It was as if the pace of disruptions, caused by technological, economic, and geopolitical changes were not enough on the world stage in 2019, COVID-19 took a big bang entry in the year 2020. The virus impacted the whole world indiscriminately. Talking about India, companies were forced to implement work from home policy, and ever since people are working remotely. Be it employers or employees, it was indeed a challenging year for every working individual. If HR managers are considered, they also came across a host of problems like never before.
Out of all, one of the biggest challenges they faced was attendance management. But the good news is that the whole corporate world has realized the importance of technology in the past nine months and relied on digital solutions for every problem. So, for tracking and managing employees’ attendance, businesses found attendance management systems as the best solution.
Attendance management systems not just reap ample benefits to a company but also save a large chunk of money for it. In this blog, we will tell you three ways an attendance system can save you money.
Take a look!
Cost of Hiring
The whole attendance management involves several steps including tracking attendance and leaves, calculating them, and much more. To ensure a seamless process, most companies hire a dozen employees along the way. Now, we all know that the hiring process costs a considerable amount of money to a company. On top of that, the salaries of these employees is another big concern. This is when attendance management software comes into the picture! Such systems are automated software tools that streamline and optimize the whole attendance process. The software will take care of every process with a bare minimum of human involvement. Using the right software, no company will ever have to hire employees for each operation.
Cost of Errors
In the year 2013, the IRS issued $4.5 billion in fines for mistakes in employment taxes. As per the Department of Labor, an estimated 7 out of 10 companies fail to comply with wage-and-hour regulations, majorly due to inaccurate timekeeping, misclassification, and a lack of historical, well-organized data.
Be it small or big, mistakes can lead to hefty penalties and serious legal consequences. Manual methods of attendance management are both inefficient and error-prone. Attendance management software, on the other hand, provides 100% accuracy to a company. From tracking attendance in real-time to organizing them correctly, the software eliminates every risk of human and unintended errors.
Cost of Paperwork
When it comes to paper time cards, it is not just a threat to our environment but also acutely expensive. Since they are limited resources that often require to be reordered or restocked, a company can unknowingly spend a lot of money in the long run. Fortunately, attendance management software cuts down the use of paperwork in the workplace. In essence, companies can save money and HRs can save time to a great extent.
We hope this blog convinced you to invest in attendance management software at the earliest!
