The Cost of "Just 5 Minutes"
“It’s Only 5 Minutes!” is often what employers think when considering their employees’ time cards, but what are those 5 minutes really costing you?
This calculator is designed to give an estimate of the potential savings on labor costs that an automated timekeeping system can offer. By eliminating inaccurate punches, errors resulting from manual timecard calculations, and the payment of employees for time they are not actively working, you can see significant reductions in expenses.
Automated Timekeeping Savings Calculator
Annual Savings
Based on 5 minutes per employee per day over 260 working days per year
Calculation Details
- Minutes saved per employee per day: 5
- Working days per year: 260
- Extra hours per employee per year: 21.7
- Cost per employee per year: $325.00
- Total annual cost for 10 employees: $3,250.00
*Actual savings will vary.
See How Simple Time & Attendance Can Be!
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Give employees access to easy-to-use time management systems that will help you save time and reduce labor costs!
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Looking for an easier way to manage labor costs?
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Johnson City, TN 37604
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FAQs
How do I keep track of employee hours?
There are many ways to track employee hours, including:
- Paper time sheets
- Spreadsheets
- Punch cards
- Online web clocks
- Mobile timeclock applications
What is the best way to track employee hours?
While there is typically a cost to web-based timekeeping systems, they help ensure that punches are accurate, and help minimize errors when calculating employee hours for payroll processing.
Am I required to track employee hours?
Yes, under the Fair Labor Standards Act (FLSA), employers in the United States are required to track employee hours and maintain accurate records of hours worked for each employee, especially for non-exempt workers, to ensure proper wage calculations and compliance with labor laws; this includes recording daily hours worked, breaks, and overtime.
Whose responsibility is it to track employee hours?
Employers are responsible for tracking the time their employees work.
Do I have to pay an employee who does not submit their timesheet?
Yes, regardless of how difficult it is to collect timesheets from an employee,
labor laws require employers to pay employees for all hours worked on regularly scheduled paydays set by the employer. Failure to turn in a timesheet does not warrant an exception to these laws.