5 Ways Time Tracking Will Benefit Your Start-up
If we asked anyone to unpack a dishwasher as a favor, they might do it with some reluctance. If we asked them to unpack a dishwasher as we are going to pay them to do it, maybe they will carry it out with some enthusiasm. Although what if we agreed to pay them according to how long and how efficiently it took them to unpack the dishwasher?
Suddenly there is some sort of quickening as the challenge is posed. Why wouldn’t they want to unpack as many dishwashers as timeously and consistently as possible? This is what makes time tracking pivotal from an employee’s angle; the synthetic work ethic that adding a recorded time to a task insinuates.
To understand the benefits from an employer’s angle, we have summarized five considerable key points:
1. Tracking Software Makes It Easy
Manual time tracking via an excel spreadsheet, for example, might be a standard method, however, if we want to capitalize on the hours of productive work our employees do, we need a tool that can make the process painless and efficient in order to ensure that employees are not allocating too much precious time logging their hours.
Timesheet software is easy to use and grants companies leverage through invincible features that allow billing, payroll, accounting and resource scheduling system integration. Although integration may sound cumbersome, the software is interfaced with a friendly user experience which makes breaking a project into bite-size pieces rather simple.
Applications have enabled mobile-first design approach, so managers don’t need to be stationed at the office desktop in order to keep track of performance while customizable features empower the user to utilize the software as they please.
2. Receptive Adaptation
Any employer will have come to the realization that not all goals are met within a team project. Handling this as an opportunity to demonstrate leadership towards an adaptive approach will only benefit your startup.
Thanks to project reports, employers are able to keep a thumb on changes to project goals and plans before they become unpredictable, while editable goals, deadlines, budgets and reports allow employers to update each project accordingly.
3. Smooth and Improved Workflow
Unplanned workflows do not make for a successful startup. Consistency is key, and with time tracking it is easy to monitor who is doing what in the most efficient way that is visible for not only the employer, but the employees themselves as well.
If there is an individual within a team that happens to complete their allocated task, a new task can be assigned to a new task, or reassigned to assist those still busy with their tasks so as to achieve the goal of completing the project.
4. Project Cost Monitoring and Estimation
Timesheets exist to provide a platform where time entries and allocated budget can be assigned to the tasks created within a project, and therefore provide a means for calculating and monitoring project profitability ratio.
Not only does this make for a great way to give quotations and invoice inquiries to clients, but it enables clients to see exactly where their money is going, which has shown to only improve customer relationships in the world of business.
5. Employee Performance Insight
Employees need to be conscious of just how much time they spend on mundane daily activities (such as replying to emails and scrolling the web) so that they know how to prioritize their most productive hours for their work alone.
This can be such a liberating tool as it will not only show employers how they can optimize their time management, but also allow their superiors and managers to address any areas of concern.
Bust the “time tracking is micro-management” myth
This will revolutionize a workspace which has not time tracked before, so bear in mind that your employees would appreciate a transitional period that will allow them to acclimatize.
It is highly recommended to always adhere to morale that upholds the company culture, while giving employees ownership of their work.
Time tracking is a method of developing a systematic analysis of employee turn-around, it is not to be abused as a tool to compare employee’s timesheets with an intention other constructive critique.
Ensure that each employee comprehends the allocated tasks at hand with clarification, because if they do not, how are they then to be held liable to it?
Implementing a timesheet software may seem overwhelming at first glance, so be patient with each employee getting to know how to use the software in the beginning. The idea is that everyone stays on track, together as a team.