Payroll Webinar: Maximize Operational Efficiency with Your Workforce Management Strategy
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Time and attendance has had quite the evolution over the years from the "clock in, clock out" mindset. It plays into a bigger workforce management strategy designed to help companies optimize workforce productivity on an individual and company-wide basis. In this webinar, we will talk about ways to improve your company's overall operational efficiency in leveraging data analytics that can be found through technology, like a time system. We will touch on methods of risk management and how your organization should be thinking about emerging compliance needs in relation to new work environments. Lastly, ideas around improving budget forecasting for ways to benefit the bottom line. Join Ginnette Clark, VP of American Payroll Association, as she breaks down these workforce management strategies.
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Payroll Webinar: Maximize Operational Efficiency with Your Workforce Management Strategy
- 1. Organize. Humanize. Maximize. Maximize Operational Efficiency with your Workforce Management Strategy March 23, 2021 Ginnette Clark, CPP
- 2. Organize. Humanize. Maximize. 2 Recruiting & Onboarding Talent Management HR & Benefits Payroll Time & Attendance Ascentis Ascentis provides: • A-la-carte HR technology • Industry-leading time & attendance • Easy dashboards for actionable insights • Unsurpassed support 30+ Years of experience growing with you as an HR professional throughout unprecedented change in the role of HR and expectations of employees.
- 3. Housekeeping Organize. Humanize. Maximize. 3 Questions Today’s topic Speaker
- 4. Organize. Humanize. Maximize. 4 Housekeeping - How to earn credit Stay on the webinar, online for the full 60 minutes Be watching using your unique URL sent to you from GoToWebcast Program codes delivered by email, to registered email, approximately 30 days following today’s session
- 5. Housekeeping Organize. Humanize. Maximize. 5 Questions Today’s topic Speaker
- 6. Organize. Humanize. Maximize. 6 Today’s Speaker Ginnette Clark, CPP, is Implementation Consultant for Wise Consulting. She is an APA Vice President and a member of the APA’s Government Relations Task Force (GRTF) Child Support and Garnishments Subcommittees, Social Networking Committee, Strategic Payroll Leadership Task Force (SPLTF) Emerging Technologies Subcommittee, a mentor for the Certification Item Development Task Force (CIDTF), and on the Board of Contributing Writers for PAYTECH. Ginnette Clark, CPP
- 7. Maximize Operational Efficiency with your Workforce Management Strategy
- 9. Today you will learn: Strategies to improve operational efficiency. What data analytics can reveal about existing processes. How to Improve budget forecasting.
- 10. Remember this???
- 12. Improve Operational Efficiency Create seamless Integrations for time tracking.
- 13. Eliminate paper and pen tracking. Get rid of manual processes.
- 14. What can data analytics reveal about existing processes?
- 15. Analytics can….. Pinpoint gaps and automate policies. Make better decisions related to workload, labor and skill deficiencies There are 4 types of data analysis: ◦ Descriptive ◦ Diagnostic ◦ Predictive ◦ Prescriptive
- 17. Budget forecasting The difference between a budget and a forecast is that a budget lays out the plan for what a business wants to achieve, while a forecast states its actual expectations for results, usually in a much more summarized format. In other words, a budget forecast is an expectation of what you want to achieve.
- 18. Common challenges with budgeting and forecasting Disconnected data sources Manual Processes (in Excel) No workflows, audit trails or data validation measures
- 19. How can we use workforce management systems to leverage budget forecasting? Automate data sources Get out of the Excel business This Photo by Unknown Author is licensed under CC BY-SA-NC
- 20. Wrap It Up
- 21. What can We do now? Integrate your time and attendance solution Start small – get “your own house” in order. Build out from there. Use your time and attendance solution to work for you. Automate, Automate, Automate.
- 23. Organize. Humanize. Maximize. 23 How Ascentis Time Can Help Ascentis aims to be our clients HCM partner and provide relevant information organizations need to be thinking about in order to ensure their own processes remain current and give our users the power to be the leaders in their organizations. With Ascentis Time You Can: • Correctly tracking your employees’ time, schedules, and leave • Staying fully compliant with key employment regulations like the FLSA, FMLA, and various state and local laws • Advance scheduling auto-generates schedule recommendations based on businesses specific requirements • Mobile features to request time off, submit expenses, adjust schedules and more Recruiting & Onboarding Talent Management HR & Benefits Payroll Time & Attendance Ascentis
- 24. Organize. Humanize. Maximize. 24 Contact Us info@ascentis.com www.ascentis.com 800.229.2713
Notes de l'éditeur
- The Industrial Revolution The Industrial Revolution brought major changes to the economies of Europe and the United States. New technological advances in the early 1800s ushered in sweeping changes for both manufacturing and transportation. Traditional family farms and small family run cottage industries produced goods in small quantities with lots of manual labor. With the arrival of machine based manufacturing, entire families began moving from their rural farm homes to the cities to find work in the newly industrialized factories. Children often worked right alongside their parents when the family needed extra income. The work was often dangerous, unhealthy, and paid very little. Factory owners loved child labor because it was cheap and unregulated. However, it wasn't long before the government stepped in to help improve factory conditions and regulate how many hours people were made to work, especially children. Factory owners needed a way to keep track of worker hours. This gave rise to the first time and attendance systems. The First Time Clock When the first employee time clock was invented in the late 1800s, its purpose was to record the time an employee entered and left the factory. This mechanical employee time clock would stamp day and time information on a thick paper card, hence the name 'time card'. This first time card gave the factory owner an actual record of the hours worked by each employee. This protected the business owner by making sure employees worked the number of hours they claimed, and protected employees by making it much more difficult for employers to cheat them out of their wages. Time and attendance systems continued to advance with smaller electrical time clocks eventually replacing the large mechanical ones. Time cards also evolved to have special areas marked on them for clocking in and out, so workers had to carefully line up the time card in just the right place. When commercial time clock software first made its appearance in the 1990s, businesses started moving away from mechanical and electrical time clocks that were subject to failure and expensive to replace or repair. Time clock software allowed business owners to enjoy the benefits of reduced payroll processing costs by making it quick and easy to go directly from time clock to paycheck with increased efficiency while eliminating buddy punching. Today's Time Clock Software As computers have become more sophisticated, so have time and attendance systems. Absence management is far easier to monitor when vacation, sick days, and holidays can be automatically tracked and accrued. Complex overtime rules are easier to manage and unauthorized overtime easier to control. Modern time and attendance software systems take advantage of today's sophisticated networking protocols to link time clock computers together so employees can be monitored in real-time while maintaining the time card data in a secure and centralized location. Integration with online payroll systems saves time and eliminates data entry errors. The benefits of modern time and attendance systems are virtually endless. Even though time and attendance systems have greatly reduced the amount of time needed to prepare time cards for payroll processing, it still protects business owners and employees for the same reasons as that very first punch clock.
- Before 1500 BC - A Days Wage The sundial represents the first relatively accurate method of tracking the time of day. The earliest sundials can be traced back to 1500 BC from ancient Babylonian and Egyptian astronomy. Before humans could track time workers were most likely paid by the day. 500 BC - Ancient Rome Develops a “Salarium” for Soldiers In Roman times, soldiers were paid a “salarium” or payment to buy salt, which was used as currency and was considered essential for living in the time. Along with the word salary, many experts believe these roman origins are where the phrase “worth his salt,” comes from. From Ancient Rome through the Second Industrial Revolution in 1930, the term salary referred to payment for services. In this case, a salary could mean a flat fee for work or hourly compensation. It wasn’t until the 1800s that employers started differentiating between flat-pay for work and an hourly rate. 1888 - Willard Legrand Bundy Invents the Time Clock All while unions were protesting and lawmakers were debating working conditions, one man in New York was tinkering away in his jewelry shop. Willard Legrand Bundy was born and raised in Cayuga County, New York. Bundy opened a jewelry store and used his trade to develop multiple inventions, many of which are still used today. Bundy holds patents for multiple cash registers and calculating machines, but he is known for inventing the employee time clock. The patent for his time recorder (the precursor to modern time tracking) was approved in 1888 and Bundy started a business manufacturing machines that would record when employees would clock in and clock out of work. In 1889, the Bundy Manufacturing Recording Company opened in Binghamton with eight employees and $150,000 in capital. By 1898, the company expanded to 140 skilled workers and had sold more than 9,000 Bundy Time Recorders. These machines were sold as a solution for "vexatious questions of recording employee time.” In the following years, as the time clock become commonplace in the American workplace, the Bundy Manufacturing Company merged with various other companies. It eventually became the International Time Recorder Company (ITR). In 1911, this business was incorporated in New York State as the Computing-Tabulating-Recording Company, which was the forerunner of IBM (International Business Machines Corporation). The next time you use an IBM product, you can thank Willard Legrand Bundy and his employee time recorder. 1977 - The Home Computer Hits the Market As developers started to explore the world of computers and technology, brands like Apple started to develop personal devices for non-technical users. Home computers first hit the market in 1977 and were meant for people who didn’t need advanced computing in scientific labs or within companies. These computers were less powerful, but they typically had better sound and graphics than professional computers. As computers expanded into the home, they also become more common in the non-tech savvy workplace. You suddenly didn’t need to be an engineer to have a computer in your office. In 1984, 8.2% of homes had a computer. By 1993, that number jumped to 22.9% and then 51% by the year 2000. The commonality of workplace and home computers lead to the development of personal software. Previously, software companies developed a product and sold it for thousands of dollars to a select few companies. For example, SABRE was developed in 1964 by American Airlines and IBM as one of the most-publicized computerized reservation systems. This likely took entire teams of developers to create. However, when computers started showing up in every home, the market expanded from a few select companies to millions of people and businesses across America. The software industry changed dramatically to the creation of tools sold for small amounts to large audiences, a model most SaaS companies still follow today. As the market for software evolved, developers created time clock tools that companies could buy and install on their computers, moving employee time tracking out of history and into its digital form. 1978 - Electronic Spreadsheet Invented, Business Can Track Time Easily As manual punch clocks grew more common in the American workplace and across the world, not much changed throughout the mid-1900s. However, a few circles started to buzz about special calculating machines called computers and how they could revolutionize our society. One man, in particular, created an invention which many small businesses use today to balance their books and employee time sheets. Richard Mattessich is credited as the pioneer of the electronic spreadsheet, which allowed other develops to create some of the first mainstream accounting tools. In 1978, Harvard Business School students Daniel Bricklin and Bob Frankston developed an interactive visible calculator called VisiCalc that could be used on personal computers. This way, anyone who had this computer and this program about track data and manipulate it for their accounting and analytical needs. While paper spreadsheets have been around for centuries, the digital option made it easy for accountants to enter data and have it calculated automatically. 1991 - The World Wide Web is Born, Enter Web Based Time Clocks Computers had become increasingly popular in tech-based workplaces and engineering companies, however, something was going to change that would bring them mainstream and change employee time tracking once again. In 1991, computer programmer Tim Berners-Lee debuted the World Wide Web. This “web of information,” was meant to do more than send files. It was supposed to provide information to people and connect data from all over the world. Over the next decade, the Internet would continue to grow. Dial-up modems became the background noise of homes, more companies would start using computer technology, and people started to share information by a communication tool called “e-mail.” With these changed in technology, employee time tracking evolved, too. Microchips and employee identification cards meant team members could swipe in instead of physically placing a punch card into a machine. In some companies, employees could even clock in via computer. Additionally, the invention of the internet meant that employees could clock in online from their own devices instead of downloading software or using hardware in the employee break room. As long as team members had access to the web, they could clock in or out. Computer technology has become an essential part of any company, where even non-tech based businesses like coffee shops and churches rely on the web to manage their operations. As technology becomes more important, it also became more mobile. This opened the door for remote workers to check in wherever they are -- whether they are working from home because of a sick kid or calling in from a villa in Bali. In fact, in 2018 about 70 percent of workers reported working remotely at least one day per week. The modern time clock isn’t a heavy machine on the wall. It is found in app that travels in your pocket all day via your smartphone or can be easily found on a website on your work laptop. 2019 and Beyond - The Future of Employee Time Tracking Modern technology continues to change how we work, but a few things remain the same. We believe that employee time tracking will always be around as long as people get paid by the hour. Employee time tracking is certainly transitioning, especially as more employers embrace BYOD (bring your own device) culture and mobile time management, but the core of the employee time clock will remain the same.
- Integrate Workflows and Reduce Manual Processes Increase Efficiency by Connecting Business Systems and Teams. Setup the Right Infrastructure. Streamline Processes Help Make Better Decisions. Improve Customer Service.
- Many companies do not fully use the abilities of their WFM system to create punitive attendance policies (that comply with applicable laws such as the Family and Medical Leave Act and the Americans with Disabilities Act). The assignment of ratings or points to various absences should provide input to the employee performance process. Having this process come directly from the time and attendance system allows for a more automated approach and allows staff to audit the approach rather than administer it directly. Utilizing those abilities will allow you to control unplanned time off. Descriptive analytics: What has happened and what is happening right now? Descriptive analytics uses historical and current data from multiple sources to describe the present state by identifying trends and patterns. In business analytics, this is the purview of business intelligence (BI). Diagnostic analytics: Why is it happening? Diagnostic analytics uses data (often generated via descriptive analytics) to discover the factors or reasons for past performance. Predictive analytics: What is likely to happen in the future? Predictive analytics applies techniques such as statistical modeling, forecasting, and machine learning to the output of descriptive and diagnostic analytics to make predictions about future outcomes. Predictive analytics is often considered a type of “advanced analytics,” and frequently depends on machine learning and/or deep learning. Prescriptive analytics: What do we need to do? Prescriptive analytics is a type of advanced analytics that involves the application of testing and other techniques to recommend specific solutions that will deliver desired outcomes. In business, predictive analytics uses machine learning, business rules, and algorithms.
- Wage and hour compliance. Minimum wage compliance. Workers’ Comp. The Affordable Care Act. These days, employers have hundreds of labor laws they need to comply with on the federal level alone. On the state and local levels, a growing number of regulations—paid leave, fair workweek laws, and sexual harassment training, for example—complicate things further. A daunting symptom of companies transitioning to working from home? It can impact your tax compliance without you even knowing it. If your employees span several states and have now shifted to working from their separate residences across state lines, you’ll have to ensure your current time and attendance system is adaptable to handle these changes to prevent costly fines down the road. Time and attendance practices and labor costs need to be monitored carefully, especially now with many employees working from home due to the pandemic. You must know the state laws where your employees are working as you review how your employees are being paid. This will go a long way in alleviating headaches and class action lawsuits later. Be sure to keep in mind any union work rules, if applicable to your employees, and compare them to state rules. While union work rules must generally be followed when reviewing your pay practices, care should be taken to ensure state compliance as well. Program your rules into the WFM system to eliminate any manual processes. Make sure you understand the rules and what is programmed. Keep a logbook detailing what is in the programming. This will ensure that as you have staff turnover, you can keep track of what the system is doing and make it easier to review processes in the future as state and federal laws change. The more that is automated, the more time you and your team will have to audit for compliance and the less risk of incorrect entries. The downstream effects of those incorrect entries can include the loss of integrity to the department, incorrect paychecks, and additional work through off-cycle payments. It’s all very hard to keep track of, but the cost of noncompliance is steep. In addition to fines and penalties, noncompliant employers are at risk of class-action lawsuits and excessive Workers’ Compensation claims. In some cases, workforce morale may plummet, recruiting efforts may suffer, and even the company’s brand may become tarnished.
- Budgeting and forecasting help you formulate strategies, plan for the future and align your goals across the entire organization. Both processes are crucial components of every company's growth journey, especially during periods of change. Budgeting allows you to chart your organization’s path and assist your management team with strategic business planning. The process results in a clearly defined plan that’s reflective of your company’s financial and operational goals. Typically prepared annually, budgets provide important guidance regarding what your business can expect to accomplish that year. Budgeting also has plenty of other benefits, including: The budgeting process forces management to examine your company’s financial activities and assess the viability of each individual expense. Budgeting requires detailed documentation of all the sources and uses of cash, ultimately enabling management to anticipate cash flows with accuracy. Since budgeting often starts from the bottom up, many cross-functional stakeholders are involved in the process. This instills a sense of ownership among employees and motivates them to meet their budgeted goals. You can periodically compare the budget with up-to-date financial results, providing real-time insight into how your company is performing. (A variance analysis of the actual versus budgeted income statement is a good example of this.) Since individual responsibilities and internal hierarchies are often accentuated during budget season, this clarity of roles can promote rapid responses to challenging situations. Budgeting makes it clear exactly where and when financial resources are needed so you can allocate them accordingly and keep the business on track. However, because budgets are prepared so far in advance and based on a fixed set of assumptions, they can quickly become outdated as soon as those assumptions change. This is where forecasting takes over—when budgeting can’t meet certain time-sensitive needs. Think of it this way: Your budget is your road map, highlighting key financial checkpoints for every phase of the business journey. But once that journey has started, it’s common for circumstances to change, ultimately outdating the original assumptions that were made when the budget was created. For proactive finance teams, best practices involve regularly reviewing your budget against the changing business environment, forecasting accordingly to determine where the numbers are headed, then adapting your plans as required. Here’s how to generate reliable financial forecasts: Identify the key metrics (sales volume, marketing expenses, etc,) you want to focus on with your forecast. Ask yourself: “What am I trying to determine here?” Gather your latest actuals and input them into your forecast template. Determine the time frame for your forecast. (Periodic forecasts typically look ahead to the end of the budgeted period.) Calculate trends based on your historical and year-to-date actuals. Apply those trend calculations to your real-time numbers to come up with forecasted results. If you know of any variables that could skew your forecast (an upcoming influx of cash, merger, geopolitical conditions, etc.) be sure to account for those when you deliver the forecast to your stakeholders. Periodic forecasts are beneficial, but they usually only project out to the end of the current fiscal year. Rolling forecasts, on the other hand, are even more useful because they extend beyond that timeline.
- According to the 2020 Vena Industry Benchmark Report, data silos are a challenge for 57% of finance teams. If you’re spending too much time wrangling numbers from your ERP, CRM, HRIS and other data sources, you won’t be able to analyze the story those numbers are telling you. This slows down the budgeting and forecasting cycle and makes it harder to plan proactively when business conditions change. Data silos also make it difficult to collaborate with cross-functional stakeholders, leading to unreliable budgets and forecasts that don’t capture a holistic view of your business. Manual Processes in Excel The 2020 Pulse of Performance Management Survey revealed that 82% of finance teams still use offline Excel spreadsheets for budgeting, forecasting and other core FP&A activities. But the same poll also found that 54% of the Excel faithful aren’t happy with their spreadsheet processes—saying they’re too labour intensive, they take too long to complete and they’re difficult to manage across the entire business. It’s clear that finance teams everywhere are comfortable and familiar with Excel. But once your organization reaches a certain level of maturity, offline spreadsheets won’t have the processing power for advanced budgeting and forecasting. Using Excel alone to manage your budgets and forecasts can lead to version control issues, data integrity problems and formula errors from keying in numbers manually. Ever had a template crash when you’re pushing towards a deadline? (Because that’s what often happens when you treat Excel like a database.) Budgets and forecasts have a lot of moving parts, which means keeping your contributors aligned is a pretty important job. But if you’re searching your inbox for template files, chasing down colleagues for numbers and constantly losing sleep over whether your data is accurate, it’s tough to keep track of your progress and maintain a healthy work-life balance—especially when you’re spinning over “final” budget version 14.1-a. That’s why you need to have workflows, audit trails and data validation measures in place. Confident budgeting and forecasting is a whole lot harder without them
- According to this report from Deloitte, emerging technologies are reimagining the future of finance—and the teams that don’t embrace this evolution risk falling behind the eight ball. For budgeting and forecasting in particular, a complete planning solution can help you get ahead by making your processes faster, easier and more reliable. Read on to find out how. They Automate Manual Data Entries So You Can Spend More Time on Analysis A complete planning solution leverages both relational and OLAP cube database structures so you can bring all your financial information into one source of truth in the cloud. By integrating directly with your ERP, CRM, HRIS and other source systems, you won’t have to input numbers manually while building budgets or generating forecasts. Instead, the cells in your templates would be mapped right back to your data sources so the values just flow in automatically whenever you need to refresh them. Here are some other benefits of automated data entries for budgeting and forecasting: You’ll be able to reduce budgeting and forecasting cycle times by up to 50% or more. Your budgets, forecasts and actuals can be viewed from the same template so you can more easily spot variances and identify emerging trends. You can drill down into transaction-level details right from your budget and forecast templates. That way, you always know where your numbers are coming from. With all that time saved, you won’t have to waste days wrangling data for budgets and forecasts. Instead, you’ll be able to focus on what really matters: Planning for the future of your business
- Please leverage the chat box to make sure you add any questions you may have.