Employee compensation is a leading expenditure for many small businesses, but one that is also prone to miscalculations. Old practices of manually compiling employee attendance
is not only time consuming for business owners but can lead to unnecessary costs such as overpaying.
One solution is to implement time and attendance software
that will correctly collect and store data on employee attendance. A survey of Midwestern executives, 85 percent of those that invested in some form of human resources outsourcing saved as much as they spent on the technology, according to IDC - a Massachusetts-based market research firm.
The savings for the business are real and lasting, IDC reports. Companies that utilize time and attendance software save an average of 22 percent on labor costs and up to 27 percent on multi-faceted HR outsourcing methods.
The market for human resources outsourcing technology is on a consistent upward path, IDC revealed. Companies are expected to spend $3.3 billion on HRO tools in 2010, up from $200 million in 2002.
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