Are You Overpaying for Overtime?

HOW DIGITAL TIME TRACKING CAN BOLSTER

EMPLOYEE TRUST AND THE BOTTOM LINE

Are You Overpaying for Overtime?
How Digital Time Tracking Can Bolster
Employee Trust and the Bottom Line
© 2017 GoCanvas, Inc. All Rights Reserved.
In 2016, many U.S. employers were scrambling to prepare for a Department of Labor
ruling that would change which employees were eligible for overtime. When a federal judge
in Texas blocked the rule from going into effect, many companies breathed a sigh of relief. The
pressure was off. Or is it?
What that impending law showed was that small businesses have a problem to solve.
Though paper processes are still prevalent in many small businesses, studies show that
employees don’t like or trust those paper-based time-tracking systems. In fact, 37 percent of
employees are worried that inaccurate record keeping will mean they won’t get their full pay.
Inaccurate processes also cost employers time and money — time because dealing with paper
time cards is less efficient than digital processes, and money because mistakes in logging and
rekeying can result in overpaying employees for hours worked.
37 percent of employees are worried
that inaccurate record keeping will
mean they won’t get their full pay.
Whether or not a looming federal law is forcing you to do it, take this opportunity to update your
time-tracking processes to digital to not only improve your bottom line, but to grow employee
trust as well.
HERE ARE FOUR TIPS
TO HELP YOU MAKE = =
THE SWITCH.
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Are You Overpaying for Overtime?
#1 IF YOU’RE STILL USING PAPER,
YOU’RE NOT ALONE (BUT YOU WILL BE SOON).
How Digital Time Tracking Can Bolster
Employee Trust and the Bottom Line
In a recent a survey of American workers conducted by YouGov and commissioned by Canvas,
almost half (49 percent) of workers said their employers still used paper to track time. But
hundreds of companies every week are making the switch away from paper-based processes,
recognizing that paper is slower, less efficient and less accurate than digital and mobile apps.
You don’t want to be the laggard here!

Switching away from paper reduces pressure on the back office to make sure employees are paid
on time, which also makes for happier employees. (One company that switched to Canvas for
payroll saved two hours a day in processing time compared to using paper.) But there’s another
reason to switch from paper-based processes, and that’s trust.

#2 EMPLOYEES DON’T TRUST

PAPER TIME CARDS/TIME SHEETS.
Of those workers who said their employers were still using paper-based time cards, half weren’t
convinced their employer was capable of tracking their time accurately. Eight percent even said
that their employers were “not at all” capable of managing this. But most workers said they do
trust a digital system to keep track of hours: 59 percent said they trusted such systems,
jumping to 68 percent among millennials. Almost half (48 percent) said the ability to use their
smartphone to input and access payroll and timecard data would make them feel more confident
in the system.

50% of employees aren’t convinced that employers are

tracking time accurately using paper-based time cards.

© 2017 GoCanvas, Inc. All Rights Reserved. GoCanvas.com

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Are You Overpaying for Overtime?
#3 TAKE THIS OPPORTUNITY TO
FURTHER GROW EMPLOYEE TRUST.
How Digital Time Tracking Can Bolster
Employee Trust and the Bottom Line
The biggest change employers can make is to do a better job tracking employee’s hours.
If you are already making progress toward modernizing your time-tracking system, with the
assumption you would be forced to track time accurately by federal law, don’t stop now.

This is still a great opportunity to modernize your old time tracking system. Digital and mobile
timecards offer speed and flexibility (no need to drive time cards from the job site to the office
for processing), accuracy, and protection in case of an audit.

59% of employees said

THEY TRUSTED A DIGITAL SYSTEM TO KEEP TRACK OF HOURS.

Mobile timecards put workers in control; they can fill out and submit their hours worked from
anywhere, and they can instantly be approved by their manager, the back office, etc. and sent to
payroll without having to re-type anything. Mobile time cards also make it easy to differentiate
between projects, what percentage of an employee’s time is billable, and more.

Because employees often fill in paper time cards after a shift or at the end of the week, you’re
relying on their memory for how many hours they worked, which projects they worked on,
when they took breaks, etc. Mobile timecards eliminate the memory problem and improve
accuracy — so you only pay for actual overtime worked.

© 2017 GoCanvas, Inc. All Rights Reserved. GoCanvas.com

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Are You Overpaying for Overtime?
How Digital Time Tracking Can Bolster
Employee Trust and the Bottom Line
© 2017 GoCanvas, Inc. All Rights Reserved.
Finally, in the event of an audit or inspection, being able to present clean digital records instead
of smudged paper ones stored in packed file cabinets looks much more professional and helps
the process move much faster, so you can get back to work as soon as possible.
All this productivity has a direct impact on your bottom line.
Analysts at The Aberdeen Group calculated that companies
that switch to a digital system where employees have the
AVERAGE A
power to enter in their own attendance records and that 30% INCREASE
supervisors can review and approve immediately see IN PROFITS
on average a 30% increase in profits.
#4 ACCURATE TIME TRACKING
HELPS YOU, TOO.
In addition to cutting down on timecard processing time and eliminating errors, accurate
timecards can ensure you’re not overpaying any employees either, by helping to reduce
unplanned overtime.
According to The Aberdeen Group, companies that used an automated leave management
system — where employees can request days off without having to check in with a central
gatekeeper — saw a 32% reduction in unplanned overtime.
Moving to digital also allows you to use business intelligence to analyze the data you collect
with your digital time tracking, giving you crucial insights on employee productivity, overtime
costs per job, and more. You will now be able to answer questions such as which employees
work the most overtime? Which seasons or time periods are most likely to require overtime?
With some careful planning you can reduce overtime to only what’s needed, saving resources
for when you need them most and better managing your payroll expenses.
GoCanvas.com
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Are You Overpaying for Overtime?
How Digital Time Tracking Can Bolster
Employee Trust and the Bottom Line
© 2017 GoCanvas, Inc. All Rights Reserved.
Get More Out of Your Data
Once you start capturing your employees’ time sheets via a mobile app, put that data to good
use. Analyzing your data over time offer insights you can use for decision-making and to gain a
better understanding of how to improve the way you schedule, hire, and promote staff.
For more on getting the most out of your data, download:
• 3 Ways to Make Your Data Work for You
• See the Moving Parts in Your Business:
3 WAYS TO
Canvas Business Insights INSERT DATA MAKE
EBOOKYOUR DATA
WORK FOR YOU SEE THE MOVING PARTS IN YOUR BUSINESS:
CANVAS BUSINESS INSIGHTS
SO WHAT ARE YOU WAITING FOR?
There’s no better time like the present to get started with a digital mobile time tracking
system: it will protect you in case of an audit, help save you time and money, and boost
your company’s bottom line — and most importantly — build employee trust.
Start tracking your time digitally today with Canvas.
Check us out for 30 days for FREE to start tracking
time the right way (no credit card or contracts required).
Try Canvas for FREE.
GoCanvas.com
05
GET STARTED TODAY!
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