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Time Tracking Systems Can Result In Greater ROI: Learn How

Contributed by: Kiara McColl

A hand holding a small, white clock

“How do I increase my employee productivity rates?” is a question that comes up in the mind of every business owner. High employee productivity is capable of taking you up the competitive ladder within a short period. However, most businesses today tend to struggle with their overall employee productivity rates, especially since so many employees work away from an office these days. By finding ways to increase your employees’ productivity rates, you will increase your return on investment (ROI).

Businesses fail to realize where employees spend their time, which ends up creating productivity problems. Ultimately, if you’re unable to track which projects take up the most time, you can’t see how efficiently your employees are working. In addition, if you don’t know what your employees are working on, you won’t know how to allocate tasks.

You might wonder how time tracking systems can increase your business’s ROI. To help you understand the benefits of time tracking software better, here’s everything you need to know:

Tracking Efficiency

Are your employees using their abilities as well as they should? Or, do you feel as though your employees could be working “smarter, not harder”? Either way, you can monitor the efficiency of your employees with the help of a time tracking system. 

With time tracking software, team leaders and managers can keep track of how much time it takes to complete a project. Software like Zoho allows administrators to set milestones for tasks and projects which enables each team member to be cognizant of important deadlines. When an employee fails to reach their deadline, their supervisor is notified so they can communicate with them about its completion. 

Moreover, you won’t need to reach out to individual employees every other day. You can simply track the progress of their work with the help of your time tracking software. This allows both you and your team members to save time and work more efficiently.

Individual Time Records of Working Hours

One of the leading problems in the corporate world is the lack of employee time records. Many times, individuals work overtime and fail to have their efforts recognized by their company. This is mainly due to the fact that they don’t have a reliable time tracking system. Without proper timekeeping, employers may underpay employees for their hours, and this ultimately leads to employee dissatisfaction and compliance issues.  

Time tracking systems have made it much easier for businesses to keep track of how much work an employee accomplishes. With complete transparency, businesses can manage their workers and reward them based on how much work they’ve completed.

Not only is time tracking important for compliance and tasks, but it is also vital data for your clients. With employee time accurately tracked, clients may receive detailed information regarding employee status. When clients see in-depth reports with reference to the work completed, they can bill accordingly. Overall, tracking time systems will result in accurate reports for billing clients.

Helps You Avoid Micromanagement

Micromanagement is one of the least productive and most reviled forms of managing employees. With an employer’s watchful eye over every move an employee makes, they may feel mistrusted. Think about it: if an employer tracked your work at every moment, you would begin to lack confidence and lose focus on your work. It is important that an employer knows what’s going on– no doubt about it. However, it’s equally important to give the worker an independent space to complete their work.

With the help of time tracking systems, you can avoid hovering and allow employees to work to their full potential independently. You can still easily keep an eye on their progress by monitoring your time tracking system. A majority of time tracking systems will give managers and business owners real-time information about employee progress and whereabouts.

Easy Project Management and Comparison

When you’re working with more than 200 clients a month, project details can become disorganized. From emails and meetings to physical tasks, it can be difficult to manage progress. This is especially true if you don’t have time tracking software that organizes your data into one platform.

Project tracking can get complicated. Without an intuitive system, data may slip between the cracks. For example, let’s say we have a construction client with many projects. Proper data for this client means that the employee would have to state what project they worked on, which room they worked in, how many tools they used, etc. Simply put, each project has its own set of individual tasks with employees working on them, and it must stay organized.  

Without a time tracking system that allows you to trace every task, you may lose important data. You won’t always be certain who worked on what or precisely how long the project took to complete.

Time tracking systems allow you to conveniently look over the task, the project, and the employee in real-time. It also allows you to gain the benefit of comparing how well one project is doing relative to another. It also enables you to see where your time is spent.

Easier Review Process

Lastly, time management tools allow you to easily review all tasks performed by an employee. Has an employee been overextending themselves at work? Is there an employee that deserves a raise for the efforts they’ve been putting in? Do you simply want to see what a specific employee has been working on over a certain period of time?

Regardless of whether you’re evaluating an employee’s performance or not, time tracking systems make it easy to review details.

Ultimately, time tracking systems help you increase the ROI for your business through increased productivity and efficiency. Properly tracking employee time increases transparency while simultaneously decreasing your payroll and billing costs. You can check out this ROI calculator to see how time tracking can really save your business. If you track where every penny goes, you’ll be able to increase your profits by allowing your focus to be off concerns about employee productivity and on building a strategy that grows your business. 

About the Author: Kiara McColl is a content manager at Clickmatix digital marketing agency, where she gets to do what she loves doing- writing and managing content with smart digital marketers in the company. She also has expertise in web marketing, search engine optimization, social media, affiliate marketing. Her strong passion for technology always drives her to explore the changing trends in the digital industry and making people know about it through her blogs.  

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