In an average business owners spend around 40 to 60% of its operational budget on man power. Organizations seek to fill their recruiting funnel with as many candidates as possible but most of time they overlook to identify the delivery capacity of existing teams. This result increase in cost on organization. Here the use of time tracking software comes in picture.
Time Tracking allows you to make more intelligent decisions about how you price and run projects, how you schedule your team, and even how you spend your day. Time Tracking is a cornerstone of any business process. It helps users keep on track of their work and time. If you want to boost your productivity exponentially, tracking time gives insight into optimal patterns of work throughout the day to assist employees in work-from-home environments.
Time Tracking and its success is a matter of perspective and company culture. If employers use it as a tool of control, then it stifles employee creativity and motivation. If employers use it right, then it fosters productivity and engagement, and it boosts profitability. The most important thing to remember is to be transparent about how the technology works and why you are using it. This will help you maintain your employees’ trust, boost adoption of the new technology. when business owners implement time tracking, it’s because time tracking fulfills certain business needs.
1. Better time management by identifying which tasks are taking too much time.
2. Prevents multitasking which leads to better quality output.
3. Determine how much time your employees are spending on creating specific products or services and whether your price points are commensurate to the amount of time spent.
4. Proper project planning through accurate forecasting of time needed to complete a project.
5. Prevent un-necessary recruitment
6. Better team allocation
7. Accurate payroll
8. Offer More Opportunities for Employees to Work from Home
At the height of the pandemic in 2020, 69% of large companies expected an overall decrease in the amount of office space they would be using, according to research by KPMG. A report recently commissioned by video messaging platform Loom found that 90% of employees surveyed – including workers and managers – are happier with the increased freedom they now have to work from home, suggesting that this is likely to be a trend that is here to stay as we move into 2022.
Research shows that employers are increasingly investing in technology designed to monitor and track the behavior of their employees in order to drive efficiency. Platforms such as TeamOB that allow businesses to monitor behavior across application and emails in order to measure productivity, are being seen as particularly useful by managers overseeing remote workforces. Its time to adopt time tracking in your business.