Beyond Timekeeping: Positioning Time and LaborManagement to Help Improve Compliance, Productivity and Profitability

By Lisa Disselkamp

Abstract:

Time and labormanagement technology should be saving you significant amounts ofmoney related to your labor expenses. Themost significant – and sustainable -- benefits are derived when organizations use technology tomanage “with intent” how dollars are spent. This white paper shows how employers of all sizes can reap significant benefits by positioning time and labor management systems as a proactive process to create savings, reduce risk, and increase productivity and revenue.

Managing with Intent is Key to Reducing Labor Expenses

When timekeeping processes exist simply to process activity and report spending after the fact, the cost-reducing potential of the tools languishes on the shelf while employers continue to suffer from payroll leakage (overspending on labor costs), lower productivity, and lost revenue that could otherwise be prevented.

Labor costs are comprised of payments for time worked, benefits, bonuses and even time not worked (e.g. vacation, sick, PTO, on call). Much of the payroll expense is somewhat fixed and closely budgeted. But some of the cost is for time worked at a premium(higher cost) – such as overtime – when the employee is eligible for extra pay. Premiumpay is a labor cost that is variable and largely under-managed, but can be controlled using a time and labormanagement system.

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