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Kronos Incorporated
Kronos Incorporation was found on October 31st 1977 by Massachusetts Institute of Technology graduate Mark S. Ain, with the simple objective to make it easier for companies to record time transactions for employees of different organizations with greater efficiency. The first microprocessor-based automated time recording clock was developed by Kronos, which revolutionized the process through which employee hours were recorded, processed and managed, and a series of innovations then led Kronos to establish the process known as workforce management.

Additional Information
Kronos specializes in developing and implementing workplace and staffing management solutions for organizations which are vastly spread-out and possess complex workforces which are difficult to manage and keep track of by the central management on their own. Kronos serves a significant share of Forbes 1000 companies, thus marking its presence in sectors like education, healthcare, consumer appliances, government, media, manufacturing, retail and other markets. The software solutions offered by Kronos are generally involve collecting, storing and managing data regarding time and attendance, supervising scheduling, leaves and absences etc. It also manages and supervises administrative functions like payroll allocation, hiring and human resources. It aims to cut costs and improve productivity for companies with far-flung operation centers by offering them insightful data analytics on performance as well as cost related parameters.

“People-First” based technology
Kronos offers innovative services to companies by keeping its approach customer-driven and people-centric, which it believes is the key to success amidst cutthroat competition. Kronos also believes that it is essential to comprehend and respect the cultural work-related practices and the legal framework at a certain place where a company division is located, so that effective software solutions can be devised and analytics can be developed accordingly. The company works towards constant innovation combined with flexibility, wherein its workforce management solutions are offered in a licensed format or a service in the form cloud computing based applications, as preferred by the clients.

“Value driven” business growth
In addition to devising customized workforce solutions for more than 50% of the Forbes 1000 companies, Kronos follows a strategic growth model for itself. The company actively works towards acquiring services and business which actively add to their existing portfolio. The recent acquisitions of API Healthcare, SaaShr.com and TimeLink can be an example for this strategic expansion of their company portfolio.

Integration of Social Network into Workforce Management
Kronos revealed its efforts to integrate enterprise social network with its workforce management solutions with the aim to improve collaboration potential and enhance employee connection, so as to build in them a sense of belonging and give rise to an increasingly collaborative culture. The initiative to bring employees onto the same platform would supposedly help companies eliminate expensive disruptions and friction, thus eliminating incompetence and improving workforce productivity. Through the distinct workforce collaboration in this manner, the company aims to enhance brand visibility and communication for its client organizations, with the belief that it will also lead to boost workforce morale and connection between employees and management.

Time and attendance
Kronos manages labor costs through regular application of the workforce attendance and the pay rules pertaining for each client organization. It directs efforts towards keeping a track of intricate compliance policies like total work hours, union regulations etc for every company, thus curtailing compliance risk by enforcing them in due manner. This practice enhances workforce productivity and flexibility, since the need to check the application of administrative tasks on a regular is eliminated, and the staff involved in doing the manual checks can now be utilized in more crucial operations.

Scheduling
Kronos takes charge of the labor related operations and scheduling processes and aligns it with the standard procedural requirements, so as to manage the labor costs by eliminating the possibility of over-staffing. It also works towards minimizing costs relegated to administrative procedures and lowering the possibility of compliance risk. Enhancing staff productivity while fulfilling the customer demands and expectations, and reducing the administrative overheads is the major objective at Kronos.

Absence Management
Monitoring and applying leave policies and following accrued leave balances closely, so as to eliminate the possibility of huge cash payouts owing to under utilization of sick leaves and unused vacations by employees is one of the crucial services offered by Kronos. Closer tabs are kept on individual employee leave balances and comparing the same to the related costs and leave liabilities are monitored more closely to keep the company budgets realistic and enable the management to gain insight regarding the leave payouts and their imminent and long term financial impact.

HR & Payroll
Management of punch-ins and punch-outs to ensure optimized staffing levels is carried out to keep the staffing costs well within the expected budgets. Policy application in a timely and uniform manner is ensured so as to eliminate compliance risks and manage labor costs in a better manner. Strategies are devised for the justification of the labor budgets, improving employee productivity and putting overtime allocation to maximum usage. Reducing overpayment rate is another key function here.

Hiring
Kronos understands that over-staffing and workforce under-utilization are two crucial problems being faced by companies around the world. To eliminate these possibilities, it accesses real-time labor data that allows companies to gain valuable analytics in the terms of staffing ratio, requirement and hiring criteria. Swift access to real-time data ensures that analytics are fresh and time-relevant, since Kronos aims to implement concrete and relevant changes without wastage of valuable time and other resources.

Labor Analytics
Kronos offers its clients immediate insight into their pertinent workforce trends and movements so as to enable them to examine their weaknesses and strengths and develop new spectrums for better opportunities and sustained growth coupled with innovation. It offers its clients consistent innovation in accordance with their short term and long term goals, while keeping its focus on the goal of enhancing productivity and lowering costs with the aim of keeping the labor expenses well beneath the expected levels.