Use the TimeStar™ On-Demand savings worksheet below to quickly quantify the exceptional return on investment that your time & attendance automation solution from Galaxy will deliver. Please also note that the calculations below represent a very conservative cost savings estimate and are calculated as raw payroll dollars only (not including fringe, tax, benefits or other associated savings). Additionally, labor cost savings are not represented for the time saved via Employee and Manager self-service, automated reporting, streamlined workflow and communications, etc.
Payroll
Information
1.
Total number of employees in your payroll:
2. Number of annual pay periods
(e.g. 52-weekly, 26-biweekly, etc.):
3. Average hourly pay rate for
employees:
$
Timecard
Auditing APA studies have shown
that manual totaling and auditing of employee timecards
takes an average of about 6-minutes per
card, per pay period. Your TimeStar solution will reduce
this time to under 1-minute per card.
Enter a value that fits your experience.
4. Minutes saved auditing each
timecard:
5. Hourly pay rate of Payroll
Clerk:
$
Total
hours saved per pay period:
0.00
Period
savings:
$0.00
Annual
savings:
$0.00
Human
Error Factor APA studies have shown the
typical human error factor in the recording and calculation
of labor time to be between 1% - 8%,
depending on the process. Select an error factor that
fits your experience.
6. Select an error factor you
would like to assume:
7. Average hours worked per
pay period:
Total
period payroll:
$0.00
Period
savings:
$0.00
Annual
savings:
$0.00
Lost
Time Savings Lost time consists of wages
recaptured by your TimeStar solution's rounding, restriction
and exceptions management capabilities. Consider every
time an employee enters an "IN" or "OUT"
time based on the honor system. How many minutes are they
rounding in their favor? Galaxy analysis shows that a
conservative estimate averages to about 4-minutes per
employee, per day.
8. Lost productivity (minutes)
per day:
Average
wages overpaid daily:
-$0.00
Average
wages overpaid weekly:
-$0.00
Total
weekly wages recaptured:
$0.00
Annual
recaptured wages:
$0.00
TimeStar™
On-Demand Savings Summary
Annual
savings total (audit time + human error + lost productivity):
