Ernst and Young surveyed over 500 HR professionals in US companies with 250 to 5000 employees to quantify the total costs of common HR tasks including time management of employees. More specifically, they were interested in the costs of a single data input when the company does not use an automated HR solution for these tasks. The results are as follows:
Having a system which provides an automated system to complete, submit and approve timecards save companies both time and money. If you have an advance accrual policy found in many union contracts or different accrual rates in different locations, an automated system will more than pay for itself in the long run. In addition, integrating paid time off into the schedule, timecard and payroll is easily completed with an automated Leave Management system. This is a total of $89.04 per employee to manage timecards and PTO in 2018. In an updated survey in December 2019, this total increased to $91.42 per employee or a 2.7% increase. This does not factor in the error rate for employee errors or PTO errors.
These stats do not include the additional time to track FMLA and Attendance Policies in your organization.
For more information on how we can help with time and attendance concerns and how we can integrate this into your current payroll system, so you do not have to change your payroll company, contact us today at 800-997-8462.
