Let’s be honest with one another
It’s no secret that employee retention is a huge challenge for companies of all sizes. In fact, it’s been estimated that the cost of replacing an employee can be as high as 150% of their annual salary! This is why it’s so important to focus on ways to improve retention. And while there are a number of factors that can contribute to high turnover, one of the most often overlooked is inefficiency in the backend office that reduces time spent on improving the employee’s overall day to day experience.
Payroll and time tracking are two essential functions of any business, but they can also be huge time drains. Any good payroll manager knows that getting employee pay correct is essential for employee trust and happiness. But the process can be very time consuming, especially if you don’t have a good system in place. The same is true for time tracking. It’s essential for job costing, accurate pay, billing, compliance, managerial decisions, and project management, but it can also be a huge time sink if you don’t have a good system in place. Even worse is when management thinks that they are getting accurate job costing data but in reality the time data is scraped together at the last minute to get payroll out the door.
It’s truly astonishing how many companies have a time system that is fighting against them each step of the way!
The good news is that there are many new time tracking platforms available that make it easy for employees to track their time and for supervisors to monitor and correct any mistakes. Payroll is then a breeze because the data is already accurate and collected – no more duking it out with the system for 8 hours and struggling to get payroll submitted by the end-of-day deadline. Next thing you know, you look at the clock and it’s only 10 am. Payroll is done, and you have the rest of the day to work on improving your employee’s overall experience.
Okay I get it, I hate my time system too..
But where do I start? How do I choose the right time tracking platform? With so many on the market, it can be tough to decide. Here are a few factors to consider:
You want something that’s easy for your employees to use, or they’re not going to bother with it (bonus points if they can use their own phone, I mean really, it’s 2022).
Payroll is a sensitive function, and you need to be able to trust that the numbers being reported and paid to employees are accurate.
Make sure the platform you choose will integrate with your current systems.
Take some time to weigh your options and choose the right platform for your business. Your employees will thank you for it!
Time tracking might not seem like the most glamorous solution, but it can have a big impact on employee retention. Automating and streamlining your time tracking and payroll allows your backend office can focus more on the actual employee. Even further, by making it easier for your employees to clock in and out, you can free up their time to focus on other things – like their job satisfaction. And that’s good for business!