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Time and Attendance System Return On Investment Calculator
Savings based on number of employees per week and per year
The table below indicates figures based on a 35 hour working week and an average hourly rate of £8.00 per employee.
We have assumed a conservative attendance improvement of 5 minutes per employee per day, a human error rate improvement of 1% and administrative savings of 3 minutes per timesheet. These will vary for each company however most businesses will see much better returns than shown below.
Please call 0800 288 8632 for a tailored quote and return on investment calculation
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Number
of Employees
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50
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100
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150
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200
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250
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300
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Saving
Per
Week
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£327
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£653
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£980
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£1,307
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£1,633
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£1,960
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Saving
Per
Year
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£16,987
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£33,973
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£50,960
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£67,947
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£84,933
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£101,920
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Over Payment
It is a proven fact that once an employee knows that their attendance is being monitored by a computerised system, their overall attendance improves.
Studies indicate that an average employee can be overpaid as much as 30 minutes per day due to lateness, early finishing, long lunch breaks, unauthorised overtime, etc.
CaptureIT will reduce overpayment from the moment it is installed. We will assume a conservative increase in overall attendance.
If you do not pay employees by attended time then you will still see a saving through productivity improvements because employees will be working longer for the same overhead.
Human Error
With a non computerised time and attendance system there is a potential for human error at each stage of the payroll process (recording, collecting, entering & reporting data).
Companies using a manual system will likely be tolerating a human error rate between 1% and 5%.
Administrative Savings
On average, it's estimated to take up to 7 minutes for managers to manually calculate and edit each weekly timesheet. It can then take a further 2 minutes to manually enter data from each time sheet into a payroll application. CaptureIT eradicates this process altogether.
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