ROI (calculator)
Dating back to the 1880’s the first time-clocks were invented as a way to control paying a fair wage in exchange for work carried out.
[4 min read]
Since then, time-clock history has also included our company using microprocessors in some of the first electronic versions to today’s advanced web enabled touch screen terminals, kiosks and displays.
But today’s terminals are much more sophisticated. Our Timespot terminals connect you directly to a cloud solution to manage not just clocking in & out, but also to WFM applications which can filter data, process and calculate anything from complex employee schedules to important payroll needs.
Without such solutions businesses can experience costly wage claim inaccuracy and gaps or ‘leaks’ of time eg: paying for time not used for productive working. A typical example is when at the month end employees need to have submitted each day’s working hours ie: when they started, finished, maybe took lunch breaks etc. It would be easy to register the same 9 till 5 hours every day although in reality on one day they turned up late, another day left early, took an extra long lunch break and so on.
Not only does the terminal capture that data in real time, but it also stops any inadvertent or intentional inaccurate month end time reporting.
To get an idea of how much small businesses, let alone large enterprises, can lose from these metaphorical ‘leaks’ try this simple calculator. The result can be surprising.
(No email registration is required to use this calculator)
The cost to business of employees managing their own time-reporting
* Only boxes with a mint outline need your input
Beside the suggested 5 year cost saving, being able to trust, accurately record and automatically feed data in real time to payroll is the modern alternative to either old fashioned card-punching or relying on self reporting with excel type desktop/mobile solutions.
