Timekeeping technology is a powerful resource for employers and only those offering the right solutions are able to promote compliance, support autonomy and increase cost savings.
Over the past few decades, technology has changed the way businesses work. This development is vividly evident in the progression of timekeeping systems. From the pen-and-paper approach to hardware terminals to web-based time clocks, timekeeping systems are evolving with the times.
The way to compliance
The U.S. Department of Labor allows employers to use any timekeeping system, so long as it is accurate and complete. Sounds simple, but, to mitigate risk from the Department of Labor from looking into your workforce, you will need a system that is equipped to handle various timekeeping rules – including time clock rounding and recordkeeping for nonexempt employees. The system must also address applicable state/local timekeeping and recordkeeping laws. Considering that the department collects millions of dollars yearly in back wages for hundreds of thousands of workers, it’s essential that your timekeeping system helps keep you in compliance.
Encourages employee autonomy
Studies show that autonomy has a tremendous influence on intrinsic motivation – meaning, we obtain the most personal satisfaction when we choose our own goals and engage in behaviors that we intrinsically enjoy. Timekeeping systems that support autonomy engage and empower employees while facilitating employee independence. Employees can, for example, access their time and attendance data, without having to depend on their managers. They can track their time worked, verify their PTO balances, request time off and enroll in the company’s benefit plan. Managers can then approve the requests through the system.
Saves time and money
The solution should not only pay for itself, but also deliver additional savings year after year. A timekeeping system that saves you time can automatically save you money by:
- reducing manual data entry
- minimizing employee time theft
- streamlining time card management processes
- lowering administrative errors
- managing Affordable Care Act reporting requirements
- providing access to meaningful data through customized reports
- protecting your company from wage-and-hour audits and fines
- reducing stress associated with timekeeping and payroll preparation
With these time-saving strategies in place, employers can focus on improving and expanding their business.
The total package
HR, payroll and timekeeping functions are highly multifaceted. It takes considerable time and effort to manage and maintain them separately.
Because all three processes are interrelated, errors in one area can trigger a domino effect, which negatively impacts all three segments or even other aspects of your business. A single-application solution may be the answer to your needs. Combining your HR, payroll and timekeeping functions into one platform greatly reduces errors and labor costs plus it improves compliance.
Consider how much your business could grow if your timekeeping system has all the essential ingredients – with regards to technology, compliance, employee satisfaction and cost savings.