The proper measurement and management of assets is an inherent priority for all businesses; without systems in place to accomplish this a business will fail. Considering and identifying key assets is a building block to success: it is important to remember that employees will always be a key asset. Just like a business must always keep track of its cash flow, it is equally important to track employee flow. Disengaged employees not only create a negative work environment, but they cost business owners tons of money: according to a Gallup poll, actively disengaged employees cost US companies up to $550 billion in lost productivity per year. Not managing employees, work hours, and/or scheduling tools is like setting money on fire.
Well, businesses cannot just lose money due to laziness and unproductivity, so how can we avoid this issue? To cut down on this problem, it’s important to generate consistent attendance, transparency, and realistic performance goals. The way to do this is through time and attendance systems. Time and attendance systems unlock channels of open communication across businesses, mitigating potential issues ranging from payroll systems to human error to work hours confusion. Now, this is not exactly a hot take: “punching in” to the office has existed for decades; however, the evolution of these systems from time sheets to management software has the potential to immensely increase productivity. The creation of time and attendance software designed to track employee time not only helps employers to accurately complete payroll processes, but it can be utilized to identify areas to improve efficiency. By cutting down on human error, immediately digitizing information, and optimizing business time attendance, mobile apps based on management software allow small business owners to simplify tasks and manage employees.
Click here to learn more about specific time and attendance documentation systems, and how they can save your business.