Payroll Outsourcing
October 10, 2022
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In our fast-paced society that emphasises productivity and efficiency at every corner, time tracking has become an essential practice. Not only is it important for those who are juggling multiple roles but also useful for businesses to remain competitive. Especially in Human Resource (HR) departments where systematic tracking of employee working hours can improve accuracy in payroll management and consequently promote employee satisfaction, time tracking must not be taken lightly.
Forget the old-school methods of tracking working hours with punch cards and timesheets. Human Resource managers must adopt more precise tracking tools because an accurate attendance record can benefit the business in a myriad of ways:
Employers can have valuable information about their staffing decisions when they gather data through accurate tracking of employee working hours and turnover. These insights can range from sources of turnover, roles that experience most absenteeism and where employee dissatisfaction is most prominent.
Through the study of HR metrics, the HR team or external professional payroll services provider can easily assess and make necessary adjustments to their employment practices to improve employee retention or boost employee morale.
Effective tracking of work hours can help HR managers identify which department requires more help and which is over-staffed. With this information, employees can be evenly deployed to different departments or jobs can be outsourced to ensure productivity across the entire organisation is kept at an optimum level at all times.
Take payroll management as an example, many companies in Singapore are realising that outsourcing payroll management to professional services is more cost-effective than hiring an in-house team. By outsourcing, companies can channel more resources into growing the business while still having peace of mind that payroll management is well taken care of.
Accurate tracking of work hours naturally translates to accurate payroll and employee satisfaction. When staff are well compensated, their loyalty towards the employer and productivity at work also improve in tandem.
Conversely, proper tracking also weeds out less dedicated employees who are not contributing to the success of the business. Companies can then take necessary disciplinary actions or assign training to ensure these individuals get up to speed with the rest of the team.
With so many benefits in store for accurate employee working hours tracking, companies must also deploy more reliable tracking tools to aid the process. Relying on age-old pen-and-paper tracking is fraud with issues such as time theft, accounting errors, and labour law infringement. As such, HR managers are now turning to software solutions for more precise monitoring. Such solutions are broadly classified into Personal Time Tracking and Project Time Tracking.
Personal time trackers are straightforward platforms for tracking individuals or a small team of no more than 10 members. Project time tracker, on the other hand, is suitable for larger firms that want to track working hours alongside project or task progression and related resources.
Efficient employee work hours tracking is beneficial for both employers and employees. But more importantly, it prevents fraudulent payroll management and saves companies lots of money from wrongful pay-outs.
Tracking and payment management don’t have to be mammoth tasks, nor do they require huge investments. Companies can always outsource their payroll management to solutions providers like Liberte, which promises error-free payroll processes. Outsourcing can also relieve the in-house HR team of the tedious processes so that they can dedicate more time on matters that are more important.
With accurate work hours tracking and seamless payroll management from Liberte, companies can now achieve a high level of employee morale and productivity. Speak to us for professional payroll services today. Whether it's a new customised payroll integration or adapting to an existing payroll process, Liberte has the perfect solution to help clients overcome HR challenges and optimise their workflow with ease.
