Cut Costs on HR Management Without Cutting People
Written by: Allied Time
Human resources are a company’s greatest asset, but they are also one of the costliest parts of doing business. The good news is there are ways to trim the costs of managing your employees without cutting your staff, like investing in new time clocks that keep time accurately. Layoffs are regrettable in almost every situation, so if you’re weighing layoffs for your company then this information is especially timely for you. Before you consider cutting staff, consider cutting costs first.
Save on Insurance
With the new healthcare laws, mid-sized businesses are finding it difficult to keep up with the requirements to supply health care to workers. You also face steep penalties for not fulfilling this requirement. One option you have is to share costs of healthcare with workers. You can raise the deductibles and lower some of the premiums to try and cut services your employees aren’t utilizing and save everyone some money. Another alternative is creating a wellness program in your business, that rewards employees with lower premiums based on their health. It’s also a good way to incentivize healthy lifestyles.
Save on Time Management
Utilizing fingerprint time clocks will help employees log into their terminals faster, as they won’t need to waste time recalling a password. These clocks are also hooked into time systems online, enabling management to balance schedules quickly. Employees can check time and make their own edits as well, so HR only needs to approve the time.
Save on Time Fraud
It’s not something we like to think about, but time fraud is real. Employers that utilize biometric time clocks tend to have fewer incidences of fraud, as the biometrics confirm a user’s identity. The clocks won’t keep a worker on site all day, but will make it much harder for that worker to deceive management by trying to clock in and out at strategic times.
Save on Payroll
When you utilize time clocks and online systems, your human resource team needs to do a lot less processing for payroll. The hours will be noted properly, barring some malfunction in the system, and approval is a matter of getting confirmation and cutting a check to the employee. Everyone benefits from a simpler system, especially the business owner. Payroll deadlines are like crunch time every other week, so relieving HR of the stresses involved in payroll processing will make their work manageable and allow them to concentrate on services for employees.
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