Today’s article focuses on workforce planning. Specifically, the financial rewards for new business owners that use TimeWorksPlus.
TimeWorksPlus is an affordable, easy to use employee timekeeping system from ICON, Inc.. In addition to helping you efficiently manage employees, it helps you lower the biggest costs when starting your small business.
Here are 3 important ways TimeWorksPlus lowers overhead for startups:
1. TimeWorksPlus Keeps Admin Costs Low
With pen and paper employee timekeeping, you have to fix problems every pay period. This costs you time and money if you process payroll yourself. It costs even more when you are paying a payroll manager.
With TimeWorksPlus, one person can prepare payroll for a relatively large staff. With TimeWorksPlus some organizations have one payroll manager for 75+ employees.
When starting out, you can manage payroll yourself if you have TimeWorksPlus for timekeeping. When you can afford an HR director or payroll manager, they can handle payroll for a growing workforce.
You will also save on wages and benefits for your HR staff. And they won’t have to enter payroll data in spreadsheets. They will love you for saving them from that inefficient chore!
2. TimeWorksPlus Reduces Costly Payroll Mistakes
Timekeeping software increases payroll accuracy. Payroll mistakes are pricey. You have to find the problem, correct it in the system, and issue a new check. Payroll mistakes also lower your reputation. Repeated mistakes reduce workforce loyalty. This increases turnover—which costs you even more.
3. TimeWorksPlus Prevents Employee Time Theft
Multiple studies have confirmed that employee time fraud is a widespread employee issue. In a Kessler International survey of over 500 workers, 95 percent admitted to dishonesty. Hours theft by buddy punching and time card padding were two methods. Retail and field service businesses are especially vulnerable to time theft.
Buddy clocking, padding time cards, and early punch-ins and late punch-outs result in an average of 4.5 unauthorized hours per week, per . Let’s calculate the amount with an employee paid $15 per hour. You would pay an extra $67.50 per week! Compare that to the low cost of TimeWorksPlus by calling us at 888-111-2222.
The ultimate protection is to pair TimeWorksPlus with a biometric time clock. We can advise you on the best biometric time clock for your business.
A biometric time clock is a smart investment that delivers ROI every day. And it’s easier to begin using one with your first staff member than bringing one in later.
ICON, Inc. offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your managers, employees, and company.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, TimeWorksMobile, and ApplicantStack. We’ve just added recruitment, onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is created for busy employers like you who need to reduce cost-per-hire, streamline scheduling, automate time 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 Workforce Management Suite in minutes. Contact us today to book a demo.