HomeBusinessIs A Work Time Clock Worth Investing In? Multiple Ways You Can Be Certain
Is A Work Time Clock Worth Investing In? Multiple Ways You Can Be Certain
November 23, 2020
Are you considering investing in a work time clock, but not sure if it’s worth the time or money? You’re not alone. Many business owners hesitate to implement online timesheet software. Because they’re concerned it won’t streamline business operations or reduce overhead costs. The reality is, this type of software can be incredibly beneficial to businesses, both small and large, and in every sector.
Common Issues Resolved By A Work Time Clock
While many time clock solutions focus solely on accurately tracking employee work hours, more advanced programs provide features that can help resolve common issues that arise during the time tracking process. Let’s look at some of the more common problems that management and business owners run into.
Time theft, unfortunately, is common in many workplaces, especially those without an adequate work time clock. The time tracking software allows companies to take advantage of time theft reducing features such as facial recognition to ensure employees only punch time for themselves. Or geofencing to guarantee employees are only punching in or out at permitted locations.
If an employee doesn’t know when they’re scheduled to work, the chances of tardiness occurring are much higher. With a work time clock, you can create schedules for your employees that are immediately sent to them, presumably a week or two in advance. Employees can review the schedules from any permitted devices to ensure they get to work on time. Automatic reminders can also be sent to the employee, such as a punch in reminder, to help them adhere to their work schedules.
No employee likes to be micromanaged. It is unnecessary and can lead to resentment in the workplace resulting in reduced productivity and even increased turnover. With a work time clock, you can put the time tracking process back into your employees’ hands, increasing their accountability. You don’t have to worry about reminding them to punch out or that it almost breaks time – the time tracking system does all of this for you.
Many employees go about their day, not considering how much time they’re spending on a task. While they may be working, they might not actually be doing something productive. If your business operates on tight deadlines, this can be a problem. Luckily, with a work time clock, you can layout precisely what an employee should be working on for the day and when. Allowing employees to stay focused, productive, and on task to meet their objectives.
Employee burnout can occur for several different reasons, but most frequently, it occurs due to inconsistent scheduling. If an employee’s schedule is changing continually, it doesn’t allow them to plan their personal life or maintain some semblance of a routine. This, in turn, causes employees to get overwhelmed and resentful. Online time clock software allows you to get a birds-eye view of your scheduling process and ensure that the workload is being evenly distributed amongst workers.
Over & Understaffing:
Over and understaffing both impacts your business, but in slightly different ways. Overstaffing correlates directly to lost profits for your company. While understaffing can lead to increased and unnecessary workloads, which can result in burnout and employee morale issues. Cloud-based time clock software allows you to reference historical data to project your staffing needs better.
What The Numbers Tell Us
If at this point you’re not convinced investing in a time clock solution is worth it, then maybe cold hard facts will change your mind. A study done by AffinityLive shows us how significant an impact an online timecard system can make in the workplace. They found the following:
Daily time tracking can decrease productivity leaks by 80%.
People who track their time use daily are 66% accurate, while those who track weekly are 47% accurate. Meanwhile, those who prepare their timesheets less than once per week are only 35% accurate.
Time tracking data revealed that the US economy loses 50 million hours in productivity per day because of unrecorded work activities. This equates to $7.4 billion per workday.
Businesses that take advantage of software with timekeeping and payroll features were approximately 44% less likely to commit errors.
Online productivity tools and the automation of HR processes can improve profitability by nearly 30%.
It’s easy to see how investing in a work time clock can be beneficial to your business, your employees, your customers as well as shareholders. Not only will it improve the accuracy of your employee’s work hours and payroll. But it can lead to more meaningful relationships between you and your employees, which ultimately impacts your profits.