Employee Time Tracking And It’s Benefits
Employee time tracking has been around for over a hundred years. It is said that the first time clock was invented in November of 1888 by Willard Bundy. Bundy’s brother then opened the Bundy Manufacturing Company, later to become IBM. While the idea of tracking the time and attendance of an employee remains virtually the same, the systems used to do it have vastly changed. Since the 1990’s, computed based systems have become widely used to track an employee’s time. This can be done in many ways from using a magnetic card to scanning finger prints.
While time tracking can be beneficial to any size or type of business, the benefits for a small to medium sized business are tremendous. * Money Savings – it is estimated that up to 4% can be saved of annual payroll with a time and attendance system. With the hardships small businesses face these days, any monetary savings are a benefit. There are less data entry errors when payroll is calculated or attendance is recorded. The savings are increased when a biometric system is utilized.
Biometric systems utilize one of more physical characteristics (such as finger prints) to identify an employee. * Eliminates “buddy-punching” and tracks time off – Buddy punching is the practice of one employee clocking another employee in or out. This can cause hundreds to thousands of dollars in loss to a company. The systems can also capture and track sick time, vacation, holiday pay and conference time away from the office. * Systems provide multiple reports – Reports can be compiled such as a wage report, timecard report, absence report, payroll summary, attendance report, employee list, early out report and overtime report. Automatic time clock downloads can also be scheduled and most systems can provide support to all payroll scheduling needs (weekly, bi-weekly, bi-monthly and monthly). * Easy to install – The time and attendance software is easy to install as well as the time clocks themselves. Instructions are provided and most companies provide technical support for any additional questions or issues that arise. It is important to verify the system being purchased is compatible with any existing operating system. While the benefits of these time clocks are more in the employers favor, they can also benefit the employees themselves.
Employees can feel confident that these systems are providing accurate punches and that in turn, the employee will be paid properly. When selecting the best time and attendance software for a company it is critical to read through the descriptions, benefits and features of the system. The ability to track this information is a highly cost-saving measure that every company should take advantage of. It also provides a more organized and comfortable atmosphere than the traditional time tracking methods can.