The Aberdeen Group recently published a report that was a compilation of survey responses from 333 organizations representing all sizes, industries and geographies that examined the strategies of best-in-class companies. The research focused on how these performers provide the proper automation, integration and access to make a time and attendance system lead to increased accuracy of data, increased revenue and decreased labor costs. Some of their findings are as follows:
- 65% improved accuracy of time data through reductions in time theft and buddy punching
- 60% increased revenue per employee
- 59% decreased overtime as a percentage of total labor costs
- 47% decreased their labor costs as a percentage of sales
The survey results showed these organizations shared several common characteristics:
- 88% partially or fully automated the time and attendance data-collection process
- 81% standardized processes for collecting time and attendance data