They say time is money, and when it comes to a business that’s truer than most realize. Not convinced? A recent study found that employers spend $759 billion each year on paying salaries for hours that contain no actual work – in short, employers are paying people to work but not getting any output from them.
Time Leaks And Wasted Time
Wasted time is one thing, but another thing that needs to be considered is that of the ‘time leak’. This is essentially the opposite of wasted time from employees – it’s actual time that your company could be billing a client but that isn’t counted.
Time that isn’t logged or billed by your team is actually directly related to wasted time – hours that you notice aren’t being billed could also mean that your employees are wasting time instead of doing work that could be earning your business money. And when you consider that 31% of employees waste about an hour a day, that money can add up.
Keeping Tracked Time From Vanishing
Luckily, it’s much easier to stop time leaks than you might think. A few basic steps can have a huge impact on your ability to stop these time leaks and maximize your company’s profit. Here are some of the main things to think about.
- Better Training – It all starts with training your employees properly. Explaining the different facets of the job and providing your employees with the knowledge that they are expected to turn in all of their billable hours – and how to do it – could help.
- Time Tracking – Using IT solutions that include time tracking software can help as well. You can even implement reminder messages to techs making sure that they log their hours each day, complete with a reminder about the consequences if they fail to do so.
- Mobile Connectivity – Sometimes, hours just aren’t logged because the employees aren’t near tools that let them do so. If you invest in the right mobile tools you can let them track their time no matter where they are.
- Reports and Analytics – If you use the right software solution you can actually see where time is being used and what problems may be occurring with it. Using the data can help you address problems and ensure that your team is delivering their all.
These simple steps are all it takes to make sure that your business doesn’t lose hours and that profits remain as high as they possibly can be. The right tools and technologies can help even further.
A Solution For Time Leaks
One of the best ways to make sure your company stays profitable and that not a single minute is wasted is to harness the power of modern technology. And at Avetta Global, we can help. Our IT solutions make it easy to stop time leaks and ensure that your team is giving you their all – without imposing on them.