In the workplace, timekeeping refers to the monitoring of employee clock–ins and clock-outs. Modern timekeeping methods are very straightforward, designed to determine the amount of time that employees worked, and how much the employee is owed for that work. Keeping track of paid time helps employers develop a clearer picture of their true work costs.
Some businesses rely on outdated methods or manual processes that can slow them down and lead to mistakes. But using workforce management software that integrates timekeeping with your payroll system can make a huge impact on areas such as productivity, optimized workflow, internal administration costs, even customer satisfaction and employee engagement.
Important Timekeeping Factors
Timekeeping modules produce a record of how much time an employee worked and the rate they were being paid for that work. Factors which impact the output of this process include:
Rounding
Rounding determines the increments in which your employees are paid, whether to the minute, the quarter-hour, the hour. It all depends on your corporate policy
Grace
Grace determines how flexible the rules are for showing up early or arriving late.
Overtime
Helps employers determine whether or not an employee was working overtime based on their recent attendance.
Call-ins
Helps to track when employees are scheduled at the last minute.
Premiums
Tracks the multiplier/bonus on hourly pay based on the nature of work (evening, overnight, hazardous environment, etc.)
The Benefits of Timekeeping: Information is Power
Tracking time using a timekeeping system gives your managers a host of benefits. Besides allowing them to stay organized and accurate, being able to track time can also help your managers keep productivity high and lower planning costs.
Higher productivity & lower administrative costs
Attendance data provides crucial knowledge that you can study later on and use to improve workflow. Knowing how long different types of tasks take to complete in a business can reduce the guesswork involved in the planning of future projects.
Good timekeeping software can also help employees manage flexible schedules without creating headaches for management, making it easier to request leave and receive approvals. It also makes it easier to track overtime and configure pay rules. And it acts as a window giving managers a better view of performance data, providing useful and cost-saving insights.
Data-driven insights
Timekeeping systems that are integrated into workforce management software reduces input errors, provides employers with a stronger understanding and control of their labor costs, and helps them to avoid problems before they materialize, maximizing productivity and reducing administrative costs.
Ultimately, timekeeping software let’s you make truly data-driven decisions. For those managers interested in implementing a mobile WFM solution, reach out to Axsium for a conversation, and learn how timekeeping software and workforce management software can work together to benefit your business.