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.
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.
Using a biometric fingerprint reader a ;doctor at a hospital confessed to using different fake fingers made of silicone and imprinted with real finger prints bearing the prints of 11 fellow doctors and 20 nurses to pretend they were showing up to work five overnight shifts each month instead of just one in the organizations time and attendance sytem. Biometric HandReaders verifies employees’ identities in less than one second, based on the unique size and shape of their hands eliminating fraud.
Easily integrates into existing network infrastructures