At the end of the day, proper planning makes all the difference between businesses that fall and businesses that soar. Technology — whether it’s timekeeping, biometrics, or benchmarking — has earned an important role in establishing accurate and precise business frameworks. Not only that, but utilizing technology reduces the time needed to manually manage overtime while simultaneously reducing human room for error.
Here’s how to utilize technology to manage overtime in the workplace.
A Proactive Approach to Overtime Compliance
One marvel of technology is that it’s ever-updating towards new labor and overtime compliance laws. While businesses have already adjusted to the most recent update of the Fair Labor Standard Act (FLSA) from January 1st, 2020 — the FLSA will continue to revise for years to come. Since the FLSA was established in 1938, it has been updated over 20 times. When your business takes a proactive approach to overtime compliances, you and/or your HR team will be in a better position to classify employees and handle labor costs.
Scheduling and payroll software enables a business to store all employee information in one place, promoting organized and quick retrieval of records. Having quick access to employee classifications and compensation data will allow you to uphold the latest FLSA updates seamlessly. Compared to manual work, technology can help a business take a proactive approach to overtime compliance while reducing errors and necessary time.
Stay Informed Using Analytics
Data speaks louder — and much more accurately — than words. If a business is consistently paying overtime, they should be using analytics to uncover the root cause of their overtime needs.
Rather than addressing overtime issues at the end of a pay period, a business may adopt a day-to-day time tracker. Having a time tracker will offer daily analytics about how long and how often each employee works overtime. With this information, you can stay informed on your employees and make appropriate changes as you deem necessary. If certain employees are always working overtime while others have excess capacity, rearranging duties can save your business a significant amount of money and time in the long run.
The days of manually punching numbers into a calculator are no longer necessary thanks to automated timekeeping. Adopting an automated timekeeping approach offers several benefits. For starters, there’s no longer a need to distribute, collect, or calculate timesheets every week or month. Reduced payroll administration efforts will result in saved time and money. One other benefit of automated timekeeping is that all reporting requirements are fulfilled right on the software. Records that need to be submitted will be available to you at the press of a button. Even more — compared to human calculations — timekeeping software simply has a higher level of accuracy.
If your business is currently facing fraud issues or you simply want to decrease the odds of it happening, biometrics will be your best friend. To prevent the practice of “buddy punching” or any other fraud variant — fingerprint or face scans can be implemented.
Timekeeping software can also help your business spot employees who excessively go into overtime. When non-approved overtime shifts occur, management is proactively alerted by the software. These alerts will draw your attention towards potential employee theft time, and help you stop the stealing before it causes serious damage to your finances.
Infinitime: Ready to Help Now
One of the most simple yet powerful organizational tools is found right here at Infinitime. Make your business life easier with an all-in-one workforce tool that is capable of scheduling, tracking time, exporting payrolls, and so much more! Use the time, effort, and money that our software can help you save and transform your business into something even better.