The question is whether to adopt a biometric time clock or not?
Even if I need a biometric time clock to manage my employees, how can I afford
such an expensive tool! – These 2 lines of thinking is enough for many sleepless
nights and a good amount of stress for any small business owners.
Whatever a company may be
engaged in or whatever might the company size be, efficient employee management
will always be a crucial thing in every step of the journey the business makes.
The most horrifying effect of not having a biometric time clock for your
employees is, buddy punching effect on your payroll. Employers loses hundreds and thousands in payroll because of
buddy punching. To calculate your payroll loss every year due to buddy punching, Calculate ROI.
Buddy punching refers to punching in someone illegally in the
attendance even if the employee is not arrived yet at the office or workplace.
It is a common practice among employees everywhere. Buddy punching causes
companies to lose about 2 to 5 percent of total payroll each year. Different
companies use different tools for time attendance recording. Some use paper
sheets whereas others use RFID tags or cards for clocking in. No system can
guarantee total elimination of buddy punching except biometric time clocks, for
obvious reasons. But again there is this problem with the excessive cost
associated with the purchasing of a biometric time clock, that becomes a major
hinder. Read full article here.
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