Time theft is a common modern business problem. Yes! It does occur. This blog would be focusing on how to detect your employees committing time theft and how to avoid it using time tracking solution. So, how to put an end to this problem using a time tracking software?
Read along…
Employee time theft could be very expensive due to difficulty in detecting it. Before you find it and curb it, employees have had already made the damage (unknowingly or knowingly).
What is Time theft?
In its simplest, time theft is miscalculation of hours and worked minutes of employees. When employees get paid for wrong hours it is known as time theft.
This is very common in terms of remote working. Employees who are not visible to HR or provide working hours and timesheets remotely, are difficult to track manually. Traditional time tracking and payroll tool brings in lot of challenges to human resource management.
Due to false hour data, business tends to pay a hefty expense in return. Do you know around how much companies lose on such errors? Studies have proven that time theft and calculation errors cost around 50 billion dollars to businesses every year. Hard to swallow, right?
What could be done to prevent?
Time Tracking Software it is!
Define – Time Tracking software
An automated time tracking software is a system that helps you track hours and work easily. Humans need not worry about report and calculation. And, yes, manipulation is not easy with such tools.
That means, time tracking software brings you fool proof data and prevents instances like time theft. Online time tracking helps you receive data on your mobile device and keeps you updated. The software also helps you track your employees down using the fencing feature.
Here’s a quick glance of features and benefits of Time Tracking Software:
Accurate billing
Employee time tracking system allows you to record billable hours to make it easier to invoice your contractors and employees. All payee with different worked hours is eligible to receive accurate pay. Detailed timesheets make it very easy to calculate final amount (considering the set deductions).
Informative reports assure on accuracy and helps you prevent errors.
Streamlined payroll
A traditional payroll process involves a lot of manual intervention like manually calculating parameters and filling sheets. Manual collection of time cards from departments and calculating final amount makes it very critical and prone to expensive mistakes. This would be liable to penalties.
Time tracking software can make your time collection and payroll very easy and keep errors at bay.
Insightful analytics
Most time tracking tool hold the capability to convert task timelines into visual data. How much time did it take to complete the task and how was that time spent, everything can be easily viewed through the dashboard or downloaded reports.
Assisting yourself with a dedicated time tracker can make an HR live easier.
Team workflow
The advantages of a time tracking solution do not limit to clocking and reports. One of the special perks is that you can monitor all the meetings, project tasks, and client sessions that happen. As such, it gives you the opportunity to analyse the team workflow and look for loopholes.
If an employee had to submit a project in 48 hours but it has been already 72 hours. The software helps you know this. Hence, you can try to solve this with possible solutions. This will further improve team workflows.
Efficient workforce
Summing up all the above benefits and features, an intuitive time tracking solution proves to be a great asset to teams and businesses.
Total consumption of working hours can be studied and improved in future to improve efficiency. Thus, the effective workforce and improved deliverables.
What are other ways at preventing time theft?
- Improve Employee Morale
- Avoid Micromanagement
High employee morale
Discouraging time theft is very important for every business concern and HR. Initially, best tip to improve time tracking and lower time theft issues, invest in employee morale and motive them.
Show them your trust and build a motivated workforce to make them respect your time rules and policies. Aside from discouraging time theft, businesses with highly engaged workforce have reported lower time theft cases.
Adding to it – employee relations and some positive actions have long lasting effects. Such behaviours go long way down. So, why not invest some time and effort into building a motivated and respectful workforce.
Avoid micromanaging
The role of HR is to ensure everything is on track and running smoothly. Checking whether time tracking is effective or not. Checking team’s progress and time consumption is important for team leaders.
So, make a not of them. Check in. Do not intervene. Micromanagement is always hated by employees. Checking on your team may make them micromanaged and that’s exactly where you lose. This will definitely bring down their performance. Try to find out cause instead of trying to correct them directly.
Make your employee feel believed and trusted. Avoid creating conflict at management and build better time policies to avoid thefts. A motivated and respected workforce will themselves respect the time policy and such issues will go down.
Do not try to catch the loop hole. But, improve the source of cause. Remember – relations and trust is everything.
Summing it Up
Time is money!
Investing is tool which can save you time and perform itself can be the right solution for you. Time tracking software is one such pick for an SME or performing business.
A cloud based solution can be extremely beneficial at times of reporting and remote managing. During remote workforce management, it can be your best asset to deliver right time sheets and decrease time thefts.
Hope the blogs helps!
Thanks for reading. Happy time management!
Author bio-
Ritik Singh writes about HR software in India, cloud, and enterprise technology. A dynamic content writer who writes for Pocket HRMS, a leading provider of cloud-based HR software with inbuilt AI-powered HR Chatbot (smHRty) to small and mid-sized businesses across India.