‘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. So, whether it’s investing time understanding clients, or spending time reviewing your team – or reporting on time wasted – business is unquestionably ‘All About Time’.
All businesses are focused on profitability and continued growth. Is this possible if an organization does not realize the importance of time management? As the saying goes, ‘What cannot be measured, cannot be improved’. Hence an efficient and effective time management system is a basic need for any company.
It not only will bring some structure, but also brings accountability to take critical decisions. It’s the enabler to track utilization of resources allocated to a project and profits that are being yielded. It brings in a transparency when it comes to raising invoices for customers.
Maintaining regular timesheets is a discipline that’s built with regular practice. Any amount of effort that cannot be measured in terms of data is worthless. Managing a successful project is not only about reaching the end goal, managing the workflow is equally as important.
Implementing a system to manage timesheets and projects provides resource leveling and better workflows for project contributors and managers. Apart from helping you to analyse how productively your employees have been spending their time, you also gain insights into what tasks should be prioritized based on the urgency and criticality to the business.
Timesheets as a business tool are also great for measuring productivity and to ensure accurate payroll.
It is however equally important to remember that in most countries keeping employee timesheet is also in fact legislation. The Working Time Directive 2003/88/EC, is a Directive of the European Union. It gives EU workers the right to:
- 4 weeks in paid holidays per annum
- Rest breaks, and rest of at least 11 hours in any 24 hours;
- Restricts excessive night work
- A day off after a week’s work
- Provides for a right to work no more than 48 hours per week.
In the US, federal laws require employers to keep minimum timesheet records of the hour’s employees worked to ensure compliance with minimum wage policies for hourly work. Even ‘exempt’ workers can still be requested to record hours worked for resource allocation reasons.
Accurate and updated timesheets can come to your rescue as legal documents in the event of litigation. 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.
Becoming compliant under the Working Time Directive is not something that you should be fearful of. If you have a good HR system you will automatically become compliant. It’s not necessary to purchase hardware as an online system will suffice. A computer with internet is sufficient to operate a time tracking system.
Online timesheets work easier and faster – and reporting is always readily available.
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