If yours is a company that is still relying on time cards for employee time tracking, it is high time you reconsider this practice. In today’s fast-paced world, time cards are an out-dated and inefficient means for employee time tracking. If you have not realized this yet - all these antique practices are actually costing your company dearly.
Just sit back and take a moment to actually look into how much time and effort the human resources or the payroll department of your organization is spending on calculating employee hours in each pay cycle. Are you ending up overpaying employees due to human error? Are your employees engaging in ‘buddy punching’? Are they indulging in time theft on a regular basis?
If any of the above is ‘Yes’, then, it is high time for you to relook at the time attendance management mechanisms of your organization.
The real cost of using time cards
A recent survey about typical human error factor that could happen while calculating payroll manually reveals that companies end up overpaying their employees by 1% to as high as 8%.
So, what does this survey mean? We will explain to you with an example. Let’s assume a company has 50 employees. The average hourly pay of employees is rupees ₹ 100. So the company is paying ₹ 5000 per hour for all 50 employees. All the employees work for 8 hours per day, 5 days a week. So the pay-out per week is ₹ 2,00,000 per week for all employees. Assuming the error factor to be the lowest at 1%, then also company is losing ₹ 2000 per week, making it ₹ 1,04,000 per annum (Rs. 2000 x 52 weeks)! All of this can be avoided using automated time attendance system.
Affordable ways to save time and money
The world is becoming automated. It is high time you trade your old fashioned time cards for something more efficient and cost-effective. Now a days, Time and Attendance Software have become extremely affordable!
You can go in for the most basic standalone time clock, where the employees would have to just swipe a card on entry and exit.
Add another frill to it, with fingerprint or face recognition reader. This added feature not only makes the whole clock in –clock out process faster for the employees, it is also 100% effective to curb ‘buddy punching’. Biometric attendance system uses the physical attributes of a person to mark attendance- like fingerprints, eyes, face, etc. ensuring a unique way for identification of employees. Some of the common time and attendance software used are - magnetic stripe cards, electronic tags, barcode tags, finger print recognition, face detection sensors, and iris scanner.
 | |
|
Another new amazing feature to the time attendance system is that you can track your employees’ attendance online through the cloud.
It is entirely up to you to decide what level of automation you choose to incorporate in your business! Factors you might need to consider are the size of your business, business needs, number of employees, budget, kind of business environment, etc.
What else does time attendance management software do?
Apart from facilitating the correct and accurate calculation of wages, time attendance software also helps in foiling time theft, tracking employee attendance and managing their leave schedule. It helps in tracking day-to-day employee work hours. It helps to generate standard attendance reports, with just a click. An automated time clock is an absolute boon in an organization with multiple processes and shifts. It also allows administrators to be able to set break times, lunchtime, mark overtime/ late coming / early leaving, etc.
Superior features of CuckooTech
Now that you have made up your mind on ditching time cards, the next important step to do is decide which software to choose for managing your time attendance needs.
If your organization is contemplating to join the HR software bandwagon, CuckooTech is your best bet. They have the best in class attendance software that perfectly suits the global workforce needs of the 21st century. Not only do they cater to the employee time and attendance management needs, but they also offer T&A project for any kind of need your business may have. With a world-class service & support system, and widespread service team network, CuckooTech ensures you get prompt and proper services all over India.
 | |
|
To conclude, using the age-old time cards based attendance process may be inexpensive but is quite time-consuming and has a scope for lot of errors. Replacing it with an automated time attendance system is appropriate, hassle-free, efficient and accurate.
 | |
|
So what are you waiting for? Just give CuckooTech a call at +91 022 4036 5432 to schedule a quick and free demo!
No comments:
Post a Comment