Easily the lowest hanging fruit for companies looking to boost profits, online time clock software is a modern twist on old technology. In 1888 Willard Legrand Bundy invented the first time clock. Within a year he was mass-producing them out of his jewelry store in Auburn, New York. This gave management their first opportunity to automate employee hour tracking. They were so popular that by 1898 there were over 9,000 Bundy Time Records sold and in use in the U.S.
While it proved a good cost-saving measure, it also quickly proved subject to abuse. Thus was born the practice of buddy punching, wherein employees would clock one another in and out to boost their number of hours worked artificially.
Modern Online Time Clocks
Useful technologies evolve, though, and the current standard is a software-based online time clock. This largely stops the issue of buddy punching, allowing companies to get every hour they pay for out of their workforce. It also adds the ability for management to actively and accurately track hours in real-time, handle efficient employee scheduling more smoothly, and assist with both cost projections and resource management. The hours saved by using an online timecard system directly translate into greater profits and lower margins for a company.
Cost Analysis
There are two things that a company needs to do to stay in business: Produce a product or service that is needed and deliver it in a cost-effective manner. Online time clock software can assist management in determining the real costs of their products and services so they can isolate and focus on what aspects of their business generate the most profits. The ability to find these services can become even more crucial when a business is forced to downsize or choose an area of specialization.
Resource Management
Most of those in a managerial position would admit that the only thing worse than not having the right talent is having it and wasting it. Modern software tools allow management to see where their talent is and what projects will be taking up most of their time. This allows management to more intelligently and decisively use their human assets in places to maximize their effectiveness.
If a senior developer is spending an unnecessary amount of hours on a project when they should be focusing on higher-level projects, a junior employee could take over. At the same time, a needed project languishes elsewhere for lack of man-hours, this costs a business money. Delays are lost revenue. An investment in good online timesheet software can be essential in mitigating these issues by deploying an available workforce more intelligently.
An Investment in a Company’s Greatest Resource
Finally, good time clock software helps in employee retention. Keeping employees content can protect a company from one of its greatest enemies: employee churn. Time clock software can have a positive impact on your workers’ environment. Being able to reserve vacation time equitably is just one example of something a software system will allow your business to achieve.
It will also help you avoid employee burnout. Burnout commonly happens when management overutilizes staff, either by working them too many hours repeatedly or scheduling them for too many swing-shifts, which can impact their health and performance. By using an intelligent scheduling software tool, management can recognize the patterns of burnout before they begin to take a toll on staff. This can be a vital part of keeping employees happy with their work and keeping them from leaving to find work elsewhere.
At the end of the day, employee retention is a vital part of keeping a company profitable. So, keeping employees happy means greater profits for the company.
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