If you are a business owner, you must have heard about employee time tracking software. It is a program that you can use to track the working hours of your staff members. As a result, it becomes easier to calculate and disburse payroll and create invoices.
Most employees look at such software with apprehension because they think it is meant to track their working hours and pressure them to work for each and every minute they are being paid for. But that’s not the only purpose they are used for. If properly instituted, such software can massively benefit the company as well as its employees.
Many businesses use this software to measure their team performance, oversee individual tasks and projects, and reward deserving employees accordingly. Team members can also use this software to identify their strengths and weaknesses and make the maximum out of every available minute. This, in turn, can boost team productivity and provide you valuable insights that might otherwise not be possible to detect.
Below are five key trends that a time tracking software can identify.
1. Over-Working And Under-Working Employees
In every team, particular members are more efficient than the others. When they do their tasks efficiently, you tend to give them more tasks instead of giving them to those who are not so perfect. As a result, the efficient employees are overburdened with work, and inefficient employees are left to sit idle. Over time, both types of team members lose job satisfaction and leave whenever a better opportunity comes to them.
Within the organization, it is crucial to assign tasks fairly and equally. With time tracking software, you can identify which employees are overburdened with work and which ones are not working at their full potential. By moving tasks to other employees, your over-burdened team members feel relieved, and the entire business does not rest on their shoulders.
2. Wastefulness Among the Team Members
If your team members waste time and resources and do not put them to the best use, it can seriously harm your company in the long run. A time tracking software can keep tabs on how much work each employee is doing. With this information, you can easily calculate their contribution to your business.
The wastefulness is not always intentional. Some workers have no idea about their own plus points, and they keep doing their tasks the same way without evaluating or modifying their procedures. Therefore, the information provided by tracking software is beneficial for the employer as well as the employee. It helps in identifying which tasks a particular employee is good at. Consequently, you may assign them more of such tasks to make their best use.
3. Time And Money Spent On Projects
Proper planning is crucial for your business if you work on projects with limited deadlines and budget. Employee time tracking software helps calculate time and money spent on projects, based on which you can plan your projects in the future. By making the needed corrections, you may address wastage issues and reduce stress levels among your team members.
The software helps to identify the issues as and when they happen. It also keeps a backlog of past projects, allowing you to better estimate for the future. As you gain more experience and learn from your mistakes, your business process becomes streamlined, error-free, and more profitable.
4. Paid-Time-Off Issues
Time theft is widespread among companies. When you have hundreds of employees working for your business, you can’t track each worker’s enter and exit times. Buddy punching is another issue that is common among organizations with a large number of employees. The time tracking software monitors each employee’s working hours, along with their half times, over-times, and vacations.
No matter how properly you have planned your projects, if several workers go out for a vacation at the same time, it can derail your plan and ruin your project. A time tracking software monitors your employees’ working hours so that you do not end up paying them what they don’t deserve.
5. Internal Costs
Many businesses often overlook the internal costs, but they can consume a significant part of your revenue. Such costs include employee holidays, commuting expenses, utility bills, etc. Therefore, by tracking these internal costs, time tracking software can eliminate unnecessary expenses and save money.
These are some of the key trends that employee time tracking software may identify. Without such software, some tasks can become extremely difficult, leading to extra time and money wastage. An advanced software solution provides tangible and immediate benefits to your business. Consequently, it can improve your workers’ efficiency, increase employee satisfaction, and boost corporate profitability.