You may not know it yet, but your business can be losing money from the old methods of employee time tracking. Time clocks and timesheets are especially vulnerable to inaccuracies and dishonest contributions. Several employees are known to fill in their time sheets to make it appear that they worked longer than they actually did.
Time clocks are very easy to cheat. Buddy punching is a practice in which an employee can mark another employee’s time card in his absence. Therefore, that employee may be late or even skip work completely and still receive payment anyway. With a reliable employee time tracking system, organizations can enjoy many benefits, including:
Reduced Manpower and Paperwork
Older time tracking systems require the use of paper and manpower. With the proper application, the hours that an employee spends working on a project or task will be stored openly, automatically sent to the department of human resources and computed. Through this procedure, the calculations are much more precise and there is an important reduction in the documentation involved.
Minimize Dishonesty among Employees
Electronic systems need a much more restrictive process of controlling the time that employees spend on specific tasks and projects. Therefore, attempts to manipulate time or assistance are almost eliminated.
Minimal Errors in Computations
A common problem that often affects the payroll staff is the presence of errors in the final reports of the physically made time sheets. Errors in entries are frequent, so they are errors in the precise calculations for employees in flexible hours and those who work in shifts. The schedules of employees who deliver work from remote locations can also cause a few confusion. With employee time tracking systems, this issue is definitely eliminated. More details.
Easy Access to Employee Information
In general, when employees require getting information about their holidays, vacations and sick days, they should be referred to the Human Resources Department. With employee time tracking systems in place, employees themselves can log in and view this information on their personal computers. It is not necessary to hire administrative staff to monitor the relevant data.
Cost Effectiveness of Resources Used for Projects Is Determined
Companies know that time is money. The time that employees spend in a certain task or project is translated into money since they are paid for it. Salaries and related expenditures paid to employees during the project time are computed together with other expenditures to determine if the project is profitable or not. Knowing how much is put into a project will assist companies to know their ROI and determine if a project is advantageous or not for its objectives. If they cannot correctly calculate this expenditure, they might lose money on a project and not know until it is too late.
Employee Performance Is Easier to See and Evaluate
To determine employee production, managers will usually take a look at the time employee’s spend on a particular task and compare it with their results. This will help establish if an employee is a competent worker or not and compare their production with other employees in the similar department. Performance is easier to assess based on the information provided by a competent employee time tracking system.
Employee time tracking has become a science today, thanks to advanced and developed recording and monitoring systems. Learn more information about how it can benefit your business and, finally, contribute to your bottom line. To find out more, check out https://www.timeclockhub.com/