August 28, 2020 | Time and Attendance | Posted by Ascentis Thought Leadership
How to Demonstrate the ROI of Automating Time and Attendance
Workforce costs are the single biggest expense facing most organizations, and also one of the trickier areas to parse when it comes to return on investment. With so many workforces including a mix of full-time and part-time employees, contractors, and freelancers, calculating the productivity and costs associated with employee time tracking becomes a complicated and time-consuming process.
That uncertainty gives some companies pause about investing in new workforce management solutions. There are a number of variables and intangibles in play, and demonstrating the return on investment associated with automating your time and attendance system can be a challenge. That’s why we’ve come up with some concrete illustrations to demonstrate the potential ROI of a time and attendance solution.
Some of the factors that go into calculating your automation ROI include:
- Increased productivity
Reducing the time spent on routine activities like clocking in and out, adjusting schedules, and submitting PTO requests has a significant impact on overall productivity. Self-service options make workers feel more empowered and improves employee morale, which in turn increases productivity.
- Improved data accuracy
Upgrading from outdated recordkeeping techniques like manual data entry and paper time sheets reduces errors and provides accurate data that eliminates the time and expense of making corrections.
Non-compliance with the many federal, state and local laws governing workforce management can do financial damage via fines, probation, and loss of reputation, and also open a business up to costly lawsuits. Automation eliminates potentially expensive errors and makes sure your internal processes are up to date with the latest compliance standards.
- Enhanced reporting
Updating reporting functions makes schedules more visible and predictable, reducing unnecessary overtime expenditures and ensuring the right workers are scheduled for each shift and task.
- Standardized platforms
Using a common dashboard for all time and attendance functions decreases the risk of costly miscommunications, helps standardize and simplify time-tracking processes, and creates a more manageable structure for your IT team.
There is simply too much money involved in your time and attendance operation to not take advantage of these opportunities to improve efficiency. Automating your timekeeping functions is a proven, effective way to boost your profitability while also streamlining your day-to-day operations. Learn more about the reasons Ascentis time and attendance software and hardware solutions are some of the soundest investments your organization can make.
With more than 35 years of experience in providing Software as a Service (SaaS) solutions, Ascentis thought leaders have become a respected source for insights, tips, and innovations in the Human Capital Management (HCM) space.