Every business uses different categories of resources — money, material, computing, workforce, influence, brand power, etc. But none of them is as important as time. The modern economy is an extremely competitive environment in which the fate of billion-dollar companies can be decided in a matter of minutes. New trends emerge in a few days and fundamentally new technologies — in a few months.
That’s why it’s imperative to take control of time. You can achieve this by implementing employee monitoring tools. Let’s take a closer look at how time tracking best practices can transform your business operations, making them more productive, profitable, and competitive.
Improving Workflow Efficiency with Smart Time Tracking
Projects have a tendency to spiral out of control due to the smallest management mistakes, missing deadlines and inflating budgets. And what’s worse, without well-tuned analytics, this happens over and over again, gradually worsening the company’s condition.
The best time tracking software with powerful analytical capabilities allows you to identify these problems and determine at what point projects go off the rails. They allow you to name specific reasons — understaffing, overstaffing, inadequate competence of responsible persons, poor organization of work processes, or lack of control. With them, you can recognize the approach to these points in advance and take the necessary measures in time.
Right People, Right Tasks: Perfecting Team Structure
Planning work hours seems like an extremely simple process. For example, a project requires 1,000 working hours. To handle it in 5 weeks, you form a team of 5 employees and assign them 8-hour shifts. However, the deadline approaches, you realize that the product is not yet ready, and two employees are on the verge of quitting due to burnout. What happened? Let’s take a closer look:
- Three out of five employees had insufficient qualifications and spent 1.5x more time on the same tasks, increasing the actual need to 1,300 hours.
- To catch up, the two most qualified employees spent 2 hours more daily, meaning they actually spent 500 hours instead of 400.
However, this was not enough, as only 100 additional hours out of 300 were compensated. As a result, the product was stuck in the testing stage and was not delivered to the client on time. The company lost money due to penalties and had problems with staff.
You could have avoided all these problems if you knew how to monitor employee productivity with modern software solutions. A cloud-based workforce management solution would have helped select the most qualified employees or, if they were employed, increase the size of the team or hire freelancers. It also works in the opposite direction — the program would allow you to identify an overly staffed team and transfer some employees to other projects.
Making Your Work Hours Align with Project Goals
The fast pace of the modern economy forces businesses and people to multitask. And without proper employee timesheet management, this often leads to annoying mistakes. Let’s imagine a situation where a manager mixed up a project and added working hours to the wrong client. These numbers passed through the accounting department, which simply cannot control every nuance of the workflow. Here are the consequences:
- Client A received an increased bill, which caused his rightful indignation and made him reconsider his approach to cooperation with your company.
- Client B received a reduced invoice and quickly paid it without any questions — it will be extremely difficult to get an additional payment from him, and you will have to go into conflict again.
As a result, you put up with the losses and cover them at your own expense, go into conflict with two clients at once, or deduct the losses from employees’ salaries, creating a crisis in HR management. Alternatively, you can use modern workforce management solutions and be confident that your accounting is accurate.
Ensuring Accountability for Freelancers and Remote Employees
No matter how hard employers try to bring people back to the office, they may be going against the trends, making remote and hybrid employment more and more popular. Moreover, statistics show that these trends are beneficial for business: on average, freelancers and remote employees spend their working time more efficiently, feel more loyal to the company, and are less prone to burnout.
Yet the situation is not as rosy as it might seem at first glance. Many managers admit they don’t know how to control employees outside the office and engage them in existing work processes most efficiently.
In this case, monitoring systems with remote employee productivity tracking capabilities can be a lifesaver. Controlio allows you to track the start and end time of work, the use of certain applications, and the level of activity at any given moment. The program will take screenshots at specific moments and generate detailed productivity reports.
Thanks to this, you’ll know as much about freelancers and remote workers as you do about your colleagues at the next desk. This will help you know how efficiently your company’s resources are being used.
Elevating Productivity with Improved Focus and Efficiency
Practice shows that team productivity primarily depends on two factors:
- Effective use of working time, which shows how long it will take to complete certain tasks. In turn, it is determined by the qualifications and skills of individual employees.
- Focus on tasks, which demonstrates what percentage of working time will be used to achieve the goals. And it is already determined by the right selection of motivation and control methods.
Time tracking solutions for businesses will be vital for building such systems. By identifying key trends, they will tell you when exactly your employees lose focus.
Maybe it happens before lunch break or on a Friday, or maybe it’s at the final stage before a project delivery when the celebration starts a little early. Or maybe you’ll see that employees regularly use their work time to solve personal problems, meaning that extra days off and long breaks will help increase productivity and boost team morale.
And one more aspect that computer usage tracking software can help you with is motivation and initiative creation. By identifying the most productive employees, you can reward them with tangible and intangible bonuses, setting an example for the entire staff.
Enhancing Workforce Attendance and Overtime Efficiency
Statistics from Benefits Pro show that an average American worker loses 35 minutes of work per week due to tardiness, costing businesses $61 billion a year. And Forbes adds that absenteeism costs a company about $4,000 per year per full-time employee.
In most companies, such violations are looked down upon, especially if the employee has a good reputation and unique skills. But it harms the company not only financially — tardiness and absenteeism disrupt plans, interfere with forecasting, and force an emergency reallocation of resources, reducing the efficiency of their use.
Time tracking solutions for businesses allow you to take this problem under control and significantly reduce losses. If your employees have valid reasons for absence, you can revise schedules for them and improve the quality of planning without any negative consequences. This is especially effective in the case of remote employee productivity tracking.
And a nice bonus for all stakeholders. Time tracking reduces the need for overtime work. For employees, this means a healthier work-life balance, and for businesses, it means lower and better predictable payroll costs.
Streamlining Project Estimates and Billing
Project cost estimates by hours are as inaccurate as they are popular. IT companies, marketing agencies, and design bureaus usually set a certain cost for their work, put it in the documents, and take part of the payment upfront.
But when it comes time to pay, the costs often exceed the plan. If this happened due to unforeseen difficulties, it would be logical to pass them on to the client, but they are unlikely to be happy about it. You can also pay extra out of your own pocket or reduce the salary of the contractors — but the disadvantages of both options are obvious.
This is where the benefits of time tracking software come into play. With the help of these applications, you can more accurately predict time costs in advance and confirm the actual figures for clients. What’s more, platforms like Controlio provide maximum transparency — just give customers access to their dashboards to demonstrate how work is actually being done to the best of your ability.