Add in costs for compensation, federal, state and local taxes and other benefits
and I’m fairly certain that employee costs are the single biggest expense for most companies. Every hour that your employees spend working has a certain cost attached. Do you know how your employees are spending their time? Are you able to track what unproductive tasks are sucking time away from your employees?
A good time tracking tool that is simple and easy to use by everyone in your company will help you answer this question. After all, time is a finite quantity and you would really want to know where that time is being spent. While the underlying reason for time tracking for most companies is easier payroll or faster billing, a good time tracking solution can actually give you a lot more insights into your business. As a manager, if you could get a clear view into the actual use of time by your employees, you could do a lot more analysis.
- Are your employees spending a lot more time on unproductive meetings,
administrative tasks rather than on revenue generation tasks like sales or customer service?
- Can you identify opportunities to improve processes such that you can reduce costs and increase customer satisfaction?
- Compare actual time spent on a project vs the initial time estimates that you made. Are your projects actually profitable?
- Can you make your estimates more accurate? Can you identify scope creep and modifications to project scope?
- How about increasing employee satisfaction by removing unnecessary tasks and steps?
- Can you move resources from under-worked teams to overworked teams?
When you begin to track employee time at a granular level and have a base of actual data to analyze, you’ll definitely find areas that you can improve your processes and cut costs. While at the same time, improving customer and employee satisfaction.