What role does time keeping department play in managing the labour cost?
The main functions of time keeping department in managing the labour cost are as follows:
1) To maintain discipline and regularity.
2) Meeting the statutory requirements
3) To record the arrival and departure timings of workers to differentiate between normal time,
overtime, delay in attendance and early leaving.
4) Preparation of pay rolls
5) To calculate overhead rates.
6) Required for research and other purposes.
7) Fringe benefits are also calculated on time keeping records
What are the different methods used for time keeping?
Time keeping is process of recording the time attendance of the workers in order to facilitate wage calculation of workers. Methods used for time keeping are:
Following are the different methods used for time keeping:
- Hand Written Method
- Token or Disc Method
- Time Recording Clock Method