{"id":194901,"date":"2019-08-02T08:00:53","date_gmt":"2019-08-02T15:00:53","guid":{"rendered":"https:\/\/www.nationalfunding.com\/blog\/?p=194901"},"modified":"2020-02-17T14:12:12","modified_gmt":"2020-02-17T22:12:12","slug":"time-tracking","status":"publish","type":"post","link":"https:\/\/www.nationalfunding.com\/blog\/time-tracking\/","title":{"rendered":"5 Ways Automated Time-Tracking Can Transform Your Business for the Better"},"content":{"rendered":"

As business owners, we\u2019re often focused on business metrics that have a dollar sign before them. Sales. Ka-ching. Net revenue. Ka-ching. Overhead costs. Ka-ching. We have all the systems and processes in place to track these areas, but when it comes to monitoring and understanding how our team is spending their time at work, business owners are falling behind.<\/p>\n

According to \u201cgrowth hacking expert\u201d Rafi Chowdhury<\/a><\/u>, \u201cMost of us think we don\u2019t waste time while at the workplace. In general, we hear people saying the same phrase: \u2018I was too busy.\u2019 But we never actually count the number of hours we spend on particular tasks. Once we realize the amount of time we\u2019re spending is less than we thought, we find a bigger scope for improving our productivity to achieve our goals in a faster and better way.\u201d<\/p>\n

If you\u2019ve been thinking about implementing automated time tracking for your business, but are still on the fence about it, here are the top 5 reasons that you should act sooner rather than later.<\/p>\n

1. Prevent Time Theft<\/h2>\n

Like it or not, time theft can be a real and serious problem in the workplace. Because time is money in business, time stolen is money out the door. In fact, according to the American Payroll Association, up to 7% of a company\u2019s profits<\/a><\/u> can be lost due to stolen time.<\/p>\n

Just how prevalent is time theft? It\u2019s more common than you think. Nearly 50%<\/a><\/u> of employees have admitted to stealing time from their employers.<\/p>\n

Maybe time theft is happening in your company, and maybe it\u2019s not \u2013 or, you\u2019re not aware of it. Wherever your company stands on the matter, implementing automated time tracking software is a sure way to stay informed about how your employees punch their time on your clock.<\/p>\n

For instance, one of the most common ways employers can lose time to less-than-honest employees is through a trick called buddy punching (when fellow employees punch in for each other, often if one is running late). Advanced time tracking and attendance software features such as biometrics integration, IP address lockdown, device authorization, and geofencing are powerful deterrents against buddy punching.<\/p>\n

2. Minimize Wasted Time<\/h2>\n

As equally serious as employees stealing time is employees wasting time.<\/p>\n

Consider this headline<\/a><\/u> that appeared on Forbes:<\/p>\n

It cites a survey from Salary.com<\/a><\/u> that reveals \u201c64 percent of employees visit non-work related websites every day at work. Of that group, 39 percent spend one hour or less per week, 29 percent spend 2 hours per week, 21 percent waste five hours per week, and only 3 percent said they waste 10 hours or more doing unrelated activities.\u201d<\/p>\n

Here\u2019s the reality: the temptation to do non-work-related things in the office is stronger if your employees feel no accountability. Recognizing that no employee wants to be micromanaged, you can build accountability and ownership into how your employees spend their time while on the clock by implementing automated time tracking software that runs in the background. This allows you to monitor employee activities without being physically intrusive and helps employees track productivity on their projects.<\/p>\n

3. Increase Productivity and Efficiency<\/h2>\n

38% of small business owners<\/a><\/u> admit having poor time management<\/a><\/u> as the main hindrance to better productivity, while 35% believe that the same applies to their team.<\/p>\n

The same survey revealed that 47% of small business owners believe that their employees\u2019 level of productivity is reflective of the quality of their leadership, while 46% believe that it\u2019s an indication of their employees\u2019 work ethic.<\/p>\n

When asked how they would improve productivity, those who were surveyed gave the following answers:<\/p>\n