Find Ways to Reduce Business Labor Costs
Labor can be costly for any business. When it comes to paying employees, it is essential to ensure that you are only paying for the time worked. Time clocks can help you to capture the most accurate amount of hours for each of your employees, and you will save money on your labor costs.
How Companies Lose Money on Labor
Buddy punching accounts for a significant portion of employee time. This describes the phenomenon in which employees punch in and out for staff members when they are not actually working. This means that employers often pay for hours that were never worked, costing the company thousands of dollars in profits.
Human error also accounts for company profit losses. Employees who use paper punch cards may accidentally record the wrong time, costing the company additional funds. Payroll personnel may also make mistakes that mean your company is paying for unworked time.
Ways Employees Steal Time
While some over payments are accidental, some employees intentionally accept payment for time they did not work. Some take extended breaks, turning a 30-minute lunch break into a 35-minute break. While five minute may not seem significant, it adds up when you multiply those minutes by multiple employees over the course of months and years.
Staff members who work in the field often perform non-work tasks while on the clock. Cloud-based time systems allow you to track your staff while they are away from the office, ensuring that you are only paying for the time actually worked.
Some employees take vacation time that they have not earned, which can cost companies both the loss of productivity and the loss of money. With software that tracks hours and vacation time, you can eliminate these losses.
How Electronic and Biometric Time Clocks Save Money
Biometric time clocks use fingerprints and retinal scanners to ensure that every hour is properly accounted for. In addition, biometric scanning allows companies to control access, granting clearance to some staff while restricting others. Using biometric time clocks allows companies to save money on access cards and paper time cards that can be lost, damaged or adulterated.
When it comes to saving money for your company, accurately recording your time makes all of the difference. Click here to find the best biometric or cloud based time recording clocks that will help your company to save on payroll and labor costs. Get a new time clock today.
Category: Business
