Globally, it is stated that due to buddy punching, about 75% of organizations lose money, and 40% of the employee productivity drops as they attempt to multitask. To prevent buddy punching and loss of time due to theft, a time tracking tool can be integrated to your company. With employee time tracking software, around 73% of businesses are quite satisfied with automating processes and tools.
It is stated that companies using time tracking software, it helps saving about 30+ hours in administration, and that helps increasing revenue by about 30% each month.
Benefits of Employee Time Tracking Software
On using a time tracking tool, it automates the improvement of productivity, healthy workflow, and higher insights. The benefits of this automated time tracking tool are as follows:
Increased Transparency into Working Process
With making time registrations, it automatically helps making your business more transparent in nature. It helps to allow providing insights to jobs completed and also based on their duration. As a result, it helps in prioritizing your work in a better and more effective way. On using a time tracking tool, it helps in improving and optimizing productivity as per the needs.
Increased Accountability Among Employees
On using this software, it makes the employees more accountable for reporting hours spent on completing work. As a result, it helps employees to stay more productive by noticing trends and patterns at the workplace with minimizing non-billable work. It, therefore, provides the team an ability to adapt and reflect as the team activities are tracked on a real-time basis.
Understanding Your Operational and Billing Efficiency
Using time tracking software, it helps improve operational and billing efficiency. It helps the HR department in easy and accurate calculation of the working hours of the employees. It also helps in tracking time spent on the client work, and billing is done accordingly. Moreover, real-time billing helps your company in gaining profits and minimizing losses. As a result, it also helps organizations in improving operational efficiency and effectiveness.
Easy Tracking of Budget Getting Burned
This time tracking tool helps in tracking the actual budget of the project. It provides deep insights into the time spent on each of the tasks to be completed. The employees fill in their timesheets and time of registration on tasks and projects with calculating the time budget has to be done. It, therefore, helps get deep and meaningful insights of the hourly costs spent by each of the employees to complete the task.
Use of Knowledge where Resource Demand is High
Time spent is an important measure of the requirement of resources. As this tool operates on a real-time basis, it provides deep insights into the need for resources in terms of inputs and workforce. It, therefore, helps in providing a high level of value to the team.
Real-time software usage, it helps in easy sharing and redistribution of workloads and responsibilities. As a result, it helps redistribute responsibilities among the team and the company as a whole, which provides the most value to the team.
Prioritizing Projects
The time tracking tool, it helps in prioritizing and scheduling tasks. It helps us with milestones, staff members allocation, and calendar features required for scheduling adjustments. It is an easy way of reallocating hours and shifting deadlines for completing high-priority projects.
As a result, it helps provide enhanced accountability and visibility in one system. By using this real-time system. It helps your team in seeing estimated hours for real-time seeing the project stages.
Improving Scheduling of Project
This real-time tool helps checking the consistency of the project and also helps adjusting schedules to a realistic timeframe. On improving project schedules, it helps employees in completing work within time. It also helps in regular evaluation for creating plans required for professional growth.
Benefits of Staff Performance Evaluation
Creating Growth in Career
Performance appraisal helps employees grow in their careers, which eventually raises with the company for higher roles. Regular evaluation helps employees in creating a plan for professional growth. On using the real-time tool, it helps the employees in their career growth of the employees.
Improvement of Performance
A better evaluation of staff performance, it helps motivate employees to work as their managers share positive feedback. Real-time performance appraisal helps determine employees to provide bonuses, and that helps employees provide rewards and incentives for their hard work.
Increases Employee Engagement
With enhanced employee engagement, it helps in increasing engagement for staying with the company in the long run. Moreover, better performance, it helps increase employee engagement and get good outputs.
Helps Determining Need for Training
Using the performance appraisal tool allows companies to the real-time need for training sessions at the workplace. It also helps the employees effectively for getting recognition.
Clarification of Business Expectations
This performance appraisal software helps managers in reiterate their expectations. It, therefore, allows the individuals to understand the daily job responsibilities as what the manager wants from them.
Strengthening Team Bonds
With performance appraisal, it helps the managers and employees in aligning their priorities and easy brainstorming together. Frequent meetings help building relationships, and that helps making managers that is approachable. The peer reviews facilitate individuals in seeing co-workers appreciating their them.
Summary
On using time tracking software, it helps real-time data collection about the employees’ time management. On evaluating the staff performance, it helps the employees to receive feedback as per the work. It also helps in employees’ progress on the projects without micromanaging as well.
