In any company, the employees are the crucial workforce and the strength of the enterprise. It becomes important for the human resources department to track the work record of each and every official. Irrespective of the size of the firm, a company needs to gather resources to streamline its employees’ records. These include all the information like payrolls, date of birth, date of joining, incentives, the area of work and number of leaves they are entitled. A time tracking software builds the core of employee management, focusing on the key issues of work schedule.
A time tracking software helps to solve a range of employee tracking issues and creates a uniform database, which enables the management to fill all the information like daily wages, performance appraisal and pay overtime whenever required.
It even helps to sort out daily functions and specified roles of the employees by the company. Large enterprises usually assign this work to first payroll processing organizations, who take care of the company’s random time-based schedules.
The biggest benefit of these digital systems is that they eliminate the need for manual time cards. All of the time is collected electronically, with the calculations are done for you. This reduces down on the chances of errors made. Another positive is that these systems manage all your time needs – employee attendance, paid time off and scheduling – in one program.
1. Financial gains
A time attendance system provides advanced tracking for job-costing and labor distribution. It also provides enhanced views of the organization’s key performance indicators, including hours and wages, employee counts and scheduled/working status.
2. Saves money
This software helps to have a detailed look at labour costs and how it can be used as a cost-saving tool. Businesses can save up to 5 percent of their payroll costs by automating their time and attendance system.
3. Real-time information
A time tracking software creates real-time information, giving a clear picture of the number of hours for which an employee is logged in.
4. Employee satisfaction
This monitoring process are completely compatible not just for employees, but managers, payroll staff, human resources professionals and owners as well. Inaccurate and slow payroll, manual and error-prone duplicate entry and the inability to track performance, labor costs, job-costing and financials is frustrating for everyone within the company,” he said.
5. Employee access
Time tracking software also allows easy employee access, for employees to see how much paid time off they are left with and enable them to submit time-off requests.
6. Insurance Benefits
Many insurance companies ask for the employees total working hours to calculate insurance benefits.
No matter how efficient and dedicated an employee is, they are prone to commit errors while filing manual entries, work data and job codes. Time attendance software is a unique way to update a time sheet. Gone are the days when people used simple punch time clocks. Today’s time attendance machines are used various formats like fingerprints, facial scans, bar codes and punch cards. It features an enhanced cloud-based time tracking system that runs an integrated network for greater employee welfare and time management system.