Online Timekeeping for the Banking Industry

Online Timekeeping for the Banking Industry

The banking industry thrives on providing quality customer service, accessibility to its clients, and low-cost services. Success in these areas hinges on the time management of its employees and the bank’s ability to operate efficiently to keep costs down. Bank managers must ensure adequate coverage across a variety of positions, which makes workforce scheduling an ongoing challenge. For these and many other reasons, an online timekeeping and scheduling software solution is an excellent fit for banks in minimizing the cost of labor while simplifying employee time management.

Lower Your Cost of Labor and Overtime

For organizations with hourly employees, virtually no tool can reduce the cost of labor, overtime and payroll taxes better than an automated timesheet or time clock solution. Not only is online timekeeping exceptionally convenient for HR, supervisors and employees, cutting hours from the payroll routine each period, but it can cut labor costs by thousands every month while increasing employee productivity. What more could you ask for from a simple, affordable software tool?

New Overtime Pay Policies for Salaried Employees

As of December 1st, 2016, employees earning a salary but making less than $47,476 will be eligible for overtime pay in addition to their regular salary. Retail banking is among the many industries that will likely be affected by the change. Although tracking hours for hourly employees has always been a requirement for FLSA compliance, with the new FLSA overtime ruling, employers must also track hours for salaried employees earning less than the new threshold. An online time clock solution is a simple, convenient and affordable tool to minimize the potential increase of overtime costs.

Convenient, Drag-and-drop Employee Schedule Maker

Banking is at the heart of the service industry. Although banking hours can be limited, the importance of maintaining adequate staffing for a variety of banking services is essential. Building, adjusting and maintaining employee schedules can be very time consuming, especially if minimizing labor costs is a priority. However, with an automated schedule maker that offers drag-and-drop ease of use and smart recommendations for scheduling the right employee at the right time, this challenge is simplified. This can be especially important as banks generally employ staff across numerous careers levels, both young and experienced.

Automated Employee Paid Time Off, Accruals and Holiday Pay

It is widely recognized that banking hours can be limited on holidays, weekends, and so on. For supervisors, this can mean additional administration for applying holiday pay. Some employees may receive paid holiday hours while others do not. Why not simplify how these policies are applied with electronic, online timekeeping? Managing paid time off also an ongoing administrative runaround. With the convenience of automation, this never-ending battle is reduced to minutes. With a mobile app, employees can easily review available PTO and request time off… and supervisors can easily review details necessary to approve or deny the request. As employees work, paid time off hours are automatically accrued according to the company’s accrual policy so that HR doesn’t have to worry about tracking and misplacing all the details.

Conclusion

An automated, online timesheet solution is an exceptional tool for banking institutions, particularly with the upcoming compliance changes related to overtime and salaried employees. Contact 941 Timekeeping to prepare, reduce your cost of labor and simplify how you manage employee time.

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