Time is perhaps the most commonly used measure to determine the work done. If we want to know to what extent a job has been completed, we basically use time as a measuring factor. Therefore, for companies, we can only say that time tracking is an important factor to measure productivity and keep companies’ marginal expenditure in balance with revenue.
Nowadays, companies keep track of time by using time tracking software. Here are ways time tracking increases productivity.
Time and price control
With the help of a team, the time log helps your business know how much time is spent on a client’s work and determine the average time taken to complete a given task. The knowledge of the time spent per project is used to determine the average costs for services based on the duration of the project. Moreover, this knowledge is used to better improve business operations.
Time optimization
The best way to know time wasting is to keep track of time. Time tracking helps you determine your business performance over time. If you are not performing well, you will think of a better way to optimize working time.
Many time tracking software informs you of your progress on certain tasks. Performance measurement becomes difficult and a company’s operations can easily lag behind without time tracking.
Helps with workforce management and workflow
When your employees or team of employees log their time, you can use knowledge of the time data to determine how much work an employee has done and how much workload he/she has. It allows you to make informed decisions, such as reducing workload on staff who have too much workload and distributing it to those who have less to do.
Too much pressure on staff reduces productivity. However, with time tracking you can manage your staff’s workload to improve productivity. It also helps you set up a reward system for high-performing employees at a time or for those who work overtime.
It improves financial judgment
For companies or individuals who earn per time worked, it is easier for them to track work and earnings per time worked recorded by time tracking software. This allows them to quickly calculate their tax, monthly income and wages to be paid to employees based on the number of hours worked. This is a fair reward system that ensures that you do not spend more on labor than on work.
It helps to know the costs of running a business
You can determine the total and aggregate costs required to keep your business running on a monthly or annual basis. By knowing the average time an employee spends at work each day, you can multiply that by the hourly rate and the total number of employees your facility serves.
Your running costs become clear based on staffing levels and you can make other interpolations and decisions on how to improve your work process, efficiency and time optimization.
Now to you…
Are you considering using time tracking software for your business? If so, please share with us which software you are considering and why.