The global economy is in a fragile state and with news of payment defaults in China the world could be on the brink of another financial collapse. Another economic crises would make it very difficult for many small businesses to survive, let alone grow.
Fortunately, technology is paving the way for this eventuality. Even if China survives this scare, the debt ceiling will not hold forever. With another financial disaster inevitable in the near future, small businesses need to look for ways of cutting costs.
A survey conducted in the UK estimated companies were losing £2.52bn a year because of poor time attendance records. That alerted biometric manufactures to find a solution. Although biometric attendance machines got off to a slow start, advancements in the technology over the last two years are making them a popular choice for businesses in the US, UK and Europe.
Is your time attendance system losing you money?
Traditional time attendance machines can be easily manipulated. Manual methods using time sheets was out-dated twenty years ago and punch systems can be cheated by “buddy clocking.”
These types of unreliable time attendance systems cost companies money in underpaid wages, and in some cases, mean staff can be underpaid too. Because the systems also require checking and signing off by a line manager or HR personnel, they create more admin.
Biometric clocking-in machines cannot be breached as they use hand or fingerprint recognition software that can accurately identify personnel from the lines in the palm of their hands, and because all the information is stored electronically it reduces admin time for HR and accounting thus increasing productivity.
Biometric time attendance machines not only save you costs in overpaid salaries, but can cut costs on personnel. High-end clocking-in machines are fitted with locks on doors and reduce the need for manned security guards.
Advancements in biometrics
The most popular biometric machines for businesses are the fingerprint and hand scanners as they are the least obtrusive yet highly accurate. Firms that require high security facility prefer to combine hand, face and eye recognition scanners depending on the part of the building, the users and how secure an area needs to be.
Because of the diversity of biometric clocking-in machines your business can be more flexible as well as more profitable. By exercising tighter controls you can manage flexi-time better and monitor absenteeism. If you have an employee that is taking a lot of time of work, time attendance machines allow you to easily identify patterns and it may be that one of your employees may need help in some way.
Biometric time attendance machines are so sophisticated and affordable these days that they are becoming a must-have device for SME’s to save money. With the slowdown in the global economy making it difficult for small businesses to grow, cutting costs may be the only way to survive the credit crash.