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How important is this data?...Very Much! We looked at derivative studies and used four key performance criteria to distinguish the Best-in-Class from Industry Average and Laggard organizations. The four metrics reflect an organization's ability to reduce payroll errors, minimize inaccuracies, and improve business outcomes
2.  Timesheet accuracy: This is defined by the per cent of time sheets that require modification on behalf of the manager or HR. When it comes to efficiency and the burden on the operational manager, modifying timesheets after creation to account for errors, addressing proven violations such as time theft or buddy-punching (not to mention consequent actions or reprimands), and working with HR on other related tasks, can be very time consuming. Accuracy is critical to maximize a payroll manager's time for, and attention to, the core competencies of the business. It also improves HR’s ability to focus on more strategic elements.
Other Metrics: Cost and Engagement
When used effectively with business performance data, time and attendance data can be used strategically to make better decisions that impact labour costs and payroll processing. It empowers the payroll manager with many advantages. Though not used to determine Best-in-Class performance, overtime cost analysis showed that capturing accurate time and attendance data does improve deployment decisions. Organizations that achieved top performance indicated that 6% of incurred overtime costs were unplanned versus 8% for all others. Another metric that respondents reported on was the change in manual transactions handled by HR as it related to time and attendances inquiries or cases. Best-in-Class organizations reported a 6% drop in this metric versus 1% for all others.
The last metric worth mentioning that correlates to timekeeping and leave management is engagement. Follow-up conversations with several organizations showed that they were faced with employee reports of unfair preferential treatment among managers in awarding certain employees with overtime hours, certain shifts, or time off. And as a result, employee engagement has suffered. We found that Best-in-Class organizations on average reported 70% engagement versus 39% for their counterparts. In fact, 83% of Best-in-Class companies in our study directly attribute positive changes in revenue to improved engagement.
Posted by Minerva HRMS at 9:00 AM
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Labels: HR Automation, HRIS, HRMS, Human Resource Management, Leave attendance management, Time management software
It is really nice for me to see you and your great hardwork again.Every piece of your work look excellent.Looking forward to learing more from you!
November 8, 2012 at 11:20 AM
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