Time and Attendance Systems: the Cornerstone for Business Success?
Posted on 18-Mar-08 by The Timekeeper
Have you seen the February 2008 study issued by Aberdeen Group, a Harte-Hanks Company? Turns out that top performing companies more and more use automated time and attendance systems to track their employee time. In fact, according the study (Evolving Time and Attendance: Foundation for Workforce Management Improvements) 88% of the organizations that achieved Aberdeen’s Best-in-Class status have partially or fully automated their time and attendance data collection.
“Whereas time and attendance used to be one of those ho-hum topics, good for figuring out paychecks, but not sure what else, it is now viewed as the launching point to improve staff scheduling, workforce planning, and labor cost savings,” David Weldon, research analyst in the Human Capital Management practice at Aberdeen, is quoted in a FoxBusiness.com story as saying.
Three hundred and thirty-three companies responded to the survey.
A few more fun facts from the study: of those “Best-in-Class” companies, 60% have increased their revenue per employee, 59% have decreased their overtime as a percentage of total labor costs, and 47% have decreased their labor costs. Not bad results, eh?
The study also offers some recommendations to achieve maximum benefit from a time and attendance system:
- Standardize your time and attendance data collection processes across locations and sources.
- Train managers how to properly collect and verify time and attendance data.
- Integrate time and attendance with other workforce management systems.
- Provide real-time access to time and attendance data for scheduling and forecasting.
So, are you still using paper timesheets — or, worse yet, not formally tracking time and attendance at all?
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[...] have previously written about this Aberdeen Group report. Just thought you might like to know, you can get the full report [...]