Even though WorkforceHUB is very economical, some employers still aren’t convinced that it’s worth it and hang onto pen and paper time and attendance systems. Today’s article is addressed to employers who are using manual Workforce Management methods because they don’t believe that investing in an automated system will yield a consequential ROI.
Here are 3 important ways WorkforceHUB helps businesses limit labor costs:
Employee Time Theft
If you haven’t caught any of your staff members fudging on their time cards—it’s only a matter of time (pun definitely intended). In a survey of over 500 retail and service industry staff members, over 30 percent admitted to blatant time theft.1 The two types they referred to specifically are buddy punching and recording incorrect start and end times.
Buddy punching, recording erroneous start times, and early punch-ins and late punch-outs result in an average of 4.5 fraudulent hours per week, per staff member. For one staff member earning $10 per hour, that can be a loss of $45 per week.
Reduce Administrative Costs
With paper timesheets, your managers spends tedious hours troubleshooting timesheet inaccuracies and then manually entering the data into the payroll system. When your HR staff can submit payroll in minutes, they are free to work on business initiatives that have a bigger payoff. Overtime policing can also be time consuming, which leads us to number 3:
Minimize Expensive Overtime
Companies that mismanage overtime for hourly associates can really take a financial hit. Manual time and attendance systems don’t have built-in warnings to alert managers when employees are approaching or have exceeded their authorized hours. The larger your business, the more unexpected overtime costs you. WorkforceHUB customizable overtime warnings are one of the most popular features in our system.
WorkforceHUB will quickly pay for itself and continue to save on labor expenses every single payroll!
1“Employee Theft No Longer an If-It Is Now How Much!,” Kessler, https://investigation.com/2013/04/26/employee-theft-longer-now-much/, accessed March 6, 2017
ICON, Inc. offers WorkforceHUB, the powerful, fully-integrated WorkforceHUB that makes it easy to optimize the performance of your supervisors, employees, and company.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, and TimeWorksMobile. WorkforceHUB is created for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and lessen labor costs.
How much can you save? Check our ICON, Inc. ROI Calculator.
We can get you up and running with WorkforceHUB in minutes. Contact us today to schedule a demo.