Unfortunately for companies and corporations, time remains one of the most wasted resources in the business world. According to Harvard Business Review, the U.S. economy alone is losing about $7.4 billion dollars per day due to lost time. A number so large probably seems unrealistic at first glance, but the services economy is large and highly valuable. Just a few minutes slipping through the cracks per day per employee adds up to that $7.4 billion figure.
An effective time tracking strategy can help you capture more of this lost time. If you’re looking to implement time tracking across your company, we recommend the following tips.
Communicate To Your Employees
Imposing time recording software on your employees without clear reasoning and explanation for doing so could gradually breed a culture of suspicion. We all know you have positive intentions in mind by implementing timesheets, so let those be known! If you want positive results, you have to make sure everyone understands the core benefits of time tracking not just to the company, but also individual employees. Check out a post we wrote here that dives into the details on this topic.
Establish a Process
To making time tracking meaningful, you’ll need to track that time towards projects. Therefore, make sure you have established a structured system encompassing all of your clients, projects, and task categories. Rather than only using this time to bill, track this time against project budgets to get insight into the health of those projects in real-time. Many time tracking systems allow you to do this.
In addition, try and make sure that it’s company policy that employee time clock entries are completed by end of day or end of week (at latest). This will make sure that data on your projects is at most only a week old.
Keep It Simple
To the best of your ability, keep the hierarchy of your time entry as simple as possible. Do you really need to bill to the client, project, task, and sub-task level + add a description? Probably not. If anything, this is the cause of your time tracking woes. Not only does this make time entry more difficult, it is also a strong contributor to the fact that time tracking is inconsistent across your company. If you find you’re frequently telling people that they’re billing the wrong project or code, you may want to re-assess the structure of your time entry hierarchy.
Choose a Modern Solution
Don’t put any roadblocks in the way of your employees who need to log their time. Thus, make sure the solution you choose is modern and intuitive. Make sure the user interface is well designed and responsive. In addition, make sure time can be recorded across mobile and desktop devices.
What we’ve just proposed are a lot of guidelines. Guidelines will improve time tracking compliance, and we even encourage it, but they will only get you so far. At the end of the day, the root of the cause - how hard time tracking is itself - will still weigh down your time tracking efforts. Timesheets will still be the bane of many people’s work day.
Although we’re biased, we think that the only way to counter this is to leverage an effective time recording software to comprehensively and accurately track time across your entire organization. Here’s how to do it:
Leverage Automatic Time Recording Software
If you want to attack the root cause of the problem, you’ll need to implement a solution that fundamentally changes how time is tracked. Allocate’s AI-Powered timesheets do just that.
A lot of people are already using data about how they spend their day to create their timesheet. Allocate does the same, but makes the whole process more accurate and more efficient by employing artificial intelligence. We won’t go into too much detail here, but if you want to learn more, check out this post on how AI-Powered, Automatic Time Tracking can help you capture more billable time.
Hopefully this post helps you implement time recording software at your company. Employee time clocks haven’t evolved in decades - do you think you’re ready to bring your time tracking into the 21st century?