It is no longer a secret, employees are costly! According to the Human Capital Management Institute, employee salaries, overtime, hourly wages, and other indirect expenses amount to 70% of a company’s total operating costs. And the more shocking news is that this figure has continued to rise year after year since 2005.
It is for this very reason that many business organizations have decided to become more aggressive at finding efficient strategies to meet budget requirements, control operation costs, and address business needs and opportunities that are changing by the day.
For most businesses, effective management of work schedules and related costs is usually the most effective way to improve their bottom-line and to improve productivity for each and every cent they spend on employees. The good news is that through robust workforce management software, many businesses have managed to achieve exactly that. By automating their time and attendance solutions, these businesses have been able to fully automate work rules, accrual rules and pay rules.
In short, this kind of software helps business owners and managers to get everything done as smoothly as possible, while at the same time enabling them to stay in compliance with relevant laws.
As you probably know, compliance obligations extend far beyond national laws for larger organizations. Such organizations are required to adhere to local laws, union rules, and company polices as well. Many, if not most, business owners and managers are way out of compliance, especially when it comes to overtime and disciplinary procedures.
When there are gaps in compliance, or when a business lacks compliance records that are transparent, costly errors are very likely to arise. Robust workforce management software should be in a position to enable organizations to straightforwardly demonstrate compliance and to mitigate non-compliance risks and their related costs.
If you run a small business with only a couple of employee, you are probably wondering if you really need workforce management software. The truth is that every business that hopes to keep expanding must keep looking for new ways to improve performance, and this is exactly what you can achieve with workforce management software. Read on to discover why. http://zipschedules.com/blog/workforce-management-software/