Author: Susan Prebola

In today’s fast-paced workplaces, where every minute counts, the significance of precise time and attendance tracking cannot be overlooked. For employers looking to ensure efficiency, compliance, and employee satisfaction, implementing robust time and labor management technology isn’t a luxury. Rather, it has become a necessity.

If you are currently relying on manual processes to track your employees’ time and attendance, your organization is being put at risk. Using a fully integrated system for all your human capital management needs, including time and labor management, helps ensure your organization’s future success.

There is much to gain from time and labor management technology, including these 6 benefits:

Mitigate risk

Many industries have strict labor laws regarding overtime, breaks, and other labor practices. Time and attendance software can help employers stay compliant with these regulations by automatically applying rules and policies to employee work hours.

Ensure accuracy and eliminate errors 

A single system with a single database means employee information is entered only once and that information seamlessly flows through each stage of their lifecycle – hiring, onboarding, time and attendance, payroll, etc. The chance for administrative errors is reduced and the need for importing and exporting data is eliminated.

Boost productivity 

An integrated system is more efficient. Not only will it increase the accuracy of your payroll, it will cut down on the time it takes to process. With more time and access to real-time analytics and reporting tools, HR leaders can take on a more strategic role. 

Create better schedules 

Supervisors can easily view, access, and build employee schedules to ensure adequate coverage. They can create customized attendance rules based on their criteria and assign employees to the appropriate shifts.

Improve the bottom line 

With time management software, hours are tracked and recorded in real time, leaving no opportunity for error. This helps cut down on costly time theft and buddy punching.

Identify issues

Alerts can be set to notify managers when employees are punching in late, leaving early, etc. so they can better address concerns before they become a problem. They can also be alerted when employees are approaching overtime.

Time and labor management technology has become indispensable for employers seeking to optimize their operations, ensure compliance, and foster a productive and satisfied workforce. From accuracy and compliance to cost savings and efficiency, the benefits are compelling. As businesses continue to evolve and adapt to changing work environments, investing in time and labor management technology is a strategic move toward maximizing efficiency and maintaining a competitive edge.

Discover Counter Point’s solution for time and labor management and how it can benefit your organization. Request a call today!

When was the last time you evaluated your human capital management (HCM) solution? If your organization is like those studied by Bersin by Deloitte, it’s likely you’ve had the same system in place for nearly a decade. According to the report, companies tend to upgrade or replace their core HCM technology every 7-8 years and when they do it’s a massive change.

For many companies, the mindset is often: “If it’s working fine, why change it?” With so many advancements in the world of HCM, there is no need to settle for “fine.” HCM software not only keeps track of your employee’s information, but robust systems also handle recruitment, performance management, attendance tracking, compensation, benefits administration, work force analytics, scheduling, and more. Cloud-based solutions eliminate the need for software upgrades, provide self-service tools, allow for complex reporting, and give you access to your data from anywhere at any time.

Every organization has its own unique needs when it comes to workforce management. But as businesses grow, even seemingly simple tasks become more complex. What has worked for years, may now benefit from an upgrade.

If you’re not 100% confident in your solution, we’ve identified eight questions to ask yourself to determine the next steps.

Do you need to access multiple systems to get the information you need?

Find yourself piecing together data from various systems to accomplish a single task? There is a better way. With a modern HCM platform, all common HR tasks are accessible from one platform, with a single database, accessible from a single login. No more exporting and importing necessary.

Are you drowning in paperwork?

Your solution should act as an electronic filing cabinet. All documents associated with an employee are stored in one place. Since data is never purged, you can always go back and pull a document quickly on any current or former employee.  

Does onboarding overwhelm your new employees?

Starting a new job is scary. The last thing you want to do is bombard your new hire with forms on their first day. With a robust HCM system you can send out, retrieve the new employee’s electronic signature, and collect all documents. All this can be automated and accomplished before your new employee sets foot in the door. Simply put, onboarding is made simple.

Is your HR department inundated with administrative requests?

If your HR staff spends most of their day fielding questions from employees and tracking PTOs, seek out an HCM solution that provides self-service features. With self-service, employees and managers have 24/7 access to request, view, and approve time off, update personal information, view pay history, manage benefits enrollment, communicate with each other, and more.

Are you noticing a surge in administrative errors?

With a single database you enter employee information only once. Doing so not only saves time, there’s less opportunity for error.

Do you dread open enrollment?

Your solution should simplify the benefits enrollment process. With it, employees can easily compare plans and make elections from anywhere (thanks to self-service.) Smart systems can identify once a dependent ages out of a plan, and remove them automatically from eligibility.

Are confident that your company is compliant with all labor laws?

This is one area where you should not settle. Failure to adhere to labor laws can be costly and detrimental to success. With a modern solution you can build the reports you need to make critical decisions, identify trends, recognize trouble spots, and gather the employee data you need to analyze your organization’s compliance.

Are you able to control access to certain data?

You should be able to. A sophisticated HRIS gives you the ability to set administrative permission levels for all users. When logged in, they can only see the information they have been granted access to.

Ready for an Upgrade?

When it’s time for a change, consider Counter Point HCM. Our state-of-the-art cloud based HCM solution simplifies all of your workforce management needs. And it’s scalable so it grows with you. To learn more, request a call today!

As of January 1, 2024, small businesses that fall under the definition of a reporting company are required to file a Beneficial Ownership Information Report (BOIR) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

The BOIR aims to shed light on criminal activities that threaten national security, fair business competition, and our financial system. The reporting system is designed to be simple and minimize burdens on small business owners.

Key Points

The BOIR provides information about the ultimate owners or controllers of companies. It helps track beneficial ownership, which includes details about the entity, its beneficial owners, and, in certain cases, its company applicants.

Companies are required to report this information to the (FinCEN). The reporting process began on January 1, 2024. FinCEN provides guidance on deadlines, exemptions, and how to file. 

You can file the BOIR using three methods:

• PDF: Fill out the report manually and submit it.
• Online: Use the FinCEN’s BOIR E-Filing System to create and submit your report.
• API: For more advanced users, there’s an API option for filing.

To keep up with updates and alerts related to the Corporate Transparency Act, subscribe to FinCEN updates.

Why Comply?

The BOIR is an essential tool for promoting transparency and accountability in business ownership. Failure to comply can result in penalties, including:

Civil Penalties: Companies that do not submit the required BOIR or provide false information may face civil penalties. These penalties can be substantial and may vary based on the severity of the violation.

Criminal Penalties: In cases of willful non-compliance or deliberate misrepresentation, criminal penalties may apply. These can include fines and even imprisonment.

Business Disruption: Non-compliance can disrupt business operations. Financial institutions may refuse services to companies that fail to provide accurate beneficial ownership information.

Reputational Damage: Public knowledge of non-compliance can harm a company’s reputation. It may affect investor confidence, business relationships, and overall trust.

Legal Action: Authorities can take legal action against non-compliant entities. This may involve investigations, court proceedings, and legal expenses.

It’s important file the BOIR correctly and on time to avoid penalties and fines. Schedule a call to learn more about how we can help support your small business’ compliance needs.

What you need to know:

The U.S. Equal Employment Opportunity Commission (EEOC) announced on February 26, 2024 that the 2023 EEO-1 Component 1 data collection will open on April 30, 2024. The deadline to file all 2023 EEO-1 reports is June 4, 2024. The EEO-1 help desk will also be available starting April 30, 2024 to answer any questions about the 2023 collection.

Background:

The EEO-1 Component 1 report is a mandatory annual data collection that requires all private sector employers with 100 or more employees, and federal contractors with 50 or more employees meeting certain criteria, to submit workforce demographic data, including data by job category and sex and race or ethnicity, to the EEOC.

The help you need:

All updates about the 2023 EEO-1 Component 1 data collection can be found at www.eeocdata.org/eeo1.

To learn more about how Counter Point can help support your compliance, request a call today!