Today we want to cover why it’s so important to have a robust Time & Attendance System for your organization. A lot of employers look at Time & Attendance Systems as this super simple thing: my employees clock-in, they clock-out, that’s the end of it. It’s understandable why you would want to believe Time & Attendance was this simple and easy. But we’ve found that what you don’t know can hurt you. This is one of the areas employers can really get hurt from a financial standpoint. Making sure you have the right Time & Attendance system that meets the needs of the organization is something you must invest in.
In a recent American Payroll Association Survey, they found that companies that lack a comprehensive Time & Attendance system had up to an 8% error rate in pay every payroll.
That’s more than four hours of wasted pay, per employee per payroll, that the employer’s paying for. That’s a lot of money. Think about that over a month or a year at x number of employees and do the math.
As an employer, I’m sure you understand the litigiousness of the employer/employee relationship. Wrongful termination suits are at an all time high. When ex-employees look for ways to go after employers, one of the easiest ways is through incorrect pay: missed lunch punch, incorrect overtime pay, no employee acknowledgement of time sheets, et cetera et cetera. And unfortunately in today’s world, the burden is on the employer to prove that they pay correctly, not on the employee to prove they didn’t.
This is why having a robust Time & Attendance System to help you reduce time errors, reduce overtime costs, increase compliance, increase efficiency, and put your business in a substantially better position is vital for success.
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Want to get set up with our CorpStrat Time & Attendance System? Let’s talk. Email us at marketing@corpstrat.com
