Every organization is committed to increasing productivity, which mainly depends on the visibility into your overall efficiency and productivity provided by the workforce. To view the productivity levels of your workforce, and each individual employee, or the overall completion status of a project, you need accurate data to analyze how employees are spending their work time. This visibility enables you and your managers to see and understand what is happening within the company.
Tracking employee working time can be challenging and time-consuming if done manually. The right solution makes it easy for you to track employee working hours and activities with full visibility into every aspect of your business. With full visibility, you can quickly locate the areas needing development within your organization to boost productivity.
Employee Working Hours and Projects
Accurate time tracking is essential in the workplace. The best way to limit the number of wasted hours and lost opportunities is to track time for every employee, team, department, and project. With complete control of resource utilization, you can better understand who is working on which project, employee attendance patterns, and the availability of resources for future projects.
If your organization tracks time by the project they are working on – tracking employee work time and effort shows which projects are on track and which might require extra manpower or extended deadlines to complete the task at hand. These insights are especially useful when distributing work evenly across team and departments all while staying on budget.
It would extremely helpful to view the status of any project at a glance. Expectations can quickly be defined, and any needed changes can easily be made to reallocate resources the moment things change schedules, rather than waiting until the end of each month to find issues. Knowing your actual business costs should never be put off until the end of every month or worst end of the quarter. With access to employee data like working schedules and time spent on projects, you can carry out each project to its fullest capacity with all knowledge of the possible profits and risks.
To manage your workforce more efficiently, you need proper data collection. Visualize the power of reviewing an aggregated summary of projects and being able to simply find patterns across the data for performance, costs, and time. Now imagine relaying that information to the next project you estimate. You will be more likely to match or exceed customer expectations when you estimate projects with complete knowledge you gain better results. With real-time data and insights, your estimates become even more accurate, meaning better client experiences, better revenue forecasting, and increased company profitability.
Time tracking also makes it easier to create and send timesheets for approvals appropriately. Employees no longer need to worry at the end of each pay period to submit their worked hours, because the data is more accurate when captured in real-time. You may lose out on wasted workforce time and energy and could lose revenue from customers. By minimizing revenue leakage, cutting unnecessary costs, and creating better revenue forecasts, profitability gets the kind of boost that everyone can appreciate.
Managing Company Costs
When tracking employee working hours in real-time, payroll processing becomes more efficient. The main advantage of this type of new and improved situation is now allowing employees to be paid properly without any errors and view their paychecks on time, every time.
Complying with state and federal regulations is also easier when you can accurately track employee working hours, overtime, and avoid any associated legal costs. Tracking by employee status (full time or by hour) becomes simpler when you have the data automatically linked into a time tracking system.
The main challenge for businesses today is to maintain consistently high levels of productivity from a workforce while also avoiding the possible dreaded exhaustion. With time tracking systems, it is easy to distribute work and ensure every resource is properly utilized. Ensuring every employee has the same workload prevents employee burnouts before they occur. It will also help you gain more insight into creating unique work schedules while making sure the right resources are assigned to the right projects. With complete visibility into projects, teams, and departments it is easier to make decisions about resource allocation and budgets.
How Technology Helps You Track Employee Time
There are various elements which fit into running a successful business, but ‘Time’ has a significant impact on an organization’s success. It is linked to every part of your business. From when employees clock in and out, their activities in the workplace, the way projects are handled, how the salaries are calculated, and so much more. So, you need to understand time tracking, analyzing, and optimizing employee working hours with an automated system. Doing so can completely transform the way you conduct business. We explain below how exactly this is completed:
Streamlining Workflows and Simplifying Processes
Using an automated tracking system for employee’ time enables you to analyze the gathered data and identify exactly what went wrong and where. This includes reasons such as being understaffed, overstaffed, or have an inefficient workflow. The system also helps you track progress and deliverables accurately. If anything looks odd or out of place, you can quickly and easily make any necessary corrections in real-time.
Accurate Project Tracking
Most organizations run on multitasking every day to accomplish their set goals. This can help more work be completed, keep employees engaged every day, and increase the number of projects you take on. In contrast, it can often lead to errors when billed time is mistakenly assigned to the wrong project or employees. A time tracking system ensures employees’ working time always parallels the projects they are assigned.
Set Confidently with Remote Working
Establishing remote work helps reduce salaries and increases the talent pool you have access to. But, problems arise when your employees are in different locations and do not have access to team collaboration, you may lose visibility into the time and attendance.
An automated time tracking system like SutiTAT with project management capabilities help you monitor employee activities, track how much time they spend on each project and task to make sure remote employees are doing what you pay them for.
Improve Efficiency and Productivity
Efficiency and productivity are essential for all high-level performing teams. If you are struggling to increase productivity, a robust time and attendance management system helps you track employee time on specific tasks and applications to view whether they are working on what they are supposed to. You can quickly compare data from previous projects to gain a better understanding of your staff’s productivity, then make necessary adjustments and prioritize the work. The solution can help you find the most efficient workers with the right skill sets then assigning them to increase ROI and other top priority projects in order to increase their impact on team productivity and company performance.
Reduce Absenteeism and Optimize Overtime
It’s quite common that employees slip in 5 to 10 minutes late here and there, leaving early somedays, or taking extended breaks. It is not a big deal for them, but it could cost you a lot.
With an automated system, you can track which employees are constantly late, who take extended breaks, or are continually absent. The software provides an accurate calculation of employee working hours, and time-off balances, so you can manage leaves easily.
You can also greatly benefit from restricting “buddy punching” from occurring. A recent survey stated that over 75% of businesses lose capital over this type of time theft, where any employee punches in for their peer, which could cost around 4.5 hours per week. With an automated system that verifies each employee when they punch in and out, organizations can save up to 2.2% of gross payrolls.
Advanced Project Management
The time tracking system makes budgeting, estimations, and billing more accurate. You can stop under or over billing, track progress against the estimated time and easily adjust if a customer requests additional work with the proof of the necessary time to complete and the extra amount of money needed. Also, you can utilize the data of similar previous projects to estimate them more precisely in the future. Advanced systems will help you link employee time and attendance data directly to payroll systems, for accurate and automated payroll processing.
Though it is easy to think that time tracking is only timesheets, the productivity and profitability outcomes show how significant these levels of oversight can be and how crucial it is to use the right solution for your organization. Real-time insights provide you with the visibility required to best use your employees and deliver projects on time and within budget. A robust time tracking system allows you to spend time on tasks which make you the most money by reducing time-consuming work which doesn’t deliver high returns and allows you to focus on projects that deliver the highest ROI.
To make the most out of a time management system, you need to adopt an online solution that can be accessed by everyone within your organization. As the remote workforce method and freelancing is always increasing, the software you choose should be easy to use and allow employees to easily capture time from wherever they are. With centralized time tracking, it would be easy for you to view overall time and attendance details, employee productivity, and plan future projects.
If you are a project-based team, the solution you choose should easily integrate with the project management systems currently in use and help you detect time on tasks based on their status and progress. With automatic time tracking platforms, based on task and project completion, you will gain new data insights about the tasks and projects which allow you to optimize your workflow, workforce allocations, and billing. This offers a new level of accuracy to time tracking projects.