Mining & Energy
Three Ways Time & Attendance Systems Improve Business for Employers in the Mining & Energy Industry
Results of a time and attendance survey by the American Payroll Association reveal that over 75 percent U.S. employers lose significant money monthly as a result of buddy punching, which the association found, is a common practice among at least 25 percent of the employees within a typical organization. A typical employer ends up losing 18 hours' worth of wages a month, on each buddy-punching employee.
Stakes are higher for the mining & energy industry
In the mining and energy industry, where employers are heavily dependent upon their manpower, the losses associated with budding punching and inaccurate or unreliable timekeeping in general, are quick to multiply.
For one, workforce is this industry's largest expense and overpayment just adds to the already soaring costs. For another, the number of hours actually put in by the employee affects daily production and consequently profitability. Wrong or unreliable timekeeping also increases the mining or energy employer's likelihood of falling in the middle of regulatory compliance missteps and being slapped with ginormous fines, re-compensations or retribution for the same.
This is why savvy employers from the industry rely on the nifty, state-of-the-art time and attendance systems from Mitrefinch for accurate and reliable timekeeping information. The Mitrefinch Time & Attendance System (Mitrefinch TMS) is automated, efficient, and cost-effective. It is designed by the pioneers of automated time and attendance tracking systems – yes we introduced the world to the first-ever automatic TMS a little over three decades ago – and is used by miners and energy giants across North America, Europe, Asia-Pacific, and Australia to cut losses from buddy punching.
But that's not the only benefit they derive out of their Mitrefinch TMS. No sir! These mining and energy employers have automated their way to higher productivity and increased savings with the Mitrefinch TMS. And so can you!
Three ways Mitrefinch TMS boosts profit & productivity for you
1. Improved workforce management and scheduling
Because the Mitrefinch TMS is automatic, the attendance and timekeeping data it collects and provides is error-free, accurate, and reliable. You can use this information to improve job scheduling and work allocation. You can make both processes more efficient, thereby increasing daily production capacity, slashing project time-frames, and removing time wastage.
In addition, you can address workforce management problems as they occur. For instance, our system can alert your team supervisors of early or late in/out punching as they happen, allowing the supervisor to discuss the issue with the concerned employee and prevent it from becoming a habitual action or a bigger problem.
The accurate data from Mitrefinch TMS will also be your key to effective labor costing and to understanding the true numbers of workforce expenses. This information can be vital in strategic decision-making and can lend itself well to other areas of strategic workforce planning, as well as day-to-day management and scheduling.
2. Increased employee motivation
Your Mitrefinch TMS system reduces errors and resulting breakdowns in your human resources and payroll system. Accurate timekeeping data captured from employees is seamlessly transferred to the HR department and the payroll interface, eliminating errors associated with manual administration of the payroll function.
This has several benefits for you: a) It helps you maintain easy, automatic compliance with the latest penalty rates, overtime costs, modern awards and the like. b) It ensures employees are getting paid on-time and properly (their overtime pay, shift rates, bonuses or awards and other variables are calculated correctly and added to the base pay). c) Employees find their pay to be just and fair, which increases their morale. d) Consistent accurate, error-free payment helps you build a general workplace culture of “fair pay”. And e) Morale shoots up even further, productivity increases and turnover goes down.
The fact that Mitrefinch TMS reduces payroll processing time to a matter of minutes (as opposed to the hours it takes in manual processing of timekeeping data) increases productivity of your HR and payroll personnel and reduces related wages is an added advantage.
3. Insightful absenteeism forecast and control
Mitrefinch TMS establishes trends and patterns of absenteeism or overtime by extrapolating the daily timekeeping data. You will be able to profile employees and gain better insight into who are your most reliable (those who are punctual and dedicated) and unreliable employees (those who tend to abuse sick leaves, punch in/out early or late, are often absent without consent and so on). And there are several good things you can do with this information to cushion the impact of unplanned absenteeism from work.
These are just three of the several ways our TMS system comes in handy for miners and energy giants who want reliable data for easy, effective, and efficient workforce management, labor cost calculations, payroll processing, and more for higher morale, productivity, and ultimately profits.
And these are just three of the several ways in which Mitrefinch Time & Attendance System makes things better for your business. Read more about the exact features of our system to learn of the many possibilities for your business.
For more information on how Mitrefinch can help your business, fill out the form below