Being a business owner or manager means you frequently have to make high-level decisions that consider both the well-being of your employees and the business. Modern online time clock software has several features and benefits that can help to make those decisions easier and can lead to more informed decision-making in terms of your business.
Let’s take a look at some of the information that employee timesheet software captures and how it can help you make better business decisions.
Provides Insight into Staffing Projections
Not adequately maintaining or understanding staffing levels can make or break a business. Online time clock software allows you to monitor and adjust staffing levels in real-time, making adjustments as needed to address critical demand or staffing shortages. Making these changes in real-time allows for a more fluid and adjustable work environment and enables your business to capitalize on business upticks appropriately.
If overstaffing is an issue, you can adjust hours and make cutbacks to avoid overpaying on labor when business is slow or when fewer employees are necessary. This makes your company able to handle downturns more effectively as well. Knowing when to adjust staffing levels to suit your business is key to making better business decisions.
In businesses that rely heavily on accurate bidding and accounting for labor costs, such as construction, it allows for more precise staffing projections by referencing past data. This will enable you to bid better in subsequent jobs and more accurately account for the time necessary to complete a job and properly estimate labor costs and necessary staff levels. Accurate job costing through online time clock software leads to lowered expenses and increased profits, both of which are better for your business.
Allows You To Track And Address Absenteeism
Absenteeism can be a very detrimental problem for any business. Not only does it diminish staffing levels, which lowers productivity, but it can also negatively impact employee morale. Reduced employee morale results in decreased employee performance or even workplace disputes. This is particularly true if productive employees see their colleagues that are frequently absent get away with it without any repercussions.
Web based time clock software allows managers to address absenteeism among the workforce by monitoring attendance in real-time and noting the absences. Most online time clocks have functions that will notify managers when an employee misses a shift. Prolonged absence may require intervention and even punishment.
Conversely, suppose the problem is related to a personal issue on behalf of the employee. In that case, managers can adjust that employees’ schedule and better account for employee preferences when they may be unable to accommodate their regular shift. Additionally, this will reinforce a positive work environment and improve employee morale and productivity by fostering a more team-oriented workplace.
Enables You To Monitor Overtime Expenses
Overtime expenses can damage the profitability of your business. Not only that, regular overtime can be a result of staffing and productivity issues. Online time clock software allows you to monitor employee overtime and account for the expenses incurred.
It also allows you to monitor employee workloads to see where their overtime is coming from and why. Having a high-level view of overtime incurred will enable you to make adjustments to avoid overtime when unnecessary. In cases where staffing levels are too low, you can call in more help in real-time or adjust company hours to handle the overages.
However, if the overtime results from employees not completing tasks during regular hours, it facilitates monitoring employee productivity and holding them accountable for that lack of production. By monitoring employee productivity through clock in and out software, you can make sure employees are handling company business while on the clock and not committing time theft or handling personal business on company time.
This will improve profits, reduce labor costs, and improve your business’s overall health, leading to a more stable and successful business.