While companies can’t control economic policy, they can take proactive steps to mitigate financial strain—especially in areas like labor costs, recruiting and administrative efficiency.
Controlling Labor Costs
Labor costs can account for 50-60% of a construction project’s budget, with wages, overtime, benefits, taxes and workers’ compensation quickly adding up. While workers are essential to a project’s success and should be compensated fairly, inefficient payroll processes can significantly inflate costs.
Errors in payroll calculations, time theft and wasted administrative hours are common pitfalls of using paper time cards. Manually transferring data from time cards to payroll systems is not only time-consuming but also prone to human error. Time theft—such as buddy punching, where employees clock in for absent coworkers—can cost employers thousands of dollars annually.
Implementing a digital time tracking system can streamline payroll and prevent errors. A mobile time clock app like Arcoro’s ExakTime integrates directly with accounting and workforce management software, saving time and money while ensuring paychecks are accurate and on time. These apps also feature built-in security measures, such as biometric verification, to eliminate time theft.
Streamlining Recruiting
Maintaining a strong workforce is crucial for business growth, yet hiring is both costly and challenging, especially amid labor shortages. Recruitment agencies charge thousands of dollars, and even self-managed job postings can cost $250-$500 each. The real expense, however, is a prolonged time to hire—every unfilled role leads to lost productivity and increases the risk of losing top candidates to competitors.
An applicant tracking system (ATS) automates and optimizes the hiring process, reducing costs and improving hiring success. An ATS can automatically post job openings to multiple boards, conduct pre-screenings and facilitate background and drug tests, accelerating the hiring timeline. More importantly, an advanced ATS filters out unqualified candidates, ensuring only the best talent reaches hiring managers.
Making a great hire is a worthwhile investment, but a bad hire can be costly—leading to safety risks, cultural disruptions and lower employee retention. HR technology delivers measurable ROI by streamlining recruitment, ranking candidates effectively and facilitating smoother onboarding, ultimately fostering a productive workplace.
Automating Administrative Tasks
Workforce automation reduces costs by improving accuracy and efficiency in essential administrative tasks. For example, payroll automation can transform a multi-day process into a task that takes just 30 minutes.
Integrations further enhance productivity by allowing data to flow seamlessly between systems. Instead of manually inputting information, integrated software solutions ensure that data is entered once and automatically synced across platforms—eliminating errors and saving valuable time.
Arcoro’s Core HR software integrates with leading construction and business applications like Sage, CMiC, Acumatica, Spectrum and Viewpoint. These integrations enable companies to effortlessly manage employee demographics, payroll and compliance data, ensuring a seamless and secure workflow.
Futureproof Your Business Today
While economic uncertainties like tariffs are beyond a company’s control, optimizing workforce management through HR technology provides a strategic way to reduce costs and increase efficiency. By automating payroll, improving hiring processes and integrating essential systems, businesses can safeguard their operations against financial strain and focus on long-term growth.
Is your business ready to adapt? Explore how Arcoro’s HR solutions can help you streamline operations, reduce expenses and build a resilient workforce for the future.
