February 10, 2021 | Time and Attendance | Posted by Ascentis Thought Leadership
5 Benefits of an Employee Time Management System
“Time is money” might be the most overused cliché, but it’s also an accurate one. In a business context, both are finite resources that are closely tied together. A business without a dedicated time management strategy runs the risk of losing money to poor scheduling, human error, time clock fraud, and other inefficiencies. Let’s look at a few areas where an automated workforce management software with time tracking capabilities can be the difference between making money and wasting it.
Measuring productivityTracking time in the workplace means keeping a close watch on what your employees do with those hours. Time-saving tools and policies may not be worth the cost of implementation if your employees don’t or can’t use that time effectively and efficiently. An automated time and attendance software allows your HR team to measure productivity in your workforce.
By providing insights into the strategies and processes that yield the most productive results, as well as the problem areas where productivity takes a dip, your time management system gives you the information you need to build a more efficient and productive work environment for your entire organization. If, for example, your time-tracking data shows that workers on one shift consistently complete tasks more slowly than a team doing the same work on a different shift, that may be an indication that you need to reassess your scheduling methods, provide more training opportunities, or reevaluate your hiring practices.
Setting reasonable goalsThere is nothing wrong with an employer setting ambitious goals, as long as the workforce is capable of achieving them. By analyzing the data generated by an automated time management system, an employer can get a more complete picture of the areas on which employees’ time is best spent. That goes a long way toward setting goals that are measurable, reasonable, and attainable.
In some cases, even employees who are making productive use of their work time may still consistently fall short of their targets, simply because the goals being set for them are unreachable. For example, a manufacturer might set a production target that fails to take into account the specific constraints of a physical workspace, or that presumes a level of training or expertise that the current workforce does not have. Diligent employee time tracking can illuminate these inefficiencies and help steer management toward either correcting the issues or setting different goals.
Reducing time fraudTime tracking fraud is a consistent problem across nearly every industry, particularly those that rely on hourly employees logging their weekly hours or physically clocking in and out. Each year, employers in the U.S. lose billions of dollars to common time fraud practices such as buddy punching, chronic absenteeism, and unauthorized switching of shifts. Automating your time management system makes it much more difficult for bad actors to commit this kind of fraud without being detected, and for well-meaning employees to make honest timekeeping errors.
Keeping compliantAlong those same lines, an automated time clock software also helps keep your company compliant with applicable workforce regulations. Keeping track of compliance considerations related to federal laws like the Affordable Care Act (ACA), Family and Medical Leave Act (FMLA), and Fair Labor Standards Act (FLSA) is too big a task to handle manually, and that isn’t even taking into account state and local employment laws.
For example, any employer with workers in California needs to be aware that state wage and hour laws require a 30 minute meal break for all non-exempt employees who work more than five hours in a day. For employers whose workforces span more than one state, keeping up with those kinds of particulars can be a complex and time-consuming task. A time management software makes it significantly easier to stay on top of potential problem areas like overtime hours, wage and hour reporting, time documentation and other crucial compliance issues.
Increasing employee engagementA detailed and comprehensive time and attendance software makes it easy to break the workday down into more easily understandable chunks of time. Having an easily accessible snapshot of the tasks that get completed quickest, the roles that generate the highest productivity, and the practices that cause the biggest slowdowns allows your management team to make informed decisions going forward.
That kind of analysis helps ensure that workers are being assigned tasks and given tools that maximize their productivity. Employees who feel they are doing their jobs well are more likely to feel engaged and fulfilled in their roles. Effective time tracking can also help identify which tasks are taking up an inordinate amount of time, allowing management to streamline those processes and eliminate wasted time from an employee’s schedule. Since research shows that employee engagement is a key driver of productivity, fine-tuning your time management practices can lead directly to a more engaged workforce and a more robust bottom line.
To put it simply, the benefits of investing in an automated employee time management system far outweigh the risks. The practices and processes involved with accurately tracking your workforce’s hours are too complex and too important to be handled manually. Find out more about the many ways time and attendance software from Ascentis can help keep your workforce more productive, engaged, and compliant.
With more than 35 years of experience in providing Software as a Service (SaaS) solutions, Ascentis thought leaders have become a respected source for insights, tips, and innovations in the Human Capital Management (HCM) space.