Accurate tracking of the time and attendance of employees is a very essential part of any small and large business — but is more especially important for starting businesses. Unfortunately, though, not all business owners have realized this. Although this is a very basic function in a company, it is also usually mismanaged and overlooked by many. There are companies that spend time and effort which arm of the business they should sever or spend less on for cost cutting, but fail to understand that by having an accurate track of the time employees spend on working can help them save more.
Additionally, companies also benefit from time and attendance tracking by keeping it away from discrepancies that can lead to legal troubles. Accurate monitoring systems can easily help companies pay their employees exactly the amount they are due, and this is not just limited to the payroll of employees. Insurance and other benefits are also given in exact.
Essentially, time and attendance monitoring is important to any small and large businesses. But in what ways does it help in business growth? Let’s find out.
According to an anonymous survey by the Kessler International, about 80% of employees have admitted to cheating time in their work. If we take for example two employees coming to work five minutes late, imagine how much loss to the company that is when added up. When you have an accurate monitoring, you are assured that your employees are working for reasonable number of hours a day. Additionally, when employees know about the strict implementation of the time and attendance rules of the company, they are compelled to be on time for work. This is a very important aspect of a company since increased employee productivity also increases company profitability.
If your company employs cutting edge tools in tracking employee time and attendance, it is a perfect antidote for preventing human errors. These errors have not been named human for nothing. Being imperfect beings that we are, we cannot guarantee that 100% of our work are perfect. And in this aspect in business, the slightest mistake can greatly impact a company negatively. Automated time and attendance tracking tools make payroll and other HR-related work more efficient and smooth, with less to no errors at all.
As mentioned above, accurate monitoring affects the legal aspect of a company. It ensures that employees are paid justly and rightly, with the evidence of the records, so companies have no fear of ever crossing the law.
Time and attendance tracking advantages is not limited to employer to employee transactions. It also provides one really good benefit to promote transparency in your transactions with clients. With accurate time tracking, you are able to provide honest figures of the chargeable time you have spent on a project and the number of people involved in it. Clients are ensured that they are being charged fairly. Additionally, you get to give a good impression to your clients.
This advantage is especially helpful to small and starting businesses. With the right time and attendance tracking tools, the business owner can now spend lesser time on it and focus on the other aspects of the business that needs improvement or extra attention.
Tracking the time and attendance (especially using clock in/out tool) does not just contribute in the growth of a business. It also grows with the business. It is as important to large businesses as it is too small and growing ones. It promotes an overall positive effect to a workspace and its employees, no matter what the size!
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace
And let us know how do you use time tracking solution to improve your company's efficiency!
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