As the old saying goes, time is the most precious resource one can have. As business owners or managers, we realize that time plays a huge role. Yes, your main goal as a company should be to accomplish as much as possible. But there is a thin line between managing time and killing it. You can't simply make your business grow "quicker" by cutting corners or lowering the quality of your work. No wonder many companies are adopting a new way of managing time with time management software.

This tool can help your organization if you discover it is not as effective and efficient as it could be. Is it worth the hype? Let's look at some figures and the advantages it has to offer.

What do the statistics say?

• Over 30% of professionals feel that manual time entry and data modifications are the two primarily time-consuming tasks, says a recent Deloitte report. The good news is that automated time tracking can recover more than $666,400 in annual earnings and reduce lost productivity.
• According to time management statistics from a recent poll, 43% of hourly team members confess to time stealing. These workers might take advantage of buddy punching, clocking in a little late, or punching out early!
• Approximately 34% of workers squander 2 to 5 hours weekly on pointless calls and meetings with no valuable input.
• Employees across the U.S. check emails and send/receive texts for roughly 28% of the utilizable time in a day.
• You will be astounded that 44% of workers take a break during their workday, and it takes them about 23 minutes and 15 seconds to refocus on the current task. Even then, many of them find it hard to return to their original task!

Reasons why time management software is worth it

• Timely allotment and completion of tasks

There is better distribution of daily tasks. The staff can even monitor the number of tasks that remain unfinished. The software also records how much time is spent on each task, preventing employees from spending too much time on a single task.

• Real-time insights

Time management software delivers real-time analyses of your employee's attendance; hours worked, assignments completed, productivity levels, and much more. This information provides a picture of what is going on in your business.

• Prevents time theft

Good time management software minimizes payroll fraud, especially for businesses that work on billable hours. The software also holds employers responsible for failing to follow the rules like overtime or specific statuses, as well as individuals who falsify their hours (e.g., assigning full-time hours to part-time employees).

Takeaway

Having said that, task management tools and solutions in business have grown significantly over time. From small businesses to notable players on an international and global scale, they have found their way to make the most out of time! If you have decided to start time tracking, get your hands on the best resource management software today!