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 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.