, companies that have given up too many employees may find it hard to compete for their replacements when the economy improves. It is also risky to squeeze savings from vendors, partners, or distributers, who may switch to rivals if they think these cost reduction measures will harm their own business models.
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