Time is money and money is everything to all of us. The proverb is well suited for everyone whether it is a company who is doing business world wide or it is one who is operating on a surface level just making enough profits to cover its expenses or for the human resource asset of the companies who carry out business for the companies they are working for.  It is apt for all of us whether we are a company or an employee working for a company.

Time and Attendance

All sizes of the organization whether large, medium, small, conglomerate or multinational know that the key to their ultimate success is efficient use of resources both of time and of man power. All organizations can manage skills and intelligence of their man power very well but it is very difficult for them to manage their time because these days in this dynamic business environment everyone is not available all the time. Everyone has different priorities and different sets of goals to be accomplished. For this mere reason many successful organizations have developed hourly wage rate system so that they can gain more in less time while the same could be applicable for those who are working for these companies.

The hourly wage rate system is very popular for many reasons. Firstly, it gives employees flexible working hours to can choose at what time of day they are willing to work and are available to work wholeheartedly. This advantage has not only reduced employee turn over but has also reduced absenteeism among employees. Secondly, employees can now work for two or more companies at various time of day. This has allowed them to earn more as now they would work in a company for 5 hours and 6 hours for another company, thus earning salary from two companies by managing their time wisely. On the contrary the system has allowed the companies whether large or small to gain more from their employees in no less time as now they are paying on hourly basis they can hire as many skillful employees as they require to finish the task in less than the required time for its completion.

Every system has some positive and some negative aspects. The hourly wage rate system is very useful and helpful for the employees who are paid according to it but it creates problems for the companies who are paying employees according it. It is because of the fact that now the companies have to record each and every transaction related to employees. This makes them to design means to develop organize and scrutinize large volumes of arrival time and attendance data of employees. As when they are paying on hourly basis they need to record that for how many hours the employees worked for the company, how much work he/she has given to the company, how many targets he/she has achieved and delivered to the company and so. Sometimes due to this bulk of data many discrepancies occur and employees are paid less than their due amount.

The list was enormous with very little solutions.  In order to avoid problems and discrepancies in the data many companies whether large or small have developed time and attendance either manual or automatic. Now all employees have to do is to record their time and attendance fairly, either in the company’s manual register or through biometric attendance systems. Through these rationally developed means both the companies and the employees are tension free and are working happily globally and locally.

 

 

 

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