3 Quick Ways To Reduce Overhead, Including Workforce Payroll

In the economic situation of a possible double dip downturn, every business must look for ways to improve the bottom line. One sure way to improve the margin between income and expense is to reduce expenses.

There are three areas that many managers overlook in their quest to eliminate expense from the budget.

  • 1.      Reduce Telecom expense.  By evaluating contracts and comparing rates and programs, there could potentially be an opportunity to lower the contract rates for wireless services.  Especially due to the influence of new smart phones such as the iPhone OS4, there is a battle for customers.  Even customer retention has become a popular program with incentives and offers.  If you are ready to pull the rug, you can negotiate with the cellular carriers to get a better program and rate.
  • 2.      Explore alternative energy plans.  In some areas, there are incentives for reducing power consumption if and when there is a call from a third party to do so.  In return, a quarterly reward is paid, regardless if the need arises to reduce power consumption. Based upon the size of the company and the carbon foot print, this could be a great way to reduce power consumption as well as lower the cost of doing business.
  • 3.      Monitor and enforce time and attendance system.  With an old paper time card and punch clock, there are many inefficiencies that can cause extra expense.  For example, the manual process of reviewing time cards and collating information is time consuming an costly.  Newer time and attendance systems have built-in metrics that can highlight inconsistencies easily. Plus the automatic calculations based upon pre-set rules can save processing time, creating a more efficient and more accurate reporting environment. Workforce management technology results in reduced overtime pay and could potentially avoid wage theft situations.  Saving money means upgrading to a new system and replacing old technology.

Overall there are great ways to improve efficiency and reduce wasted time by evaluating your business and streamlining efforts.

 

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Reduce Labor Expense, Streamline Workforce Management Technology

The key saving money and more effectively deploying workforce management technology is utilizing an effective and efficient time tracking and management system for your business. A software-based time and attendance system enables accurate collection of data, robust reporting and facilitates organizing employee time data simply and accurately.  With accurate reports, management can deploy the workforce more efficiently, resulting in greater productivity and lower labor expense.

In a difficult economy, it has become necessary to pay more attention to our methods of time and attendance management. The traditional time clock requires hours of manual compilation, enables time fraud and buddy punching, and does not meet the needs of the modern work environment. Couple this with the current trend toward litigation of “time theft”, it makes prudent management to move toward a software solution that will include an audit trail.

There are many time and attendance software solutions that can add value to your company. The best and most comprehensive software solutions can effectively streamline your company’s operations, simplify timekeeping, and reduce labor expenses by more effectively tracking and utilizing the workforce.  Most time and attendance systems enable you to:

  • Easily and efficiently track your employee time
  • Manage your time and attendance data and employee profiles
  • Eliminate buddy punching
  • Make employee scheduling a breeze
  • Track employee time from home, the worksite, 
multiple locations, and more
  • Reduce the headaches and time associated with payroll

An appropriate time and attendance system will quickly pay for itself in time savings, reduction of time theft , and elimination of payroll errors.  F and E TimeSystems represents multiple time and attendance systems, and can recommend the system most suited to your company’s needs. Based upon experience, customer feedback, and research in the time and attendance software market we can implement a best-in-class time and attendance solution you can rely on.

 

Reduce Your Labor Expenses With Time and Attendance Solutions

New ways of thinking about time and attendance as workforce management technology have resulted in monitoring the workforce as a strategy instead of a tactic. Scheduling and time and attendance have historically been a tactical issue to be dealt with. Collecting the time cards and processing the information for payroll has primarily been a tedious manual function. Time cards and time clocks were physically collected and manually compiled to create a statement of the workforce’s activities. Reports were cumbersome, gathering stats unwieldy – overall, it was a murky and underdefined opportunity.

Companies that recognize that technological advances have created a situation for companies to be in control of their destiny. By having better, more accurate and faster information, companies can react by making decisions that lead to greater efficiency, better decision making, as well as adding real value to the bottom line of the company.

Powerful immediate productivity results can be seen when a comprehensive automated solution for time and attendance is implemented. The result can be obtained without a huge capital expense. Robust time and attendance systems with biometrics can be implemented for companies with up to 50 employees for less than $1,600. For such a minor outlay, the value to the company in terms of controlled labor expense, reduced compliance exposure and productivity improvements will more than compensate.

Reduced Labor Expense:

Companies typically see cost savings in inefficient processes almost immediate when they automate scheduling and time and attendance. Ineffective and time consuming manual processes are replaced with a streamlined and automated system which result in saved time as well as money.

With automated time and attendance, data can be collected and analyzed at a deeper level, leading to additional streamlining, and greater cost saving over time.  Appropriate technology helps to create the reports necessary to analyze business patterns and determine appropriate staffing. This facilitates scheduling – with clearer relationship of staff to need.

New time and attendance technology enables real-time monitoring of labor spend; a tool to forecast and plan effectively. When labor suffers excessive overtime, unplanned absences or other issues, management can react.  In short, the outlay for a new time and attendance system will be justified due to the true benefits and cost reductions, which will recoup the cost of the system and result in greater profitability.