Paychex Small Business Snapshot: Survey Shows Most Preferred Method of Tracking Time Worked is Online
A recent Paychex study revealed the most preferred method (29%) of employee time-tracking is via web application on a tablet, phone, or PC. The leading provider of integrated human capital management solutions for payroll, human resources, retirement, and insurance services, also found that 14% of business owners like their workforce to track their time using a mobile application.
Tracking time using an online solution is gaining a lot of momentum, especially among younger business owners. Sixty-one percent of business owners age 18-34 prefer tracking time using a website or mobile application, while nearly half (47%) of business owners age 50 or older prefer to track time worked via paper timesheet. Overall, the latter was a second-most desired (20%) among all respondents. Seventeen percent of those surveyed say they prefer relying on the use of a physical timeclock, followed by businesses that rely on a mobile app to track employees’ time worked.
“Simply put, tracking time using some sort of online application makes smart business sense,” said Tom Hammond, Paychex vice president of corporate strategy and product management. “Tracking time in real-time using an online method helps to ensure accuracy and minimize errors that can easily happen when employees are using paper or a spreadsheet. While those options appear to be both simple and free, organizations that choose to go that route are missing out on saving time, money, and insight into their workforce that ultimately provides employees with simplified methods to record their time worked.”
Paychex’s research found that once a time and attendance approach is adopted, many business owners don’t change their method(s). In fact, 36% of respondents claim they’ve never changed their time and attendance solution and of that group, 50% have been in business for longer than 10 years.
“From time-tracking to payment processing and everything in between, it’s important for organizations to evaluate their business solutions from time-to-time,” Hammond continued. “Over the last decade we’ve seen incredible advances in technology. Innovation has led to opportunities for increased efficiency. Let’s face it, all of us are looking for ways to save time, for ourselves and our teams. Taking a closer look at manually intensive processes makes sense.”
While the primary function of any time and attendance solution is to capture time worked, many of today’s solutions offer secondary features and functions that can increase efficiency and save time. In fact, nearly half (48%) of respondents said that the most important reason to invest in a time keeping solution was the efficiency and accuracy of collecting time for payroll reporting.
According to Paychex’s poll, small business owners felt that the following are the most important secondary features of time and attendance: scheduling (32%), employee self-service (20%), analytics (14%), absence management (13%), points tracking (9%), GPS/geofencing (7%), and other (6%).
Paychex, the largest payroll provider among small businesses, will be exhibiting at the American Payroll Association’s 2017 Congress, May 17-20, 2017, at the Orlando World Center Marriott in Orlando, Fla. For attendees looking to learn more about workforce management tools like time and attendance that can help payroll professionals better position themselves as a strategic partner within the organization, Paychex experts will be located at booth #811 in the expo hall.
In addition to exhibiting, Paychex leaders will be presenting the following sessions as a part of the show programming:
- Real World: Health Care Reform Paychex Presenters: Jenine Hallings, payroll tax compliance manager, and Laurie Savage, senior compliance analyst Tuesday, May 16, 9:45 – 11:15 a.m. ET
- IRS Reporting: What a Service Provider Needs to Know About Employment Tax Paychex Presenter: Jenine Hallings, payroll tax compliance manager (with others)Tuesday, May 16, 2:15 – 3:45 p.m. ET
- Positioning Payroll as a Leader Activity Paychex Presenter: Janet Klamm, director of product management Wednesday, May 17, 9:45 – 11:15 a.m. ET
- Regulatory Update on Employment Law Paychex Presenter: Laurie Savage, senior compliance analyst (with others)Friday, May 19, 11:00 a.m. – 12:30 p.m. ET
About the Paychex Small Business Snapshot
Data included in the Paychex Small Business Snapshot was taken from the results of the Paychex Small Business Survey, administered by Bredin, a third-party research firm specializing in small business The survey was conducted online between March 31, 2017 and April 8, 2017 and polled 400 principals of U.S. companies with fewer than 500 employees. The group surveyed was not exclusively Paychex clients, but included other small business owners to provide a full view of the small business landscape.
Disclaimer: The data cited in this news release represents the opinions of the survey respondents and not those of Paychex or its employees.