Emerging FinTech solutions provider Newbit applies over a decade of IT experience to simplify the user experience of trading, investing, and managing digital assets by providing fully integrated, modern tech services, and cutting edge investment opportunities to clients across the globe, making crypto simpler for everyone.
How Omni Adds Value to Newbit
1. Increased employee engagement
The Challenge
Employee benefits, such as time off, are a powerful tool to attract and retain talent. Newbit offers their teams paid vacation to rest and recharge throughout the year as part of their comprehensive benefits package.
Prior to working with Omni, Newbit’s time and attendance procedures required manual and hands on processes in which employees applied for vacation via email, and relied on HR to access and calculate their time off balances. The system was time consuming and slow for both employees and HR, often causing bottlenecks and delays and hindering Newbit employees from easily accessing their time off benefits.
Omni’s Solution
Omni’s automated time and attendance module accurately tracks and calculates employees’ time accruals, allowing employees to independently access their vacation benefits without the need for HR intervention.
With Omni’s self-service feature, Newbit employees are empowered to seamlessly input their vacation requests, which automatically route to the correct approval party for fast and seamless approval processes that don’t impede on HR’s busy schedules and reduce wait times for employees as they plan their time off.
The Results
With immediate access to their time off balances, seamless and timely time off request submissions and approvals, and a user-friendly dashboard, Newbit employees were empowered to utilize their time off benefits effectively, resulting in a boost in employees accessing their benefits. This increase in employees taking advantage of their time off led to a stronger work-life balance, helping combat burnout and resulted in higher overall employee engagement.
2. Reduced administrative work
The Challenge
Time and attendance data require meticulous records keeping and data management for accurate accounting and benefits administration.
Before leveraging Omni, the Newbit HR team had manually logged and tracked each employee’s hours and time off benefits in a spreadsheet and processed vacation requests one by one via email, posing a significant administrative burden to Newbit’s HR team. These processes resulted in hours of administrative work that was highly prone to error, slowed down employees, and took up HR’s valuable time that would otherwise be used for more strategic initiatives such as building company culture or managing performance.
Omni’s Solution
Omni’s all-in-one HR solution digitized and automated Newbit’s time-tracking system and time-off applications. The structured and automated system eliminated Newbit’s need for manual spreadsheets and emails to manage employee time off.
With Omni, Newbit’s HR team can set custom profiles for each employee, inputting their unique benefits or applying a single time off policy across their entire organization. Omni’s system automatically tracks, stores, and calculates time off and hours worked, allowing HR to offload the administrative task of tracking time and attendance while allowing employees easy access to their benefits.
The Results
With automated calculations and data tracking, Omni helped reduce HR’s administrative work by an average of 2.5 days a week.
3. Simplified and accurate data reporting
The Challenge
Tracking employee time and attendance requires perfect accuracy to process payroll and administer benefits. Incorrect calculations can cause complex accounting issues that affect a business’s bottom line, not to mention cause major disruptions for employees.
Prior to utilizing Omni, the HR team at Newbit manually entered and tracked employees time and attendance data, spending up to 4 hours pulling reports and analyzing data to run routine payroll and benefits payouts. The process was time consuming, complicated, and prone to miscalculations and errors that would affect employees and wider business objectives.
Omni’s Solution
By introducing automation and secure data storage with Omni, Newbit’s HR leaders could turn a time-consuming (and boring) task into a painless, fast, and accurate routine in a fraction of the time.
Omni allows Newbit to create custom reporting templates, so they can run the in-depth reports they need each month without the need to regenerate each field necessary to tap into employee data. With simplified data exports and analytics tracking, the Newbit team can access payroll data and leave allowances with accuracy and ease. No need to manually calculate hours worked or leave taken; Omni’s data automatically calculates these metrics for simplified and precise data that makes monthly payroll fast and efficient.
The Results
Accurate data reporting, streamlined employee records, and simplified analytics reduced Newbit’s data retrieval and analysis time from half a day to 5 minutes.
