Tracking Employee Time – The Biggest Benefits
Running a business of any size is unimaginable without some form of time tracking. No matter the size of your organization, as a business owner or a manager you should be able to understand exactly how it’s functioning.
Yet, many businesses don’t have a time tracking system, or use one but don’t realize its full potential. We are here to show you how to get the most out of time tracking.
The Basics – Record Employee Time
This is the basic goal of time tracking. Recording time spent on different tasks allows a manager to see how much time a certain activity takes. Furthermore, if you use an effective time tracking platform you will be able to allocate employee time, expenses, and resources used for a specific project or client.
In other words, you will be able to account for your fees through an itemized list of tasks your team has performed. Transparency of business is one of the most important elements of client satisfaction. This way you can maintain a positive reputation in your field.
Recognize Your Top Employees
Tracking employee time gives you the opportunity to compare the results of different team members. you will surely notice some employees are doing more work than others. This is a great way to decide whom to promote.
Additionally, you will be able to see whether an employee is having trouble with doing their work in time. Transparency within your team will improve company culture. You should reward exceptional work from time to time to let your team see you see and appreciate them. This is also a great way to motivate other team members to put more effort into their work.
Identify Unfavorable Contracts
As any professional service business owner knows, all clients are different. Some will insist on a fair collaboration. Others, on the other hand, will look for a way to reduce their costs as much as possible.
Time tracking will allow you to register which of your current contracts are favorable and which ones need some changes. You will be able to renegotiate your fees and even terminate contracts with the clients who cost you more than they bring to the table.
The most beneficial part of this benefit is that your team will be able to dedicate more time and attention to the more lucrative projects.
Increase Team Productivity
Many possibilities for positive change open once you decide to track employee time. This isn’t only applicable to your business, but your employees themselves. Different distractors are one of the biggest problems in the modern office, and time tracking can help your employees reduce wasted time.
Forbes finds that when you can track your own work time in detail, you are more likely to notice distractors and negative practices that stand in the way of your productivity. This way your team will become more productive and prevent time wasting that leaves employees overwhelmed with work and in need of overtime.
Having your employees enter data about their workload each day wouldn’t be an effective business practice without an additional benefit. Receiving different reports on the state of your company is exactly that. Most time tracking platforms offer extensive reports based on the information the workers provide.
In other words, you will be able to understand the most important metrics, like profitability, time structure, real-time statistics, etc. All this information will help you make informed decisions and propel your business forward.
Manage Your Projects Better
With a time tracking software solution that accounts for your workforce, resources, clients, and different metrics it will be easy to understand the state of your business at a glance. This will give you the ability to see the progress of individual projects whenever you need to.
Here are just some of the possibilities time tracking will give you:
- Better task delegation
- Noticing early signs of overwork or burnout
- Planning shifts
- Redistributing time and resources
- More accurate time and financial estimates for your clients
Time tracking allows business owners an easy insight into their companies. By tracking your employees’ time you will also obtain knowledge about all important details of your business.