Time Tracking: A Great Strategy for Business Growth
Not long ago, workers were accustomed to using simple punch cards that were limited to monitoring attendance.
Today’s companies have complex needs, however, and technological advancements now enable startup teams and quickly growing organizations to track employee time in a cutting-edge way.
Great things happen when businesses make a deliberate effort to know how employees are spending their time at work. From eliminating distractions to decreasing the time spent on calculating payroll, the advantages of using a time tracking software all lead to massive business success.
The Benefits of Time Tracking as a Growth Strategy
- Discipline at work
A sad reality is that a lot of employees in the office are not really focused on their jobs. There are dozens of things competing for their attention: Overly talkative co-workers, television shows, social media, and personal emails or calls.
When workers are aware that their time is being tracked, they develop a sense of accountability and responsibility for their actions. They become more aware of unnecessary distractions and avoid them to maximize their schedule.
- On-time delivery of projects
Being on schedule is important for a project’s success. If you are to build strong business partnerships with other companies and maintain your reputation, you need to make sure that project deadlines are strictly met.
Encouraging your employees is not enough to help them stay on track. A time tracking tool that allows you to specify the duration of a project serves as a concrete visual reminder to prioritize work.
- Accurate payments
Do you charge your clients by the hour or pay freelancers based on the times they work? To make sure that payments are made precisely and fairly, you should make use of time tracking.
There are time tracking tools that not only record time, but also automatically take screenshots. That way, you will know what a worker has worked on, how much time they really spent on a task, and whether they are mindlessly wasting time by opening social media sites and shopping online.
Tracking time enables workers to get paid based on accurate time data rather than mere assumptions. This also increases transparency and builds trust.
- Performance evaluation and employee feedback
Performance reviews can positively affect workplaces when done the right way. Part of planning for successful employee feedback is the use of time tracking.
Time tracking helps managers to provide timely and precise feedback based on insights gathered from the tool that is used to monitor hours worked. With a time-tracking tool, hardworking employees can appreciate the fact that they have an opportunity to be recognized and given a promotion for their commitment at work.
5 Best Practices for Time Tracking
- Provide adequate training To ensure a smooth transition and help employees effectively track their time, training is needed. When workers understand the advantages of time tracking not only for the growth of your business but also for a better employee incentive program, they will be more compliant.
- Show real life situations Another way to convince people of the power of time tracking is to show case studies of organizations that flourished by using a tracking software. Demonstrate the step-by-step process that other companies followed, the challenges they encountered, and positive results.
- Make it a requirement Let everyone in your company know that logging in their time is not an option but a requirement. Being lax about the use of your time tracking tool can defeat its purpose of bringing you better work outcomes. It only takes a few minutes to start the tool before each work shift.
- Assign someone to review results To detect problems as they happen, someone in your team or company must act as an “overseer.” Make sure that the person cannot be easily influenced by co-workers who might have intentions to cheat the system.
- Choose a software that meets your business needs
Before purchasing a time tracking tool for your company, check whether its features meet your needs. Do you need a simple software or one with multiple complex features? Some tools incorporate billing and invoicing in addition to monitoring time. It’s important to consider the right tool that will stay usable for years to come.
It’s a great thing for top management to get an overall picture of how well workers are using their time. With time-tracking software, managers can easily analyze results and correct areas that need attention. Indeed, time tracking makes an excellent strategy for company growth since it streamlines processes and motivates employees to do their best.