Time theft can occur in your business when you pay an employee(s) for work they either have not done, or you pay them for time when they were not on the premises. With the growing remote and mobile workforce, time theft has become a much bigger issue for employers. In fact, it has become so big, millions of dollars are being lost every year in productivity. Some other businesses are using factoring invoice companies to pay employees who have cheated the system. This puts a dent in cash flow by paying for work that was not completed.
There are two easy ways to improve workforce productivity: increase working hours by hiring new employees which increases production, or increase current workforce productivity. Both ways improve productivity, but which one is more efficient?
Recruiting new employees is typical for companies that grow and expand. Fresher employers can also provide previously unknown new ideas and perspectives.
However, at some point companies need to think about better capitalizing on the experience level of their current workforce. What is often discovered when evaluating staff experience is that progress remained stagnant because proper procedures were never established that address employee motivation.
Manual Time and Attendance is a Risk
As more businesses evaluate the use of biometrics for employee time and attendance to replace outdated workforce management solutions, many are still on the fence and remain skeptical about the actual benefits that could be realized. After all, there is a clear distinction between implementing biometrics because it has been positioned as the most effective alternative to eliminate buddy punching, lower payroll costs, and boost employee productivity and accountability and actually realizing a positive return on investment after deployment.
The world is rapidly evolving fueled by new technologies that exist to create efficiencies never thought possible. In workforce management, many companies are considering the adoption of new technologies such as biometrics to create efficiencies and save money.
For example, fingerprint, finger vein, iris, and palm vein biometrics are common modalities garnering more attention around the world as viable solutions that can be used for individual identification in different areas such as identity management, employee time and attendance, point of sale (POS) access, and more. The use of biometrics to create workforce management efficiencies is a growing trend to increase identification accuracy and security as well as to boost employee accountability, productivity, and business profits.
Employers all over the world are constantly seeking software solutions which can eliminate employee time theft to increase payroll savings, boost productivity, and create more accountability. Employee time theft costs U.S. companies alone billions of dollars each year simply because a proper workforce management system is not in place.
A biometric time clock is a viable solution to eliminate time theft and improve workforce management. The following Infographic demonstrates why biometric time clock deployments are increasing and what benefits employers can expect to see post implementation.
The days are gone when managers kept manual journals of employee time and attendance to calculate hours worked. These antiquated ways of measuring employee time and attendance do not have the ability to efficiently prevent buddy punching or time theft. Therefore, more companies are looking for a better solution to measure employee working hours and discovering that a biometric time clock offers a more secure alternative to manual timesheets.
A biometric time and attendance system is the automated method of recognizing an employee based on a physiological or behavioral characteristic. The most common biometric features used for employee identification are faces, fingerprints, finger veins, palm veins, irises, and voice patterns. When an employee attempts identification by their biological traits, a biometric hardware device compares the new scan to all available templates in order to find an exact match.
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If you have identified employee accountability as an issue for your business, you may have already taken measures to find the source behind the problem. Most likely, you have looked into the effectiveness of your leadership, the clarity of your strategic direction, employee engagement, and the execution philosophy of the firm. You may have also studied your employee monitoring and review system. Chances are if you took this step then you probably studied what technology you are using to help keep the gears of the business machine operating. If you suddenly discovered that you are not using modern technology to safeguard your inventory and profits and more effectively track employee time and attendance with a biometric time clock, you may have uncovered a crack in the shell of your staff accountability platform.
In April 2014, we published a blog post on The Advantages of a Biometric Identification Management System. Since then, biometric technology has rapidly evolved and we believe it’s time to revisit and update the advantages of this technology.
Advantages of a biometric identification management system in 2016
It today’s technology based society, traditional individual authentication methods are gradually becoming obsolete. Biometric authentication is taking over traditional passwords or ID card based authentication due to numerous advantages. Let’s examine the advantages of a biometric identification management system (which relies on “who you are”) vs. traditional authentication methods that rely on “what you have” or “what you know.” Continue reading →
Workforce management technology has evolved to include a host of employee time and attendance functions including:
- Overtime and absence management
- Labor budget management
- Project management
Employers utilize workforce management technology to match organizational demand with a proper allocation of available resources.
The objective of implementing workforce management technology is clear: maintain a productive workforce by gaining strategic insight into labor strengths and weaknesses and to determine if and where changes are required that improve output.
There are several crucial reasons for implementing workforce management technology into an organization. Let’s take a look at what a company should have on its “checklist” of workforce management technology:
For a lot of employers, proper workforce management is worrisome. From ensuring proper time and attendance to avoiding payroll errors and buddy punching, workforce management can be difficult without a proper system in place. Even though new workforce management technologies emerge on a regular basis that simplify and streamline workflow, a tension free workplace seems more like a myth than reality to more employers than we may think. But is it really?
There are many workforce management technology solutions that exist which address the unique issues that companies face. These solutions are designed to automate all workforce management tasks including payroll, employee time and attendance, and employee performance.
However, having such a system in place may not always necessarily eliminate all employer workforce management tensions.