Most often than not, businesses focus on outward development, like increasing revenue, expanding into new markets and in this process, they neglect important inward factors like improving employee productivity. Very few businesses focus and invest in tools that help improve employee productivity.
Time tracking software is one such much-neglected tool. These tools are just as important for your business as anything else. These software can help boost productivity, improve the morale of your employees, and help you streamline your daily business operations. You will be able to keep track of your employees without much hassle.
Time tracking software does much more to help your business grow. Here are a few benefits an HR can reap by using time tracking software.
Increases the accuracy of time and attendance tracking
Manual entry of payroll information is very time consuming and often leads to errors. These errors can cause you to lose a significant amount of money over time. Time tracking software can help you accurately track the hours worked by your employees. It saves a lot of time and helps you avoid errors.
Avoid time fraud and payroll abuse
Employees sometimes feed incorrect information and fraudulently fill out timesheets. They take longer lunch breaks than allotted or clock in for a friend co-worker which is known as buddy punching. These activities result in payroll expenses which can be prevented by using a time tracking software.
Time tracking software helps a business to accurately record the work hours, avoiding any time fraud, payroll abuse, and buddy punching. These software track staff hours in real time. The logged in information is sent to the central database avoiding any error, preventing the staff from tampering with the information.
Helps boost the productivity of your employees
In any business, employees and HR staff spend hours dealing with payroll and recording and filling in information every week. This leads to wastage of resources which can be easily avoided in a modern world.
Time tracking software is an efficient alternative to manual entry. It increases the accuracy of your payroll information, taking very less time. It will help your HR staff to focus on other important tasks rather than spending hours filling payrolls. It will simply help you save one day of work every week.
Employees gain access to their schedules
Employees get access to their schedules with the help of time tracking software. If you allow your employees access to their schedules, they will be able to view how many hours they have worked and will be able to calculate their available vacation hours. Your employees will feel empowered with the self-service module.
Access to real-time analytics
Real-time analytics can be very beneficial for any business. You get to monitor the attendance of your employees at any given time. You have instant access to the schedules of your employees. You will be able to fill shifts and create future schedules on the basis of current staff members that work in your office.
You also get access to custom reports which are automatically generated, containing metrics that you are concerned about.
Flexibility and Scalability
Any type of business can benefit from time management software, whether it is a small scale business or a large scale business. It will help track time and attendance as your business gradually grows. With the expansion of any business, manual entries lead to frequent errors.
Time tracking software is effective in handling entries for thousands of employees without any errors. It is scalable and will continue to accurately track data of your employees as your business expands.
Prevents absenteeism and helps enforce an attendance policy
You will be able to implement your attendance policy with the help of time tracking software. It avoids disputes as to whether the employee worked his shift or not. Everyone will be held accountable for their missed shifts and will be aware of the consequences of missing their scheduled shifts.
Improves the morale of employees and saves you money
Employee self-service will help empower your employees as they get access to their schedules and will be able to plan vacation requests accordingly. Accountability of the employees who regularly miss shifts will reduce the work pressure on honest employees. Your employees will have improved morale and achieve better job satisfaction with the help of a time tracking system.
Time tracking software will help you save time and money in the long run. You will benefit from reduced payroll errors and reduced wastage of resources. It will help you improve the productivity and efficiency of your employees.
Business owners look for ways to cut down expenses and better utilize their resources. They try to deliver quality products or services in a fixed operating budget. However, relying on outdated methods of employee time-tracking leads to wastage of time and money, increased stress, and wastage of resources.
Time tracking systems can help reduce certain extra expenses. They can track staff activities, handle expenses and help achieve increased productivity, which leads to increase in profits in the long run.
Jasika Adams is a writer with a passion for writing on emerging technologies in the areas of human resources, startups and business management. She is a talent acquisition manager currently associated with Index Time Clock. In her free time, she loves to play with her kids and reading mystery books.