30% of your employees may be stealing from you.
Research has shown that thirty percent of employees in most companies admit to ‘Buddy Punching’.
Time and attendance (TA) management is a core factor in any business organization. It is advisable for a company to consider using biometric time clocks and reliable systems to monitor staff attendance. Biometric time clocks use biological markers to identify employees, minimizing attendance fraud, which also referred to as ‘buddy punching’. Popular methods of biometric time tracking include fingerprint scanning and facial or iris recognition. With a biometric time and attendance system, the identification of these unique physical characteristics ensures correct hour attribution per employee.
Among the many timekeeping advantages, that biometric technology can provide is halting the abuse of ‘buddy punching,’ where one employee clocks in for another. An additional advantage offered by biometric technology is the ability to automatically cut off employee access to computer systems once the employee has clocked out, thus protecting the organization against potentially costly wage-and-hour class actions from employees claiming to have worked off the clock.”
By minimizing ‘time theft’, the increased accuracy because of biometric time tracking saves company funds. An extra layer of security provided by the implementation of biometric technology can also offer the benefit of tracking business property. Considering a good time and attendance management system will, in turn, ensure reduced costs incurred because of ‘cheated’ working hours.
WHY YOU NEED A TA SYSTEM
Time is Worth Tracking
Accurately tracking time each day empowers businesses to make better use of this valuable commodity. Simply by recognizing areas lacking in productivity, lost time is regained and feeds into profits. Continued use of paper timesheets is not a good business practice. Time and attendance systems for businesses can help to save time and resources. Issues like buddy punching and other forms of time theft become easier to avoid.
A large number of clerical errors are directly caused by paper tracking systems. Problems are not readily visible until there is a lawsuit or federal penalty. However, time and attendance software safely archive employee data. Information is easily accessible if a dispute arises.
Time and Attendance Systems are Fast and Efficient
Speed and efficiency that comes with time and attendance systems for businesses go directly to the bottom line. Companies that have a mobile TA can appreciate the convenience these systems provide.
Using a mobile app, employees can clock in and out on their smartphones. Wherever they are the time tracking system goes with them. When integrated with a payroll software, data is immediately transmitted to it, removing another chance for human error. Older systems had a lag time for calculating payroll. Typically, this would lead to delays in determining job costs and hours worked. This could be detrimental to most businesses.
Simplify Tasks with Time and Attendance Systems
Time and attendance systems have a significant role no matter the type of company. A business that needs people to operate must have a way to monitor the work that is being produced. For most, if not all businesses, the workforce is the biggest expense and asset. As such, this makes having a system to dramatically simplify tasks more critical to playing big. Just consider the amount of time it takes to track work hours and calculate accrued benefits using traditional methods.
An automatic system that calculates data reduces labour costs and ensures wages and benefits are paid on time. Tailored reports provide specific information from one source. Employees are not tracking down missing timesheets or duplicating tasks by creating yet another spreadsheet.