Enterprises are going through the challenges to ensure an optimum level of efficiency due to so many reasons. One of the most common ones is the lack of proper time management. Most of the time, employees are found indifferent, utilizing their working hours in some manners, which was not supposed to be. It causes decreased productivity and drawbacks to efficiency. Harvard Business Review recently published an article which concluded that the US economy loses $7.4 billion a day only because of inefficiency. Let’s have a look at how enterprises save money using a biometric time clock:
Traditional clocking system uses CC camera, RFID, ID/ Password, or PIN to identify the employees, and none of these are fool-proof. The US Department of Commerce published a report saying that the American enterprises pay off an excess of $50 billion annually due to time theft and employee dishonesty. A biometric time clock is extremely fool-proof, which prevents time theft and buddy punching identifying the right employee. As the biometric data is non-transferrable and almost impossible to forge, there remains zero possibility to fool this system. It can save money, eliminating time theft, and buddy punching.
Increased productivity is the ultimate result of the practice of accountability. A biometric time clock increases accountability identifying and clocking accurately. As a result, employees also know that they are liable for their designated tasks. It encourages them to be punctual and to finish their jobs on time. Elimination of unnecessary time spent and raised accountability to increase productivity. It has an impact on economies of scale and lowers fixed costs.
A biometric time clock can save your hard-earned money in many ways. It reduces administrative costs by:
Payroll processing is one of the most troublesome tasks of any company. Accurately tracking employee time and attendance, overtime, late attendance, and early leave is not so easy to manage. As a result, there remain vast chances of errors in payroll, and some of those can be the reason of paying off several times as a penalty. A biometric time clock captures accurate data and transfers the same for payroll processing. So, the process becomes hassle-free and errorless. It doesn’t only reduce payroll errors, but also save money.
Ghost employees are those who are enlisted in payroll but do not exist in the company. It causes a loss of billion-dollar taxpayer amount from government and enterprises. Using a biometric time clock works fantastic to identify the ghost employees. It can detect duplicate entries and prevent fraud like ghost employees who are non-existing but listed in the payroll system.
Though a biometric time clock helps enterprises to save money in many ways, these are very common and significant. These create an impact on employee time and attendance directly and reduce labor and payroll costs subsequently.
Author Bio:
Leonardo Sam Waterson
He is an enthusiastic researcher and blogger who loves to know and share the use, impact, and prospects of biometrics technology in different business sectors.