Norcross, GA (PRWEB) May 4, 2010
In an Economic Research Service study, companies on average spend nearly 38.5% of their profit margin on Labor Costs. With the overwhelming challenge of meeting such high payroll costs employers are often left with two options, one, they accommodate this cost burden which often means cutting resources and budget from other aspects of their business or two, they are forced to reduce the size of their workforce. An automated Time and Attendance (T&A) solution from TimeCentre that includes biometrics offers a much needed third option. The American Payroll Association found that businesses can achieve a 5-7% reduction in gross annual payroll by implementing an automated T&A solution that includes biometrics. The question is how is it able to do that?
A biometric clock option is able to produce savings by eliminating buddy punching which is a leading case of fraudulence in payroll. On average 19% of employees “buddy punched” at least once last year and 74% of companies have experienced some form of loss as a result of buddy punching; when that is considered the value of biometrics becomes increasingly evident. In 2007, The Society for Human Resource Management (SHRM) reported that CFOs feel the number one challenge they face is ‘time management’. In addition to creating savings to payroll, an automated timekeeping solution with biometrics can benefit a company’s overall workflow and reduce the time it takes to process payroll.
A Timekeeping System with biometrics creates accuracy and convenience by eliminating the need for cards and badges. It also ensures that all employees will be fairly compensated for the hours they’ve worked. Nearly 250,000 units have been installed in 80 countries, and over six million people will punch in for work today using one. Everyone from Retail Groceries and Restaurants to Government agencies and Cities and Municipals have implemented an Automated Time and Attendance system with Handpunch biometrics as a viable way to reduce cost without having to reduce their greatest asset, their workforce.
For more information on a Time and Attendance Solution with a Biometric Handpunch contact a TimeCentre representative at 678-597-8094.
TimeCentre is the industry leader in SaaS (Software as a Service) offering dedicated to delivering on-demand time and attendance and workforce management solutions. With 26 years experience and customers worldwide, TimeCentre's scalable solutions offer the fastest ROI in the industry. TimeCentre’s intuitive design works with biometric handpunch, web, card, and mobile time clocks also provide additional value by saving them time, avoiding mistakes, and staying in compliance. TimeCentre's flagship product, TimeCentre, now in its seventh major release, is a 100% web-based, cross platform solution that is utilized by small to mid-sized companies.