The Advantages of Real-Time Payroll Processing
September 6, 2024
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Running a successful business is no small feat. You’re constantly faced with new challenges to overcome. But whether you’re the owner/CEO or in charge of human resources at your organization, one of the biggest undertakings is managing the labor. Since labor can eat up more than half of the business budget, it’s worth looking into every efficiency to reduce extra costs and keep things running smoothly.
Automating your workforce management processes is the best way to manage the bottom line while ensuring accuracy. Explore five benefits of automated workforce management now!
First things first: What does the term “workforce management” actually mean? Managing your workforce involves overseeing and handling the labor force, or the employees, who keep your company operational. The umbrella term encompasses processes and tools that allow a business to plan for when, where and how employees are doing their jobs. Examples include:
What you may not realize is how much time and effort is going into manual workforce management processes. According to some estimates, a manager spends an average of 2.4 hours a week creating employee schedules. How could that time be better spent? Marketing to grow the business or strategizing ways to improve productivity?
Instead of wasting time on manual efforts, automation ensures that business leaders can focus on things that benefit the organization and its overall success. Plus, it reduces the risk of errors caused by manual input.
Manual efforts or even implementing disjointed tools doesn’t benefit anyone. Instead, it can create a lot of headaches.
Choosing an automated platform that also integrates with your payroll solution is the best way to overcome the challenges of managing your workforce. You can enjoy these five key benefits of automated workforce management.
When you automate your time and labor processes, you can save a lot of time. Centralizing all activities related to tracking time and attendance allows employees to focus on tasks that bring more value to the business.
Mistakes (both accidental and intentional) can wreak havoc on a company’s labor budget. Padding a paper timesheet is incredibly easy for an employee who wants to earn a little extra income for hours they didn’t work. And even something as simple as an error in addition can result in an incorrect paycheck, which will cost your business to fix. With something as important as payroll, you need to take every precaution to avoid mistakes.
Employees will be happier with an automated system that allows them to focus on what they do best. When logging into multiple disconnected systems, team members can start to feel frustrated. An integrated solution delivers a better experience every day. A user-friendly experience can support your company culture and ensure accuracy for correct paychecks (which also make team members happy).
As mentioned, your managers may be spending hours every week on scheduling. But with an automated tool, time is freed up for other tasks. Features to look for include drag-and-drop or copy-and-paste scheduling options, which can take seconds rather than hours. Another key advantage of the right scheduling tool is the option for employees to swap shifts on their own. Managers shouldn’t have to be involved with trades – find an option that ensures quick, easy swapping.
Every organization must remain in compliance with the regulations that relate to managing a workforce. When you don’t have an automated system in place, it’s nearly impossible to calculate the hours worked accurately. As a result, you may not be paying employees correctly for their time, including any required overtime pay. Implementing an automated system is the best way to avoid costly fines and potential legal issues.
At Valor Payroll Solutions, we strive to simplify the everyday tasks of business owners, payroll professionals and HR experts. With an automated time and labor system that integrates directly with our payroll processing software, we’re the team to trust with your workforce management needs. Contact us to learn more or get started!
Allie has 15+ years of experience in marketing content, focusing on creating quality content that resonates with audiences. She earned a BA in English and her work has appeared on Indeed.com, Careerbuilder.com, and many other industry publications.
President - Valor Payroll Solutions
