The Importance of Having and Automated Vacation Tracking System in your Company - Benefits and Advantages
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An automated vacation tracking system is an important part of any human resources department. Employee absences result in high costs for companies, and some experts estimated that they can range from 9% to 11% of your payroll. By reducing these costs with a tracking system, you will experience significant savings for your business.
Vacation and leave tracking is as a helpful tool that oversees and manages all aspects of absence administration. Businesses that use this type of system will save significant savings in a variety of ways. First, these tools give businesses the ability to save on costs by using absence reporting and employee awareness techniques.
To get the most value out of this tracking system, it is also important to know what your absence rate is prior to implementing it in your company. Without this knowledge, it will not be possible to determine how successfully the vacations and leave tracking works.
Three costs that should be calculated and compared are:
Direct costs (the cost of wages paid)
Indirect costs (such as overtime premiums for other employees, hiring and training costs of replacement employees and the cost of hiring temporary workers)
Administrative business costs (internal costs of administration and service fees).
A successful automated leave tracking system will offer a variety of important and useful features. This should include employee and management self service capabilities, help services, calculators for eligibility and adjudication, the ability to track multiple and simultaneous employee leaves, the ability to interface with other systems, document management and web based reporting tools.
By using these tools to oversee absences in a company, the business will see a significant cost savings.