It’s March, and the mad push to sell your ACA-related solutions has ended. If you’re like many HCM sales professionals, you’re searching for your next hook to connect with your time-and-attendance prospects. Fortunately, we have some ideas that can give you a unique advantage over the competition.
IDI has been immersed in the time system industry since 1985 and we’ve become thoroughly knowledgeable about the unique challenges and problems that project-based organizations across experience every pay cycle. Every time they issue a paycheck, they’re taking certain kinds of risks that could result in government audits, fines, employee disputes, or public lawsuits.
But you can provide project-based companies an easy-to-use solution that helps complement your HCM system and remove those risks entirely.
Interested? Here’s a quick overview of the unique challenges your project-based prospects are facing—and how Time Bank can be the hook to close your next time-and-attendance sale.
Project-Based Companies: Time Allocation and Incentive Problems
Project-based organizations such as professional services firms increasingly want to improve the visibility of where employees are spending time across projects, jobs, clients, or other categories. Besides capturing details about where hourly employees work, they need better tracking of their exempt employees to help with invoicing clients, managing compliance, monitoring project profitability, and other labor reporting. Common challenges facing these companies are:
- Capturing and allocating salary hours/earnings to projects: Companies need to ensure that their exempt employees’ actual hours are accurately captured and applied to the respective client and project instead of fixed or “guesstimate” allocations. Time Bank automates the salary allocations that they’re likely doing in spreadsheets or manually.
- FLSA compliance for bonus/commission payments: Many professional services organizations pay bonuses and commissions that need to be applied against a prior period. The FLSA requires these nondiscretionary payments to adjust overtime earnings for certain employees. Time Bank manages the proper overtime rate calculations and “look back” adjustments for overtime-eligible employees.
- Managing 401K, loans/deferrals and other financial data between multiple vendors: Professional services companies often use different vendors for managing employee financial investment data and payroll. Manually entering the data is time consuming and error prone. Time Bank quickly reads and processes data from the investment company system, applies logic and mappings, and creates import files in the format required for payroll.
With Time Bank, you've got an angle to sell your solution that your competitors aren't using. Take a look at this video to learn more—and share it with your prospects to close your next sale!