Larger organizations are more likely to see higher absent rates among their workforce than smaller ones. According to Personnel Today, organizations with more than 1,000 employees report a median sickness absence rate of almost 8 days. This is significantly higher when compared to organizations with less than 100 employees, who report a median sickness absence rate of just 3.8 days.
Sickness absence rates have been increasing year by year with the number jumping from 2.5% of working time in 2018 to 2.7% in 2019. What does this all mean? It simply means you cannot ignore the importance of handling employee absences. This is where a leave management system could come in handy.
Benefits of a leave management system
A leave management system such as Vault can help you easily manage and track time-offs within your organization. But that's not all. A leave management system also brings several other advantages that can make your job as an employer easier.
It can effectively improve the workflow and processes in your organization in several ways:
It’s cost-efficient
Tracking time-offs doesn't seem so crucial until employee absence rates begin to cost your organization the big bucks. Not only do extra leave days increase the amount of money that’s lost, but it also decreases the accuracy with which you can estimate the cost. But you can eliminate all of the negative effects with the help of a leave management system that allows you to cut back on absences wherever necessary, delegate work that would otherwise be ignored or postponed, and thus save costs and get paid by your clients quicker.
Helps you keep track
Leaves and time-offs can be recorded in two ways: haphazardly with paperwork flying about everywhere, or in a neat and organized manner with everything you need in one place. The second way is more ideal and can be achieved with the help of a leave management system.
Helps you categorize time-offs
There’s no end to the reasons why employees wish to take time off from work. Whether it’s taking sick days, doctor appointments, taking time off for family members or vacation leaves, the list is endless. A leave management system helps you categorize each type of leave which’ll allow you to accept or decline absence requests based on your discretion.
Eliminate lengthy processes
How many times have you been buried deep in your work only to be interrupted by someone pinging you for a leave request? And how many times have time-off requests from employees been buried in your emails and excel sheets? Well, now you can leave everything up to your management system. You don't need to do anything except click a single button to either accept or deny a request. It's as simple as that.
Eliminate paperwork
This is one of the biggest advantages of an online leave management system. As the whole world moves towards digital platforms, keeping track of absences also needs to be digitalized. A leave management system helps you eliminate paperwork and reduce the space and resources required to maintain a record of attendance.
Read on: Digitalization is going to be a necessity. Are you ready?
What to look for in a leave management system?
The leave management system that you choose needs to provide the organization and its employees with a clear insight. But what are some features that you need to keep an eye out for?
Customizability
Every organization is different, meaning the rules and regulations that apply to one organization may not apply to another. Also, the business needs of a small organization are vastly different to those of a larger one. Therefore, it’s essential for the leave management system of your choice to be customizable not just to your business needs but also to your company's rules, policies, and location.
Ease of use
Your leave management system is supposed to make tracking time-offs quick and easy. This is only possible if the system you choose can provide features that’ll help you categorize leave types, track attendance, monitor time-off requests and check your employee roster easily and efficiently.
Real-time notifications
It’s crucial for you as an employer to stay on top of time-off requests. Hence why you need to implement a leave management system that provides you with real-time notifications for leave requests.
Intuitive platform
Your leave management system is meant to be a step up from clunky spreadsheets and disorganized emails. Keep an eye out for whether the platform is intuitive to your organization's needs or not and whether it’s providing you with a clear overview of absences and time-offs.
Time-off roster
The leave management system in your organization needs to have a time-off roster to help you record your employees' absence rates. This way, not only will you be able to cut down on unnecessary time-offs, but you’ll also be able to release overwhelmed payroll staff.
Mobile tracking
Sure, digital tracking is a blessing when compared to lengthy paperwork and messy email records, but is that really enough in this fast-paced world? Not really. An on-the-go leave management system is what you need, which is why you need to look for a mobile-friendly platform. After all, your employees deserve the ability to request time-offs even when they're travelling.
Eliminate mistakes
Your leave management system is your right-hand man in your organization. It must keep a record of absences and time-offs in an accurate and error-free manner in order to allow you to focus on your work without having to worry about mishaps and mistakes.
Read on: Vault’s Ultimate Guide: Which KPIs to watch to boost your HR.
Why should you choose Vault?
Vault is a leading leave management system that provides beneficial insights and actionable reports of your employees' time-offs. It allows you to customize your time-off policy, eliminate time-consuming processes and helps you keep track of absences and vacations - for yourself and your team through the handy Vault dashboard.
Remember what was mentioned in the previous section about what to look for in a leave management system? Well, Vault has everything you need and more. It facilitates the whole process with a single click, thus saving you precious time and effort. Vault also helps you save costs by eliminating unnecessary absences and increases productivity by sanctioning time-offs wherever necessary.
Handling absences has never been an employer's favorite job, but Vault is here to change that. It is quick, simple, and easy which makes it the perfect solution for creating an employee roster, tracking attendance, and managing absences.
