Kronos® Empowers Small- and Mid-Size Businesses to Control
Labor Costs and Improve Productivity
Adds labor analytics to Kronos Essentials™ for small- and mid-size businesses
ORLANDO, Oct. 22, 2008 — Addressing the needs of small- and mid-size businesses (SMBs) to control labor costs and improve productivity, Kronos® Incorporated today announced new labor analytics functionality in its Kronos Essentials™ solution.
Kronos' analytics software delivers visibility and insight into labor costs and labor productivity to control overall business performance. For example, managers receive instant alerts when labor costs are out of range and they are able to proactively address excessive overtime and unplanned absences. Without such tools, managers are often forced to rely on fragmented reports from multiple systems, typically produced after the end of the pay period, when it's too late to take corrective action. Additionally, the solution's powerful drill-down capabilities can identify isolated problem areas for rapid preemptive action.
With pre-defined key performance indicators, seamless integration with Kronos' time and attendance products, and deployable on ready-to-run hardware, the analytics product in Kronos Essentials can be quickly installed with minimal impact on IT resources.
The road to optimization
"SMBs look for products that are able to grow in tandem with their business needs," said Jim Kizielewicz, chief marketing officer at Kronos. "For those who are automating time and attendance for the first time, Kronos Essentials provides a right-sized offering at an affordable cost. We have an equally appealing offering for SMBs who have already automated core time and attendance processes and are now setting their sights on optimizing their workforce by using complementary applications such as analytics."
According to leading global research firm Nucleus Research, organizations' payroll costs are inflated by an average of 1.2% as a result of payroll error and an average of 2.2% as a result of buddy punching, a practice in which one coworker punches in for another who is not at the work site. David O'Connell, senior analyst at Nucleus Research said, "When companies automate payroll or time and attendance workflows, most of these additional costs can be eliminated. Since payroll is typically the largest line item on a company's income statement, this can have a significant impact on the bottom line."
As business needs grow, many organizations are choosing to extend their use of Kronos products beyond time and attendance to include analytics, absence management, human resources, payroll, and scheduling solutions. Because all applications are built on a single platform, customers can add additional applications as their business grows.
Achieving value simply and easily
"While SMBs require specific functionality to control labor costs and increase productivity, they do so in the face of limited IT budgets and resources," added Kizielewicz. "We designed Kronos Essentials to bridge those resource gaps, delivering the right functionality quickly and easily. This has resulted in steadily growing demand for Kronos Essentials among small- and mid-size businesses. With 40 percent year-over-year growth, Kronos Essentials is rapidly gaining momentum and stature as the market's leading end-to-end workforce management solution for SMBs."
This announcement was made from KronosWorks™, the industry's largest venue for exchanging ideas in how to effectively manage the workforce. KronosWorks is taking place this week in Orlando.
About Kronos Incorporated
Kronos Incorporated empowers organizations around the world to effectively manage their workforce. At Kronos, we are experts who are solely focused on delivering software and services that enable organizations to reduce costs, increase productivity, improve employee satisfaction, and ultimately enhance the level of service they provide. Kronos serves customers in more than 60 countries through its network of offices, subsidiaries, and distributors. Widely recognized as a market and thought leader in managing the workforce, Kronos has unrivaled reach with more than 30 million people using a Kronos solution every day. Learn more about Kronos at www.kronos.com.
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