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Tracking time and labor for a large organization can be difficult, especially if employees work in the field or remotely. It's important to analyze the time your employees work to ensure you have adequate coverage, tasks and projects are moving forward and employees are being compensated accurately for time worked.
WorkforceONE, an all-in-one Human Capital Management System, uses exceptions, or rules, in its time and labor module to help you do just that. Rules can be built to provide you with detailed data on timekeeping patterns. Is Jim clocking in late each day and clocking out early? Does Marla take an extra long lunch, but only clocks out for 30 minutes? Is a project in a certain area falling behind because the crew doesn't arrive until 10:30am? These questions can all be answered with exceptions.
According to the American Payroll Association (APA) in an article by Software Advice, 74% of companies have a time theft issue. Payroll costs account for 50% of employer cost as it is, and the APA reports that time theft can cost companies up to 7 percent of their gross annual payroll. "In other words, a business that pays out $1 million in annual payroll could be losing up to $70,000 each year due to “stolen” time."
This isn't the only issue. It can be hard to pinpoint and track time theft using manual methods. With an automated system, like WorkforceONE, management can keep an eye on timekeeping trends and patterns for individual employees or the company as a whole. As an added layer of protection against time theft and buddy punching, WorkforceONE also offers biometric time clocks. Biometric clocks are a quick and secure way to collect data and ensure accurate timekeeping for payroll.
To learn more about automated timekeeping , exceptions and biometric time clocks, schedule a live demo with one of our Implementation Specialists. They can walk you through the exception building process and provide you with insights on how to save with automated timekeeping.