Most of the US companies today are looking for different ways for save funds and cut costs. While many managers scour through their business-model, they often end up overlooking one simple thing that could have saved them thousands of dollars. It is the automatic time tracker.
Time tracking is a must for any company, but this method is often either inadequately managed, or misused by staff. There are many areas where the time tracker can help you cut costs and boost incomes. Most of them are obvious, common sense type benefits yet it is still overlooked by many companies. Here is why the time tracking and attendance is so beneficial to your company:
The simplest way that time tracker can help in improving your profits is by guaranteeing that employees are only paid for what they actually do. Most companies still rely on hourly wages to pay their teams, and time tracking efficiently helps you to manage your payroll and eliminate overpaying.
When your employees work full day, allowing them to clock in the hours is a recipe for disaster. Just anything as simple as arriving at work 5 minutes late can add up quickly if you don’t track time and attendance properly. Those 5 minutes you pay for absent employees add up to about 21 hours per year.
Most managers and CEOs try to do their best in time tracking, but the old way can be too complex and prone to errors. Buddy punching, wherein a pal punches the timecard of their friend who is late, or left early, can break down all your efforts at time tracking and add up to thousands of dollars in overpayment every year.
Employees do it not to deliberately hurt a company but because they don’t know the amount of the company’s losses involved, and at the same time most project managers are so busy that time tracking is the last thing they think about. But such problems are only one aspect of time tracking.
Many companies have employees who stay on salary, and they believe that time tracking isn’t a big deal for them. But even your salaried employees need to show the results of work and finally get their work done. Just meeting a quota is fine, and once their quota is met they may be less inclined to work. When your time tracker is effectively in use you can guarantee that your team works a reasonable amount of time every week. It boosts their overall productivity and grows your company’s income. You don’t have to turn the time tracker into a huge burden for your managers, either, since modern time tracking software is almost fully automated.
There are many ways of time tracking efficiently, and implementing a time tracker in your company will be one of the smartest moves.
CrocoTime time tracker can provide your employees with cutting edge tools for time tracking and attendance efficiently. Our time tracker is easy to install and to use and reduces buddy punching, overpayment, and so on. With such a time tracking solution you can increase your company’s profits and guarantee that you’re really getting what you’ve paid for.