Are you looking for a quick way to increase your business profit? It’s actually not that hard — all you need to do is automate your time and attendance tracking.
According to a 2015 Aberdeen Research survey, companies reported automating their time and attendance increased profit per full-time equivalent employee (FTE) by an average of 30.7%. It also more than doubled their return on human capital investment.
Those are some impressive numbers.
That robust return on investment is probably the reason time and attendance is the most-often automated workforce management (WFM) process. According to the same 2015 survey, 68% of the responding companies use an automated time clock to capture employee work hours. Even some companies that use paper-based time capture methods will enter that time into software (such as a spreadsheet) to calculate totals and monitor employee work time.
But what if we’ve already automated time and attendance?
If you’ve already automated time and attendance, you may be wondering what other functions can be included under the umbrella of WFM — and if you’ll experience similar savings when you invest in automating these processes. Will automating more of your WFM processes lead to the same quick profits?
Some of the other functions usually included in WFM include:
- Time and labor (including time capture and calculating work time)
- Absence management
- Schedule management
- Human Resources administration
And it turns out introducing automation into WFM functions beyond basic time tracking can have a significant impact on your company’s profit and operating efficiency. For instance, the Aberdeen survey shows automating schedule management improves the return on human capital investment by 146.2%. Automating absence management reduces unplanned overtime by 32.7% and improves profit per FTE by 28.9%.
Automating your entire WFM cycle — “from hiring to retiring” — can bring great rewards to your organization.
What can automated WFM do for us?
According to the survey, these are the top reasons why companies implement automated WFM:
- Improve operational efficiency
- Ensure compliance with the appropriate labor laws and regulations
- Control labor costs
- Facilitate workforce flexibility
How much time do you spend re-entering the same information into different databases or filing systems? How much of your company’s vital information languishing in paper-filled boxes, locked in a storage area?
In today’s competitive climate, businesses can’t afford to waste time on inefficient processes or unnecessary paper-shuffling. Databases that can export and import data — or, better yet, a single employee record across all WFM systems, as you’ll find in AcroTime — eliminate duplicate data entry and ensure your records remain in sync across all departments.
You are almost certainly required to maintain many workforce-related documents, such as records of employee work hours and documentation of EEOC compliance, most for a period of years. Unlike paper documents, electronic records require almost no space to store. They are easily searchable and quick to retrieve. Time sheets, job applications, employee performance evaluations, incident reports, requests for time off — if it can be filed on paper, it can be scanned and stored electronically, or the information can be submitted electronically to start with, eliminating paper documents entirely.
Integrated WFM also gives you the information and tools you need to ensure your business is adequately staffed (but not overstaffed), with the right people in the right jobs at the right time to handle customer and production demands. You can easily track and search skills, training and certifications, allowing you to identify ideal internal candidates for promotions and transfers. The information provided by automated WFM can also reduce or eliminate unplanned overtime, which can be a big headache (and a big expense) for many companies.
It should come as no surprise then, that another Aberdeen Research survey in 2016 found that “Best-in-Class” companies are 50% more likely than others to be maintaining or increasing their investment in automated workforce management. This is because these companies are also more likely than others to recognize the importance of automated WFM in driving profitability.
Even if you’ve already automated your time and attendance function, you can still see impressive gains from automating the rest of your WFM.
How can we get started?
When you’re ready for more information about specific solutions, download the AcroTime Workforce Management brochure (PDF). With modules covering Time & Labor, Payroll, Scheduling, and Human Resources Management, AcroTime is a WFM one-stop-shop. No need to cobble together solutions from multiple vendors. (Such a hassle!)
AcroTime features a single database — one employee record for all modules — keeping employee information in sync and making upgrades a piece of cake. Start with the modules you need now, and add others as your business grows. You pay only for the capacity you use.
If you prefer, visit the AcroTime website to schedule a personal demo or sign up for a free trial account.
How do you record time and attendance now? Are you considering automating any aspects of your workforce management? Which WFM process do you think would be your first target for automation?