Every company tries to utilize all its resources to the fullest. Yet, many forget about the most important resource that we have – time. I cannot stress enough the importance of proper time management and the benefits that come with efficient time management.
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The moment a company starts using time management software, the workday seems to magically increase by a couple of extra hours! It does not only saves a lot of precious time but also gets more work done in a lesser amount of time.
The benefits of time management software are huge! An increase in efficiency improves productivity, brings in more profits, leads to better utilization of resources and enhanced absent management.
What does time management software do?
Before we find out how you can use time management software to your advantage, let us talk a little about what it does.
Time management software is a computer application that enables you to manage time. One can allot tasks to various employees and set a deadline for completion. They can also record the time taken by each employee to complete their tasks.
This software becomes especially useful when working with freelancers or workers paid on an hourly basis. You can also integrate your time management software with other third-party software like CRM software, project management, documentation, etc.
Moreover, time management software also analyzes the data it records. It performs this analysis based on various parameters and provides performance reports on all users. For example, if one employee takes twice the time taken by another for performing a similar task, then the manager can confront him about his inefficiency and push him to perform better.
Real-time benefits of time management software
Now that you have a basic idea of how time management software works, let us look at how you can use this software to drive up the profits of your business.
1. Keeps track of employee attendance and prevents absenteeism
Keeping an accurate record of employee attendance is extremely important for any business. Having software that accurately maintains these records is a blessing. And when the employees know that their attendance is being closely monitored, they are less likely to skip work.
Suppose an employee comes to work daily but hangs around near the coffee machine all day instead of working. How do you find out the number of hours he is working? This can also be done with the help of time management software that records the number of hours employees spend working.
Thus, one of the major benefits of time management software is that it maintains the punctuality and sincerity of the employees. It accurately records and shows the number of hours and days worked by each employee.
2. All tasks are assigned and completed on time
During peak business days, all employees work in a frenzy. They don’t have even a single moment to spare and organize their thoughts. In such cases, many tasks are forgotten and do not get completed on time. This is where time management software comes to the rescue.
Using this software, tasks can easily be assigned to all employees. The employees can also monitor the number of tasks that are yet to be completed. The software also keeps track of how much time is being spent on a task. This way, employees do not devote too much of their time to a single task.
Thus, this software will be your employees’ best friend during rush hours. Even during days when business is slow, time management software helps the employees stay organized and focused and ultimately leads to a significant increase in productivity.
3. Employees can view and manage their schedules
Many employees are not able to keep proper track of their vacation days. Sometimes they may unknowingly take time off even after exhausting all their paid leave days. Getting time management software gives your employees a chance to view their schedules and manage them without any confusion.
Using this software, your employees will be able to keep track of their vacation days. Moreover, they will also be able to align their off days with their schedules and take time off when they do not have a lot of pending work. Also, when one employee is taking leave, you can transfer his tasks to another employee who has a light schedule.
This kind of self-service software empowers the employees and makes them in charge of their schedules. This will prove to be highly beneficial for the business as well because employee vacations will be less likely to clash with hectic workdays.
4. Prevents fraudulent attendance entries and payroll abuse
A lot of businesses suffer due to some dishonest employees who fabricate their attendance hours and propagate payroll abuse. It is not uncommon to find another employee punching in and out for a friend and receiving similar favors in return. Such malpractices can eat up your company’s resources from within.
Time management software offers an easy solution to this serious problem. The software will not only integrate with the attendance system to record time-in and time-out of employees but will also track staff work hours in real-time. This is one of the very important benefits of time management software.
Payroll abuse and attendance fraud should have strict policies against them. Such employees rob the company of a lot of money and undermine the authority and honor of the founders and owners. Time management software proves to be a good investment when it comes to preventing such misdemeanors.
5. Provides real-time analytics
The world is currently dominated by big data analytics and data mining. Collecting data, organizing it, and extracting useful patterns out of it has become a billion-dollar industry today. Your time management software does all of this for you for a nominal fee.
Time management software provides real-time analytics of the attendance of your staff, the number of hours they are working, the number of assignments they are completing, the efficiency with which they are working, their productivity levels, and much more.
But why is collecting data and analyzing it so important, you may ask. It is because this data paints a picture of what is happening in your company. They present hard facts and figures to point out the problem areas in your business. Moreover, they help you make informed decisions that are most suitable for your company.
6. It boosts employee morale and productivity
How will you feel if you are an honest worker while your co-workers regularly miss shifts, but are paid as much as you? Or if you complete all your assignments on time while your co-worker slacks off for the major part of the day, but your efforts are never noticed or acknowledged?
A business can only be profitable and function efficiently if the employees work with motivation. However, when such unfair treatment is meted out to employees, honest and hard-working employees lose morale, and the overall productivity dips. Moreover, it is grossly unjust to let a few employees bear the burden of the entire work while others are out having fun.
Time management software closely monitors the actions of every employee in the system. It neither fails to call out lazy workers nor forgets to reward honest ones. At the end of the day, the software will know exactly how much work was done and by whom.
Thus, it promotes an environment of equality and does not let any employee get away with slacking off. Moreover, it also brings the hard-working employees into the limelight and gives the senior staff members a chance to acknowledge and reward their good work. This boosts both morale and productivity in the workplace.
7. Time management systems are customizable and scalable
The last in the list, however, a very important benefit, is that time management systems can be easily customized and scaled. You can choose from a wide array of features and pay for only the ones which you require. You can also get add-ons and extensions any time that you want!
As your company grows, the system will also grow! Time management systems can be scaled easily without any hassle. When the workforce increases beyond a limit, it becomes difficult for HR to handle the payroll and attendance of employees manually. But a time management system can deal with N number of employees without any issues or errors!
In today’s world of technology, everything is slowly going online. The time has come for the to-do lists of your employees to go online as well! The benefits of a time management system far outweigh its costs. Every penny that you spend on this software is worth it and will come back to you in one way or another.