The Significance Of Time Tracking For You And Your Organization
Technology is improving daily, and there is a solution for everything today. However, entrepreneurs and business owners need to use efficient technology and software to ensure accuracy in every managerial function.
One such administrative function is tracking time and ensuring employee productivity, which requires a lot of focus and attention. And just like every other function, efficient time tracking can be done with the help of good time tracking software.
But why does your firm need time tracking? Read this article to learn more about the significance of time tracking and why you should incorporate it into your organizational habits and procedures today!
What is Time Tracking?
Time tracking is the practice of punching in and out your employees’ working hours to see the time they have dedicated to the firm in a day, a week, and a month.
An employer can also conduct time tracking based on a project by assessing the time an employee or team takes to complete the project. In addition, an employer can identify the number of breaks and leisure time taken by the employee and tell a great deal about productivity and dedication.
Time tracking is used while generating payrolls or deciding on promotions using good time tracking software. The employee who has spent adequate time working for the firm is an asset to the Organization, while those who spend most of their time in leisure or on a break can be a liability.
Benefits of Time Tracking
Time tracking comes with many benefits for the Organization and the employer. Mentioned below are some of the significant benefits of time tracking.
1. Higher Levels of Accountability
When the employees understand that their working hours are being tracked, they tend to become more accountable to the Organization and the work they provide.
As a result, they put in great efforts to complete the projects beforehand. This can help the organizations recognize hardworking employees and create a culture of accountability.
2. Transparency in the Organization
Time tracking facilitates transparency in the Organization in place of the job done, the time the employees take to complete a specific job, and the tasks that are being given preferences and those that are being neglected.
This can help the employers assess their employees’ productivity and offer them the resources they need to get the work done in the given time while also helping them solve the hurdles in their efficient work. In addition, it also enhanced transparency amongst colleagues.
3. Help in Billing the Clients
The organizations that conduct the work given by the client based on billings by the hour mandatorily need to track their time. This will prevent you from undercharging or overcharging your clients.
Using efficient time tracking software can also help you generate invoices based on your time working for a particular client.
4. Better Management of the Team
By tracking their work time, you can manage your teams better. You can make them happy and motivated by portraying and promoting time following as a healthy practice. You can also create new hires when the workloads increase.
5. Identification of Assets and Liabilities
You can assess the productivity of each employee over a while. You can set goals for the employees and understand your company’s assets (employees who fulfil their goals) and the liabilities (a significant margin leaves that behind).
Based on the evaluation, you can filter your team if you are willing to keep only the best ones in the Organization. You surely do not want to give hefty salaries to employees who are not worth it, and time tracking helps you do that.
6. Knowledge of the Resource Demand
Time spent on each project or a client is a significant factor that helps you identify its resource demand. By tracking time spent on the projects taken up by your firm, you can recognize the areas that require more resources in terms of workforce, time, or any other input.
You can also conduct redistribution of duties or work based on the assessment to ensure the share of work given to each employee is the same.
7. Track of Expenditure Incurred
Good time tracking software can also help you track the budget spent on each project or client. Spent on each project can be estimated by noting the time. In addition, the timesheets available at the month-end can help you calculate the budget consumed and the expenditure incurred.
8. Help in Salary Calculations and Promotions
Today, the salaries to be granted to the employees depend upon their time working in the office. For Eg, if an employee comes late to the office, leaves early, or does not complete his entire day at the office, the employer might consider his shift incomplete and bestow him with a half day.
Accordingly, an employer will give the employee half a day’s salary. An efficient time tracking software can even calculate the wages of the employees based on the time they have spent working for the company.
You aren’t unaware of the benefits of time tracking now. But to ensure efficient time tracking, you need coherent time tracking software. WorkComposer is the right fit for your organizational needs because it helps you perform the following tasks efficiently:
- Track Work Time
- Take Automatic Screenshots
- Assess Web and App Usage
- Track Break Time
- Do All This while Providing Robust Security Parameters.