Time Management and Payroll Loss
Time and attendance management for employees has a direct effect on payroll costs, but most companies don’t have a way to track absences efficiently. If you are using manual processes to handle employee absence and leave, lack of visibility into your employee time off may be negatively impacting your payroll expenses.
A recent study found that more than 50% of businesses did not know the true costs of employee absence, which accounts for 3% of the overall payroll expense. When you factor in employee leave time plus unexpected absence or sick leave, lack of data or tracking can be detrimental to the organisation and cost thousands.
Getting control of your time management is vital to ensure you are not spending too much on unexpected absence and losing productivity from your employees. Using time and attendance software instead of spreadsheets is the first step. When you can track employee planned time off and unexpected absences, you can spot trends, make changes, and ensure resources are in place where needed.
Tracking employee time also ensures your payroll costs are accurate, resources are engaged where needed, and leaves room for potential policy changes if needed across the organisation. Payescape has industry leading time and attendance management software powered by UKG to provide seamless time management integrated with your payroll. Learn how to simplify employee time management and reduce unnecessary payroll expenses across the organisation. Click here to learn more