The Wage and Hour Division of the US Department of Labor reports over $200 million in back wages, for business’s not legally compliant, on an annual basis going back to 2016. Even more shocking is the fact that over 50% of HR practitioners admitted their company cut corners know the risk of not staying compliant.
What about the times that you don’t know you are being risky with compliance?
Over half of the US workforce acknowledges they’ve been victim to a payroll error during their career. With such a high error rate, one would think that tracking such a key performance indicator (KPIs) in a payroll department would be a top priority. This is not the case. The adage, “If you can’t measure it, you can’t manage it,” comes into play with managing risk of compliance in your payroll department.
Would you use a cell phone from 2009? Probably not. Often when we speak with a prospective client, we find that their current payroll solution is 10 or more years old. This means the they are using legacy solutions that tend to have a lot of manual processes. Right away we know that the payroll department is limiting their ability to track and report KPIs, while increasing their chances of error.
For those that do make a concerted effort to track KPIs the commonly measured indicators are:
– Payment errors as a percent of total payroll payments
– Process time per pay cycle
– Impact on the employee experience
Clients come to InfiniTime because they know they need better time and attendance tools to manage and measure their payroll KPIs. Our goal is to make their departments more effective with seamless integration with a payroll provider, tip calculators, wage overrides, payroll based journal, job costing and a mobile app which creates more employee engagement. Our SaaS offering is fully hosted on the AWS cloud and our biometric features give you the security you need. Our physical time clocks allow your workforce to punch in and out quickly, while time theft from buddy punching is eliminated.