December 17, 2018
If you’re a small business owner, you’ll already know and hopefully appreciate that your employees are one of your most valuable assets and at the same time, they are your biggest expense, too. For that reason, it’s vital that employee working hours are monitored so that you can ensure you’re getting the most out of them for the benefit of your business. You must also maintain accurate and up to date records of any sick leave and holidays they may take, to be sure that you’re paying them correctly.
Just how important is an employee attendance monitoring system for HR departments?
Super important! Without a functioning system in place to monitor and track time and attendance, companies could end up losing thousands of dollars and have a workforce who are not performing efficiently. An employee attendance monitoring system is the simplest way for HR management departments to ensure that staff are not only working when they’re supposed to be, but that they receive the correct pay for the correct amount of time worked.
On a wider scale, being able to accurately monitor employee working hours gives a much better idea of labor costs, something that all HR teams will be required to submit to company managers and owners.
How monitoring employee time and attendance is good for employees, too:
There can be no feeling quite like the sinking one that hits you when you look at your pay check and realise that you haven’t been paid accurately. With many employees relying on their income to pay bills on time and such like, the effects of not receiving accurate pay can be more than just irritating, it can be devastating. Late payments of bills can see employees having to pay penalties, and not having enough money in the bank to pay for daily expenses can be a real worry, too. Then there’s the hassle of having to try and correct the pay check, and prove that you worked more hours than you’ve received pay for. Having a system that accurately reflects employees working hours and attendance is the best (and only) way to ensure employee satisfaction, and as a result, their productivity levels may well increase, too.
Accurate time and attendance limits errors and saves a company money:
Manually recording the attendance of every employee leaves a lot of room for human error, and is a much slower method of tracking it, too. Most electronic systems for monitoring employee time and attendance have extremely low error rates, less than 1% in most cases, and so overpaying staff need never be an issue. While this may seem a trifling issue, particularly for larger organizations, overpaying staff is no joke and can have a serious long-term impact upon a business.
Security is enhanced:
Protecting the sensitive data of employees is as important to business owners as it is to their employees, and with an electronic, online time and attendance system, security breaches are significantly minimized.
To start accurately recording the time and attendance of your workforce, consider outsourcing payroll to a reputable company who will manage the system and make tracking employee time effortless.
Every business owner must start somewhere, and even if you have grown up around business owners or your family runs a business that you are involved in, going it alone can be a whole different kettle of fish. While it’s highly advisable that new business owners seek professional help and guidance when setting up their company and preparing to take on and pay...
When it comes to purchasing group health insurance for your small business, the rules are very different to individual or family coverage, and you may not even know if your business qualifies for it. Outlined below are a few basic questions, that when answered, should help to point you in the right direction if you’re buying group health insurance for your...
If you’re the new owner of a business, or of a business that has grown to take on a workforce of employees, you may want to know more about workers compensation insurance.
What exactly is workers compensation insurance?
A safe workplace for their employees, is a legal...