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How can a Leave Management System Save You Money?

How can a Leave Management System Save You Money?

by Andrew
December 20, 2022

Top-of-the-line leave management software systems like Planleave are a great way to automate and streamline parts of your business in real-time and save your company money along the way. However, as any savvy large or small business owner knows, you do have to calculate the price of your time tracking investment when considering new automation or technologies. If you’re interested in learning how a successful leave management system (LMS) can save your business money, there are a few essential things to know:

What a truly successful leave management system looks like

Any old leave management system can help you manage the basics of employee leave. Truly successful tracking software goes above and beyond to automate the entire workflow of your time off process. Using this methodology, employees can request leave easily through your software and get their time-off requests into your approval process from there. Through the self-service, cloud-based Planleave dashboard, employees can see everything in one place, such as any remaining time for PTO and total leave balances, pending requests, accrual metrics, and any and all applicable leave policies.

In addition to saving time for companies, a successful leave management system also improves internal communication. When a system works for you and your time off management process, your team will be significantly less likely to run into issues where employees forget to tell others about their leave, which can lead to mistakes and lost revenue. Instead, with a useful LMS, everyone can be on the same page to view each other’s employee time off so that teams can better handle absence management – from sick leave to vacation and everything in between.

If a leave management system is a good investment for your business

How do you know if a system that automates your PTO workflow is a good idea for your business? The main advantage of a user-friendly leave management system is that it allows you to optimize your business and reduce unnecessary bureaucracy. If any of the below challenges and resulting solutions sound familiar, it might be time to consider a leave management system.

Great leave management systems help your employees avoid wasted time. With a LMS, they can focus on their jobs instead of having to locate a manager, discuss a variety of leave types, and figure out a good time to take paid time off. In addition to allowing employees to get more work done, it also frees up management. By streamlining the system and incorporating personal notifications into the approval workflow, your managers have more time to come up with creative ideas, solve employee challenges, and find ways to enhance productivity. In return, your employees are more productive and are less likely to lose focus – all of which results in more profit for the business.

There are also savings associated with workplace equipment and practices. Through an intuitive LMS, you don’t have to pay for subscriptions to separate office management programs and can get rid of Excel spreadsheets, timesheets, onboarding documents, and paper forms while keeping all consolidated information in a single, efficient system. In addition, some leave tracking systems and time management tools like Planleave are configurable with existing software, such as Slack, Google Calendar, and Microsoft Outlook.

How to measure your ROI on your leave management system

To calculate your overall ROI on a leave management system, you can do the math in two ways. Your first option is a manual one by finding out the average amount of time it takes to submit a traditional leave request, and then multiplying that by your number of employees. You repeat this process with a new and improved version of a potential leave request. Once you figure out how much time (translated to dollars) you save, divide that number by the cost of the software and multiply by 100 to get your ROI percentage.

The other option? Use our Planleave ROI calculator here. This easy tool will allow you to easily find out how upgrading your current system to our software can help you see an increase in both productivity and profits.

At Planleave, our goal is to create the best leave management system on the market. Our thoughtfully designed software combines a variety of excellent features including dashboard reporting, personalized calendars, and open team communication. We make it easy to ditch bulky spreadsheets and save your business time. Interested in trying it out for yourself? Start your free trial today.

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