Time and Attendance Return on Investment

It is widely known in the industry that using an automated system will reduce 80% of the time required to collect and calculate employee labor data and reduce your total labor costs by between 1 and 4%. Please review the sample overview below:

1) Time Reporting Inaccuracy (Costs 2 minutes/Per day/Per person)

No. Of Hourly Employees Hours Avg. Hrly Rate Work Days/Year
((50 X 0.03) X $9.00 X 252 = $3402

2) Calculating Errors (Decreases Your Efficiency by 0.1% of Total Payroll )

No. Of Hourly Employees Avg Hrly Rate % of Payroll Hours Work Days/Year
((50 X $9.00) X 0.001 X 8.00 X 252 = $907

3) Break Schedule Misreporting (Costs 3 Minutes/Day/Person)

No. Of Hourly Employees Hours Avg Hrly Rate Work Days/Year
((50 X 0.05) X $9.00 X 252 = $5670

4) Preparing and Calculating Time Cards (3 Minutes/Card/Weekly Pay Period)

No. Of Hourly Employees Hours Avg Clerk Rate Work Days/Year
((50 X 0.05) X $10.00 X 252 = $6300

Total Annual Savings:

  1. 50 Employees = $16,279
  2. 500 Employees = $162,790
  3. 5,000 Employees = $1,627,900