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Tracking Employee Absence to the Bottom Line

Tracking Employee Absence to the Bottom Line

 

Track Absence in the Workplace

Methods to Track Absence in the Workplace

Absenteeism at work is something that continues to rise and poses a huge problem to employers, most of whom have never even tried to track the amount of money that is lost through workers being absent from the job. In fact, sixty nine percent of businesses have never tried to estimate the amount of revenue that they lose each year from employees not showing up to work. Most companies take into account the amount of money that is going to be lost each year when it comes to vacation days, but few companies account or track the amount of money that is lost each year by absenteeism. Some of the numbers are quite staggering when you look at the total amount of days missed by employees, with some studies suggesting that eight percent of employees rack up forty two absent days per year.

 

Lost Revenue from Absent Employees

Lost Revenue from Absent Employees

A statistic that really puts things in perspective is the amount of revenue that would be lost from a company that has approximately twenty thousand employees, which is pretty average for a pretty large company. In an average year, with a decent percentage of employees missing a large volume of days due to absenteeism, a company can expect to lose about thirteen million dollars. The total sum of that adds up to two hundred and sixty employees effectively missing the entire year. When you consider that the company only has twenty thousand employees, you can start to see what a big chunk of revenue this type of thing is eating up.

Tracking Absent Days

One of the things that a lot of companies have started trying to do lately is to track and account for the amount of days that employees are likely not going to show up to work, but this is far from a perfect science. The reason for this is the fact that each employee is different and their record of absent days may change over time based on their health, their level of happiness in the work place, the relationship with their current boss and coworkers, and a ton of other factors. However, regardless of how hard it is to track the amount of days that employees likely are not going to be in the office, it is crucial for companies to budget and to analyze their accounting data. Without taking these absent days into account, their yearly predictions and accounting may be way off, which is something that companies are trying to avoid at all costs, although the problem has started to grow since more and more employees are missing record numbers of work days.

 

Vacation Pay

Legal Obligation for Vacation Pay

Employees come and go all the time and companies end up having to pay for the vacation days that are left and remaining when an employee leaves the company. When it comes to paying these dates, it is on the burden of the company to provide detailed records of the dates that employees were at work and when they were absent, and the reality is that a lot of companies lack in this department. One of the ways that companies can protect themselves from having to pay out money for these days is by keeping track of all of their records and really knowing what they owe. Not only does keeping records of everything save money in the long run, but it can eliminate a lot of confusion that comes with trying to track absent days and pay out vacation pay.

Web Based Systems

One of the best things that the internet has brought to the business world is the amount of things that can be processed and tracked. There are a great deal of programs out there that businesses can utilize, which track the amount of days that various employees are absent, and can track the total number of absentee days throughout the year, as well as the amount of vacation days that have been used up. Looking at this data from year to year can give a company a really good idea of the amount of days of absenteeism that they can expect in the following year. While this is not a perfect method of tracking and predicting the amount of days that their employees are going to miss, it is a pretty clear indication and one of the best methods possible.

 

Keys

Keys to Tracking

When it comes to the keys to tracking this type of information, it really comes down to being on top of it and having the proper tools set in place before the year starts. Monitoring the amount of days that employees miss, setting up software that monitors the amount of days that have been used for vacation, and keeping all of this information easily accessible are key ways to track absenteeism in the workplace.

 

 

Article provided by Neches FCU, an Equal Employment Opportunity Employer.
Neches FCU is one of the top Texas Credit Unions. It’s superior team of professionals are always ready to provide services to all members. They are respected for a personal, positive work atmosphere, delivering a memorable service experience, and where all clients are known by name.

New Survey Reveals: One Fourth of Americans Suffer ID Theft

Survey: A Quarter of Americans Cyber-Attacked

A new survey by the American Institute of CPAs (AICPA) says that 25 percent or one in four Americans experience some of sort of ID theft or data security breaches in the past year. Harris Poll actually conducted this survey.

 

Survey Results

Survey Results

Survey Results

AICPA did this survey over phone with about a thousand American individuals. A survey that was done a year ago found that 11 percent of Americans had the experience of having some piece of information stolen from their computer systems.

Effects

These security breaches do have an effect on people’s money and credit. They are determining how Americans purchase and shop online as well as in the real world.

 

Cause and Effect

Cause and Effect

Age will not keep a person from having their computer security breached. 34 percent of the people who answered this survey and were aged 55 to 64 had data breeches as well as 22 percent of millennials who answered this survey. Millennials are considered to be the ones who use digital communications the most.

People’s personal finances have been by these hacker attacks. 20 percent of Americans have had their identity stolen, according to this survey. These identity thefts ruin a person’s credit rating. When their credit ratings are ruined, they are usually prevented from getting a credit card, a loan, or a mortgage. They are also preventing from getting a rental apartment or a job. There are serious consequences when somebody robs a person’s identity and ruins his or her credit.

 

Business Security

Business Security

Business Security

This survey does say that 51 percent of adults are quite concerned about how businesses are going to their data. According to the survey that was done a year ago, 39 percent of the people surveyed were worried about the data held by businesses. This may show that more people are using communications on the computer and are making online payments.

Survey Comment

Ernie Almonte, a chair of the AICPA’s National CPA Financial Literacy Commission, believes that the increasing number of computer security breaches has made people cautious about what they online and offline. He goes on to say that these security breaches seriously disrupt people’s budgets and damage their credit scores. To him, the good news is that people are doing things to protects their data and minimize their susceptibility to these computer hacks.

 

Survey Comments

Survey Comments

Changes

Due to these cyber-breaches, this survey says that 82 percent of individuals are changing the way that they are making purchases. This is 13 percentage point increase from a year ago. 56 percent have switched to using their cash and checks for purchases and 42 percent have made a change in their presence online. They minimize their virtual presence by closing their social media account or reducing the amount of website that they visit.

There are also ways that people can protect their personal information.

 

Protection From Cyber-Attacks

Protection From Cyber-Attacks

Ways to Protect From Cyber-Attacks

One way that a person can protect their data is by reaching out to the bank and the credit card companies that they are part of. They should ask them how they are protecting their data. These protections could be fraud alerts and purchase limits. Most companies openly state their features and he or she will have to find out what features they want.

Another way that should protect a person from breaches is that when he or she should shop online, they should not use public wireless connections. It is not a good idea to use a connection that is not secure such as in coffee shops and internet cafe. These unsecured connections may make it easier for a hacker to access the data that you are transmitting on an unguarded line.

 

Secure Credit Cards

Secure Credit Cards

A person should make sure that their credit cards are secure. He or she should a make list of all their credit cards and record all the information about their cards. They will need this information if their credit card information is stolen.

A person should be careful about what email links that they should click on. These links could be to trustworthy retailers, but they could also be linked to website that a hacker uses to collect information about people.

Hope

If the person knows that they have been cyber-attacked, he or she should contact each credit bureau as soon as possible to put a fraud alert on his or her credit report.

With these tips, Americans should feel safer about using the Internet for shopping and other activities.

About the Author:

Hi, I’m a CPA based in Alabama.

I love to write about Tax and Accounting concepts. I’m an entrepreneur basically, and admire individuals who would like to establish enterprises and help in the economy. I hope you appreciated my column. Please feel free to give me comments.

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