
Labor
is one of the largest expenses an employer incurs and is
controllable if the right tools are in place. Many companies
proactively monitor labor costs, which can have an impact on
business productivity and profit, however, it is an area that is
typically overlooked. The question isn't “how proactive has your
organization been in managing labor costs?”, but “how effective
is your process?"
Time and Attendance systems have shifted dramatically over the
years to stay in alignment with the ever-changing business
landscape. Systems have become advanced enough to provide
a solution for literally every need of an organization,
regardless of size and number of locations. Automated
capabilities can range from being able to zero in on an
employee's time spent working on specific projects and tasks to
generating an endless combination of highly customized reports
and layouts.
One of the most important things in evaluating a Time and
Attendance management solution is to make sure it can grow with
you as your company's needs change. Whether to save money
or time, a good Time and Attendance solution can relieve you of
the common error prone tasks involved with labor management.
This way you can spend more time focusing on your business,
rather than working in your business.
3 Keys for Controlling Labor Dollars:
- Automate Time & Attendance System
- Keep Accurate & Accessible Records
- Minimize Overtime
WHAT FIVE (5) MINUTES LOST PER EMPLOYEE PER
DAY COSTS YOU:
| Hourly
Rate |
Number
of Employees |
| 5 |
10 |
25 |
50 |
100 |
| 7.00 |
743.70 |
1487.40 |
3,718.50 |
7,437.00 |
14,874.00 |
| 9.00 |
1,912.50 |
1,912.50 |
4,781.25 |
9,562.50 |
21,249.20 |
| 14.00 |
2,974.80 |
2,974.80 |
7,437.00 |
29,784.00 |
29,784.00 |
| 18.00 |
3,825.00 |
3,825.00 |
9,562.50 |
19,125.00 |
42,498.40 |
(Based on an 8 hour day, 5 day week, 255
working days per year)