And when they need to get paid, you want to be sure everyone is earning as much as they worked. When your staff works by the hour, especially when you account for overtime and/or time off, it can be easy to lose track of who did what and for how long. Paid timeĪmong different types of employee compensation (hourly, salaried, commissions, and bonuses), hourly is the one that demands time-tracking for financial purposes. Let’s take a look at the importance of time tracking in this instance. The first big reason for time tracking is to provide fair compensation to employees with hourly wages. Afterward, we will see how it helps with productivity, project management, workload management, etc. When employers track time, they mostly do it for two reasons:įirst, we will discuss why tracking hours worked matters when it comes to paying your employees. Here at Clockify, we’ve compiled a list of reasons why you specifically should track time, and some methods to get you started. And so, to avoid any productivity disasters, CEOs and employees together need to get used to tracking time. There will be more overtime, overlaps with workforce management, time theft, wasted hours, and much more. ![]() Which means that productivity will suffer, one way or another. It seems the remote work practice is here to stay, at least for a while. It sounds ominous, but simple solutions, like time tracking, can cushion the blow. Stanford economist Nicholas Bloom saw this as a rising problem, saying it will “ create a productivity disaster for firms”. Work from home might as well become a reality for the greater population, considering how the Covid-19 pandemic suddenly shifted the landscape earlier in 2020.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |