Your company’s employees probably don’t line up for roll call every morning, shouting, “Here!” while you tick off a box. They might not even punch in and out when they arrive and leave each day. However, chances are you have some system in place to track when people are working — and on what.
One use of time and expense tracking software is obvious: you need to know when people are working so they can get paid for it, and you need to know their expenses. However, you might not yet realize how using time and expense tracking software is a relatively simple way for your organization to collect better workforce data to make more informed business decisions as well as set up your labor resource pool to be happier and more effective.
Read on to learn about eight top benefits of employee time tracking.
1. Drive Profitability
When you can clearly see where time is being spent, you can monitor project budgets, make resource adjustments, and prioritize tasks when needed to avoid costly bottlenecks and delays. Without a line of sight to the end goal, it’s hard to know where your project is going next week, let alone make crucial decisions to plan for future projects and capacity.
2. Adjust Utilization
Maybe you have never been able to put your finger on exactly where the hiccup seems to be, but using a time and expense tracking app can help you identify whether your team is being pushed too hard — or not hard enough. Sometimes, members of the team end up being overloaded without anyone realizing it until their productivity lags or sick days increase. Other times, employees need a push to deliver to their full potential when they feel overlooked and undervalued.
3. Improve Communication
You can’t give accurate progress updates to clients or upper management without hard data — and you can’t communicate transparently with employees about their work, especially when it needs improvement, unless you’re prepared to show it. Having crucial conversations about attendance, productivity, and performance doesn’t have to be feared or avoided if it’s rooted in data.
4. Evaluate Organizational Health
Time tracking might result in individual paychecks, but it also says a lot about the state of your workforce as a whole. As more organizations work toward values-driven, employee-first operations, it’s important that you know what matters to your team before leaping into major policy shifts.
When considering how to give back to employees their own most valuable resource — time — make sure you know what they want to do with it. Are employees taking PTO in larger chunks, or do they seem to prefer three-day weekends? Does your team need flex time during the day but doesn’t mind coming in six or seven days a week?
5. Encourage Autonomy
Most people appreciate having ownership over their time and effort. User-friendly time and expense tracking apps give the people whose hours are being tracked the ability to consider their own capacity, stick to priorities, ask for extensions before they become emergencies, and identify their own fluctuations in productivity.
6. Remain Compliant
Having a reliable time entry system supports your company’s ability to remain compliant for tax and benefit purposes, as well as preventing labor and wage lawsuits. In the event of a safety audit, your time and expense tracking software might mean the difference between being found liable for an accident or being able to demonstrate that you had the proper number and combination of team members present.
7. Go Mobile
Today’s workforces are increasingly mobile. Whether they’re working from home or at a field site, the days of being able to guarantee all your employees are entering through the same door each day are gone. By providing access to smart software at the tip of their fingers, you can enable your team to continue to input the kind of data your company needs to make better decisions no matter where they are.
8. Get Smart
With automated time tracking software, your organization can take it to the next level, allowing your team to work to their full potential without timers, notes, or other unnecessary interruptions. Sync calendars and existing apps and software to make sure your focus is back where it belongs.
For more information about how Journyx, the first 100% web-based time and expense tracking application, remains one of the top solutions available, schedule a customized demo online or call (800) 755-9878.