Can Employee Timesheet(s) bring value to business ?
‘Time is money’, this probably one of the most frequently heard statements in the corporate world. The biggest asset besides manpower in any business is time.
Every company wants to know whether their employees are all working effectively and productively each day for the benefit of their business. As company grows it can be more difficult to keep track of where people are spending their time.
The worst scenario could be that company fails to understand the time spend by their employees on each project and may affect the profitability and productivity of the company. Employees are stretched so is the work, no one knows where the time is flying by, with little accomplishments.
To overcome this issue, you may need to ask your employees to fill the timesheets each day, so that can they can log the work on hourly basis for each project. Apart from helping you to analyze how productively your employees have been spending their time, you also gain insights into what tasks should be prioritized based on the urgency and critical impact to the business.
Timesheets are the best and simple solution for the growing companies and will help to increase the productivity. You should have a good HR System that will allow you to present all the hours that an employee has worked and ensure that these timesheets are completed by the employee, a good reporting function is key here.
Some of the benefits of maintaining the timesheet include:
- Keeps the employees focused on their work and reduces distractions. It creates a sense of being self disciplined as the data is readily available even to the employee on a daily basis.
- Tracking the project hours of a team becomes easy with daily timesheet and taking steps against delaying factors will increase the team efficiency.
- A daily timesheet lets employees and managers overview their working time on a project and enables them to improve their time management skills.
- The ability of daily timesheets to track project hours makes the process of identification of billable hours easy.
- A daily timesheet allows the company to forecast the requirement and eliminate overtime costs and save wages from increased productivity.
It’s not necessary to purchase hardware as HR Chronicle will suffice. HR Chronicle has a strong time management tool, where employees can fill their timesheets on daily basis and send it for approval to their managers. Managers can view the timesheet of the employees and take necessary action on the time spend. However HR will have full control of the timesheets and can generate the various timesheet reports based on employee-wise or Project-wise.