Odds are, employee costs for compensation, taxes, state and voluntary benefits are the biggest expense in your company. Each employee hour has a cost and a time tracking tool can help you determine exactly how that cost gets spent. Do you know how your employees are spending your time?
Time is a perishable asset. A perishable asset is one that loses value over time. High-tech products that lose popularity quickly, hotel rooms that go unbooked, underutilized capacity, and time, are all perishable assets. Once past, these assets have no further value
Many companies will track time for payroll processing, to enforce attendance policy or to create customer invoices. All good objectives with real payback.
But it always surprises me that companies stop short of looking into the way time is spent in their organization, especially when a good time tracking solution can provide that insight. As a business manager, if you had a window into the actual use of employee time by project, client, task or location, you could:
If you look at time as a perishable asset, and have employee time tracking systems in place, you'll get a whole lot more value from your greatest asset.