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What is Time Recording | Computerised | Traditional

What is the cost of lost time?

This simple analysis is intended to explain the time attendance methodology to enable you to assess the cost of lost time.

Using a calculator you can easily adjust the figures in the table below to correspond to different hourly rates, numbers of employees and a different amount of time lost per day.

Assumptions used in the table below:

 
Minutes
Hours
Days
 
8
Working hours per day
 
Working days per week
5
 
Working hours per week
40
 
 
Minutes lost per day
5
 
       

Total weekdays in a year   =   5 days x 52 weeks  =

 

260
           

Statutory holidays - days per year

 

 

8

 

 

 

 

Annual holiday - days per year

 

 

20

 

 

 

 

 

____

Working days per year

 

 

232

 

 

 

 

 

____

 

 

 

 

 

 

 

                 

The cost of lost time for a year based on the assumptions shown above is:

 

 

Number of employees

Hourly rate

Annual wages

1

10

25

50

100

£

£

£

£

£

£

£

             

6.00

12,480

116

1,160

2,900

5,800

11,600

             

7.00

14,560

135

1,353

3,383

6,767

13,533

             

8.00

16,640

155

1,547

3,867

7,733

15,467

             

9.00

18,720

174

1,740

4,350

8,700

17,400

             

10.00

20,800

193

1,933

4,833

9,667

19,333

NOTES

  • Overhead and on-costs are excluded from the above calculation. There are on-costs associated with every employee, e.g. Employer's National Insurance.  These costs are all in addition to the cost shown in the table.
  • Only the lost time for working days has been included in the table; statutory and annual holidays have been excluded.
  • The calculation uses the basic rate - time lost at premium rates will cost more!
  • The calculation above uses the most conservative basis.

If you need any advice on preparing a cost/justification for a Time & Attendance System, please contact us.

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