No matter what business you have, one of the most important things that you have to manage, and one of the most frustrating, is employee time and attendance management. This part directly affects productivity, and can lead to a lot of weak spots and vulnerabilities if left unchecked. Productivity decreases and impacts the company’s performance which then affects the profits.
These reasons have forced companies to search for ways that are more secure, cost effective and reliable for managing employee time and attendance. One of the ways that companies have found to increase employee productivity is by using a biometric time clock.
A biometric clock is just like any other, regular time clock with an added factor. It adds more security by using biometric recognition to completely terminate the possibility of time waste and attendance fraud. It works in a simple enough way. Every time an employee enters the office, they simply put their finger or thumb on the biometric hardware surface and their time is automatically updated.
The first thing that the biometric clock does is abolish the practice of time theft. Employee time theft has been the reason of businesses losing millions of dollars over the past few years. According to the US Department of Commerce, only in the United States of America businesses lose more than $50 billion each year due to employee time theft. There are other ways of authenticating employee log in and log off times, but they are not as effective as a biometric clock.
One of the major reasons of decreased productivity is buddy punching. Buddy punching means one employee clocking in or clocking out for another employee. A company that installed biometric clock saved around $15,000 per year. Biometric clock also saves the extra time that is used in clocking in and clocking out as well as saves the time of the administration department when compiling the monthly attendance and time report. With a biometric clock in your office, you can allocate the resources somewhere else where they are needed more.
Biometric technology has had a huge influence in tracking employee time and attendance and preventing time theft, buddy punching, early clocking and unauthorized overtime. One more way that it helps a business is by exponentially decreasing the errors in payroll. When an employee clocks in and clocks out, his time stamps are automatically saved and at the end of the month, they can be compiled into a report automatically. This way the chances of human error are greatly lessened.
Billions of dollars are lost every year by government and private business organizations because of employees that only exist on paper. This happens through fraudulent entries in the payroll system. A person can be enlisted in the system even though he doesn’t technically work there. This way a lot of people can make away with your hard earned money. With a biometric clock, this practice can be totally eliminated and the funds can be properly utilized.