Future-built, modern technology can plug leaks in time and labor data collection weaknesses that most companies overlook.
Time and labor data collection is a common weak point in corporate infrastructure that usually escapes detection. By tightening up your collection approach, you can streamline business processes and significantly cut costs.
Here are several time and labor data trends that often go unnoticed:
- Unreliable data collection
With manual time and labor data collection system, there is little protection against either honest mistakes or intentional fraud.
- Failed interfaces with other systems and the trapped data between them
If the data being used is filled with errors, then the payroll or reports coming out are useless.
- Expensive and/or complicated customizations
Having a multitude of user-defined pay rules and different local regulations in an over-customized system can lead to inaccurate payroll.
- Inadequate reporting capabilities
Without adequate reporting, long-term trends such as excessive overtime can evade notice.
- Using outdated systems to manage labor compliance
Many U.S. financial institutions are still trying to manage labor compliance in a world of expanding regulations using outdated processes.
Download this fact sheet today to learn more about how these time and labor data trends could be affecting your organization — and how a best-in-class time-and-attendance solution can help seal leaks that could be leading to significant losses.