Understand Your Workforce Costs

Understand Your Workforce Costs

Every business has its mission and purpose, but business is also about generating a profit. Costs are often unpredictable, making profitability an ongoing challenge. One of the most costly and unpredictable costs is employee labor, also known as the workforce costs.

Today, however, employers have the ability to understand their workforce costs in great detail and better than ever with advanced scheduling and automated timesheet technology. Better yet, it can be done simply and affordably.

Let’s take a look at some of the key features that allow employers to finally control and understand their time and labor costs.

  • Detailed, on-demand reporting – When you begin using an automated timesheet and/or advanced scheduling software you’ll gain immediate access to comprehensive, on-demand reporting of your workforce data, costs and performance. More importantly, you can even begin to reduce costs and increase productivity.
  • Track hours by department, location, or job code – Understanding your workforce is much more than counting hours. It’s having complete visibility of the types of hours your employees are performing. With automated time and labor, you instantly gain exceptional detail on what’s happening with your workforce. Your attendance data can be organized by department, location, job code, and countless other pay types. This insight is on demand and highly valuable.
  • Forecasting and scheduling employee labor – Seeing your labor hours after they occur is only part of the solution to controlling costs and understanding your workforce. But with advanced automated scheduling, you gain the ability to set a detailed, dynamic work schedule in advance and identify potential overstaffing, shortages, overtime and much more.
  • Collect data at the time clock – With an automated time card calculator, collecting critical data at the time an employee clocks in or clocks out is a simple yet powerful way to enable job costing and generate meaningful reports. As employees change departments or functions throughout the workday, the clock can conveniently track valuable numerical and labor data such as a job code, location, tip amount, mileage, or much more.
  • Identify costly attendance habits – It’s no secret that employees often arrive late, take long breaks and leave early. With automated time and labor, however, managers can easily see what’s happening with their staff and correct such costly attendance issues.
  • Remote and off-site employees – If you employ remote, off-site or in-the-field employees, you likely have challenges recording accurate time to calculate hours. With tools like our TimeWorks Mobile app with GPS pin-point tracking, that problem is solved. Now you can verify whether your employees are on site and on time.

It is widely believed that where there is measurement, improvement will follow. When it comes to understanding one of your greatest expenses, your workforce, automated time and labor is a tremendous solution. Contact 941 Timekeeping to learn more about understanding your workforce costs.

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