Did you know that the labor market is remaining tight even though unemployment is below 3.5% (a 50-year low)? Experts say that modern employees are working fewer hours per week than the economy is accustomed to.
You may be asking yourself how full-time employees are working fewer hours per week if the standard contract is for a 40-hour work week. Flexible hours contribute somewhat, but the age-old practices of time theft and the new quiet-quitting iteration are also still at play.
Luckily, with a modern time-tracking app, you can easily solve these and other problems. Keep reading to find out more.
1. Improve Report Accuracy
The question of how to track employee hours accurately has a technological answer. Online timesheets and time-tracking apps are more difficult to confuse because each employee checks in on their own and the data gets captured automatically.
There are even types of time tracking that use GPS tracking to add an extra layer of accuracy.
2. Making Scheduling and Calculations Easy
Many companies have workforces made of full-time, part-time, freelance, and other types of employees. Keeping track of everyone’s hours and required payment in these scenarios can become tricky.
This is made simple with an electronic timesheet. You can create predetermined categories for employees, set rules and calculations that govern how their hours and pay are recorded, and let the time-tracking program do the math for you. You can even optimize your workload distribution with advanced scheduling features.
Though this removes some manual busywork from your admin staff’s lives, a vigilant eye to double-check the reports is still good to have.
3. Improve Transparency
The trend across recent analysis is that time theft is costing the average business 4.5 hours of productivity per employee every working week. The main drivers of time theft are buddy punching and dishonestly overstating hours worked, and both are fraudulent.
The best time-tracking app to combat these factors will be one that requires individual ID. This can be a digital key, fingerprint, or facial recognition. Simply having each employee clock in for themselves alone drastically improves transparency in your workforce.
4. Reduced Costs
When your administration is doing less manual data capturing, and your management has to do less micro-managing, you no longer incur the opportunity costs of those activities.
Since electronic time-tracking has a higher degree of accuracy, you also end up spending less time balancing books and checking for errors when you do your recon. The boost in efficiency may even lead to higher future earnings.
Get the Best Time Tracking App Today
Older analog and manual entry time-keeping systems are more vulnerable to mistakes and abuse and are slower even when they’re 100% accurate. Moving to an online time-tracking app is a great way to boost your business’s efficiency as it would eliminate many of these weaknesses.
Tracking employee hours with a program or app improves your reporting accuracy and your business’s efficiency. It also helps curb dishonesty and gives you peace of mind.
If you want to reap these and other benefits, upgrade to online time-tracking today. View our range of time-tracking offerings and see which one fits your business today.