Four Signs You Need to Invest in Time Tracking Software
Technology has changed the way many businesses operate on a daily basis, and this includes keeping track of the hours each employee works regularly. The traditional method that businesses used for decades was a written timesheet. At the beginning and end of each shift, employees would log their hours. This was later replaced with a punch card system. Now, time tracking software is available. These are four signs that it is time for your business to upgrade to the latest technology.
1. You Are Concerned About Timesheet Theft
The traditional methods associated with a punch card or timesheet operate on a level of trust. You cannot observe each and every employee tracking his or her hours. Some employees take advantage of this, and they ask other employees to clock them in or out so that they can arrive late or leave early. This is a form of theft because the employees are getting paid for hours they did not actually work. This can cost you money, and it can be prevented through the use of the right software program.
2. You Need to Control Overtime Compensation
You may have a policy about paying your employees overtime only when it has been pre-approved, but when they turn in a card or sheet that shows overtime, you must pay them for hours worked. Software programs allow you to monitor hours worked on a daily basis. Some programs will even send you alerts or notices if an employee is approaching overtime hours so that you can take appropriate action.
3. You Struggle to Monitor Absences and Tardiness
When you run a very small office with a handful of employees, you may easily notice when someone is constantly coming in late or calling in sick. When you have hundreds of employees, however, it can be very difficult to observe this regularly. Tracking software has reporting capabilities so that you can determine which of your employees have a tendency to come in late, leave early or call in sick.
4. Reviewing Timesheets Weekly Is Too Time-Consuming
As part of the payroll process, you or your HR team must carefully review each sheet to ensure that the hours are correct and that the sum of the total hours worked is correct. This can take a considerable amount of time and effort. When you use the right software program, this process is automated. You or your team may save numerous hours each week as a result.
While there is a cost associated with investing in this new technology, it can save you money and effort in various ways. Now is a great time to begin exploring the features in various programs and to implement the program that is right for your needs.