Around two-thirds of workers in the United States reported that they waste time while on the clock.
Some of the biggest time killer culprits are the internet, phone, socializing with coworkers, daydreaming, and even applying for other jobs!
To avoid these problems, your business must have a good system in place for timekeeping. Tracking time in the workplace can prevent you from spending too much time and money when recording employee hours.
Continue reading to discover all of the reasons you should be keeping track of time in the workplace.
Timekeeping in the Workplace
Most companies have some form of timekeeping, whether it be a time punching machine or an attendance tracking spreadsheet.
Regardless of the method, it is absolutely necessary to keep track of your employees hours because the information is needed for tax purposes, loans, and even personal reasons.
Timekeeping can be done through various programs and websites that are easy to use, for both you and your employees. Pen and paper timekeeping can be risky because employees may “steal time” and record more hours for overtime than they actually work.
Below are a few of the biggest reasons why you should be tracking time at your company.
- Record Accurate Data
There is a lot of room for error when you utilize a pen and paper system for keeping track of hours. Having a timekeeping method will help ensure that you have the most accurate time of arrival and departure for your employees.
Not only does this help employees get paid for all that they work, but it is also easier on the accounting and billing teams.
Computer programs, apps, punch in clocks, and spreadsheets are all great methods of collecting the proper data needed for tax purposes. They hold all of the information needed in one safe place that is easily accessible.
- Signals Red Flags
Using a timekeeping method can help you keep track of when employees are arriving to work. This can be especially useful when dealing with employees who are frequently late for their shifts.
Employers will be able to quickly see any patterns for employees arriving late to work or leaving early. It also will signal to the employer when people are clocking in early and late to accumulate more time.
With managing a business, keeping clients and customers happy, and focusing on your own duties, it can be easy to overlook these patterns on a paper system.
Using a pen and paper system, or worse— no system, can waste a lot of money for the business that goes unnoticed. There are many programs available that will help prevent this, they are often easy to use and free!
- Saves You Money
Timekeeping is a great method to use if you don’t want to waste your time or money, and in the business world, time is money.
Scheduling and transferring data to the computer can take a ton of extra time, but with a good program, you will have the chance to focus on other things. Take a look at this software, it works great for scheduling staff and is quick and easy to use.
Time tracking will also save you money on overtime expenses, early clock-ins, and outs, and on wasted time. Employees are often more productive when they have clear expectations set by the employer.
- Morale Rises
Employees are more satisfied with their job when they feel that they are being fairly compensated for the full amount of time that they worked. If you worked a 13 hour day, you expect to be paid for that 13 hours, not for 10. Tracking time will help ensure that you won’t have to deal with this problem.
Employees are expected to arrive at a certain time every day and from that they receive payment. In return, they rely on employers to supply them with the proper amount of pay for their work.
Without using a proper timekeeping method, papers can easily get lost and employees not paid in full. Putting a program in place can help clear up questions and supply employees with detailed information about the times that they have worked.
- Improves Productivity
Properly keeping track of time in the business can give you the insight to eliminate distractions.
Setting a specific time and attendance policy will be easy to enforce with the capabilities of timekeeping programs.
Over time, schedules, and accruals will be clear for both the employee and employer, making it easier for everyone. Not only does it help supply crucial information, it even makes distributing jobs more efficiently.
Knowing the hard projects on the schedule can help you plan accordingly and avoid any understaffing. It also works for tracking slower periods of the year so that you don’t overstaff.
Stop the Clock
There are many reasons why you should be using a timekeeping method at your company.
Certain programs can help save your own time, prevent time theft from employees, reduce errors, and abide by the law. There are many reasons for keeping track of this information, they help both you and your employees.
One of the biggest advantages of using a time tracking method is that you will feel like you are in control of your business again. You will be able to monitor your business’ success through an accurate system and have the ability to plan for better things.
Be sure to check out our ‘business tips’ section, located on our website, for all of your needs and new trends in the corporate world.
