What Does your Company Lose Without Time Tracking Software?

Author: Nastya Savelyeva, Marketing Manager, Yaware (Based: California, USA)

Time is the important asset of every company because it often equals earned or lost money. Everybody wants to their profits, right? Check what makes your company lose money and time, and how we can eliminate those problems with the help of time tracking.

What makes your company lose money and time?

1) Paperwork
Since the dawn of time companies have been tracking employee time and attendance using timesheets or punch cards. Years have passed and time and attendance tracking has changed significantly.

Paper timesheets and punch cards are inefficient for two reasons:

A. They create a lot of work for HR managers, because someone has to enter the data into the computer;

B. Timesheets and punch cards are easy to trick.

With paper timesheets, you create an additional headache for your HR manager and a room for time theft.
With time tracking software, all data is collected automatically. The information about employees’ time and attendance is already stored on the computer, which allows to access it at any time, makes it easier to analyze, approve and share.

2) No accurate data about employee performance

How can you increase workplace productivity? Who hasn’t asked this question before?

But you can’t increase productivity if you don’t have accurate data about it. The chances are that employees spend a part of their time on social media. Because of that they have to stay up late to finish the work, and there’s a risk for the whole not to meet the deadline.

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A time tracking tool allows a company to measure employee productivity simply by dividing all websites and applications that they use during the day into:

  • productive (used every day for job responsibilities)
  • unproductive (distracting)
  • neutral (used occasionally)

So, you have a full list of used resources and their productivity status. Using this data a manager can easily determine what interferes employee productivity and what powers it.

3) Waste of money because of unutilized software

Even though there are tons of free apps for businesses, sometimes they just don’t satisfy companies’ needs. Free plans, often miss the important features that paid plans offer.

However, your company might be losing money because of unused software without you suspecting it. What a time tracking software does for you, is it provides a detailed report on which software each employee uses and how often. When looking through the reports, enter the name of the application into the search line, and see if the employee uses it at all.

Such feature will save you a great amount of money.

4) Unprotected company data

There is always a risk that employees can give out company secrets while chatting in social media or endanger corporate computers by visiting prohibited websites or using unlicensed software.

These risks can be significantly eliminated with the help of a time tracking tool. Everything that employees do on company computers matters, so it is important to know what exactly they do.

A time tracking software allows to find out which software employees use and which websites they visit. So, in case there is a danger for company data, you will be aware of it.

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You will protect both your company and employees.

Conclusion

If you still don’t use a time a time tracking software, then it’s time to implement one, in order to avoid all the issues mentioned above.

Disclaimer: This is a guest post. The statements, opinions and data contained in these publications are solely those of the individual authors and contributors and not of iamWire and the editor(s).

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