{"id":926,"date":"2022-04-02T14:06:08","date_gmt":"2022-04-02T14:06:08","guid":{"rendered":"https:\/\/newsite.payrollmedics.com\/blog\/?p=926"},"modified":"2022-07-13T14:25:12","modified_gmt":"2022-07-13T14:25:12","slug":"why-time-and-attendance-tracking-is-essential-to-benefits-administration","status":"publish","type":"post","link":"https:\/\/www.payrollmedics.com\/blog\/why-time-and-attendance-tracking-is-essential-to-benefits-administration\/","title":{"rendered":"Why Time and Attendance Tracking is Essential to Benefits Administration"},"content":{"rendered":"

A source of innovation and growth, employees are a key ingredient to the success of your growth-oriented business. Human capital is one of your biggest assets and one of your largest expenses.<\/p>\n

In many industries, labor costs represent a significant percentage of total business expenditures which is why it\u2019s important to keep careful track of time, attendance, and productivity. As you grow your business, you need the right tools to simplify processes and minimize complexity. Accurate time and attendance tracking is essential to increase the accuracy of workforce data and reporting required for benefits administration and compliance.<\/p>\n

Inaccurate timekeeping often leads to costly pitfalls such as regulatory compliance missteps, payroll errors due to over- or under-paying employees, and other issues that negatively impact productivity.<\/p>\n

To prevent these and other error-prone breakdowns, many growth-oriented businesses use automated time and attendance systems to maintain reliable records and provide flexible time collection methods.<\/p>\n

There are many advantages to automating time and attendance tracking.<\/p>\n

One benefit is it ensures fast, accurate payroll preparation by eliminating manual timecards and rule interpretations. It provides time collection flexibility so that employees can clock in wherever they are, with the method your business chooses\u2014whether it\u2019s a simple web entry or badge or biometric readers.<\/p>\n

Automated Time & Attendance tracking enables you to consistently enforce pay policies and apply pay rules to ensure accurate benefits administration and compliance.<\/p>\n

Why you need to track time, attendance, and absenteeism<\/strong><\/p>\n

According to statistics from the US Department of Labor, nearly 3 percent of an employer\u2019s workforce is absent on any given day<\/a>. The Centers for Disease Control and Prevention (CDC) report that productivity losses from missed work cost employers $1,685 per employee each year<\/a>.<\/p>\n

That represents a big impact on your bottom line.<\/p>\n

By tracking employee hours and absences, your business can better manage absenteeism\u2014from paid time off and sick leave administration to regulatory compliance issues. Plus, you\u2019ll gain insights into the underlying causes of absenteeism including health issues, employee morale, or workplace harassment and discrimination issues. Accurate time and attendance data helps you make better-informed business decisions regarding hiring, workforce reductions, job assignments, and training needs.<\/p>\n

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Five reasons why you need to track employee hours for benefits administration and compliance<\/strong><\/p>\n

Time and attendance tracking helps you deal with sticky issues that can cause regulatory problems, headaches, and stress. For example, your business needs to keep accurate time records to comply with the following:<\/p>\n