Time is money. You’ve heard the cliche before, but perhaps it never carried the same weight as it did before you became a business owner. Time and attendance tracking are assisting businesses greatly, allowing them to make more informed decisions about how they staff their days and make recommendations on ideal staffing mixes for the future. Take the manual admin and guesswork out of the equation. If you’re still on the fence about why biometric time and attendance is important, let’s review how this is an important consideration for you and your business.
1. Greater visibility and pay accuracy
Time and attendance tracking is not simply an attempt at micro-managing, it serves the commercial purpose of understanding what hours have been worked and paying these individuals accordingly. Sure, it can also flag discrepancies in your roster, but these habits are quickly curbed when employees learn that all hours are being tracked. If your workforce is light on HR and finance employees, time and attendance tracking can bridge this gap easily, without having to hire another resource.
2. When outsourced, you can save time and money
What if there was a solution that saved time and money? If you thought that internal time and attendance tracking is defeating the purpose of cost-saving, you’re right. An outsourced time and attendance consultancy like i3 Group can take on this responsibility and report to you when is most convenient and complementary to your business. This removes the task off the list of your internal team, and in some cases, it even removes a greater headcount.
If you still haven’t decided why time and attendance tracking is important, consider your compliance requirements. If you have team members that work longer than they are rostered, or swap a shift or two with an employee, they may be eligible for overtime or other concessions. Paper rosters simply cannot track this activity, and employers can get themselves into a lot of trouble if they are not complying with Australian working laws. Don’t be caught out at tax time, and get your time and attendance tracking up and running.
Should the worst happen and your office is subject to theft, a time and attendance system will also help you narrow down which staff members were present on site during the theft. When you couple this with professional business security systems, it will be very easy to mitigate any possibility that your own staff members were the subjects of theft. Security within itself is about protection, mitigation and facts. The first question any insurance company will ask you is about your internal security systems and you are more than likely to have a smoother conversation should you have both time and attendance tracking alongside security systems installed throughout your premise.
5. Learn from your data
If you have to create a report yourself, then chances are you will not read it and learn from it as another recipient would. Your outsourced time and attendance partner will present a suite of reports and an easy-to-use platform that will allow you to dive into the data, and make more strategic decisions based on these facts. Perhaps your most profitable night of the week is when three staff members are on but have taken their break before the dinner rush. Insights like these can be invaluable to you and your business, so start looking for them.
Time and attendance tracking is not necessarily a new initiative, but the way our i3 Group consultants approach it is. Contact our i3 Group team today to learn about how a time and attendance tracking model could work for your business.
Interested in more information about time & attendance tracking advice? Check out our master blog here!