Did you know that companies lose at least $50,000 per employee every year on untracked time? According to a study by Mckinsey, employees spend 42% of their time reading and answering emails, collaborating, and communicating internally. The hours spent on these tasks are often unmonitored and therefore, unbilled. As a result, businesses shoulder the costs …
Why Is Time Tracking Important? 8 Benefits You Need to Know Read More »
Within the many intricacies and moving parts in business operations, managing labor costs is a strategic imperative for success. The ability to monitor and control labor expenses in real-time is akin to holding the reins of profitability. Based on industry averages, the percentage of your operations cost that can be allocated to payroll is 20% …
5 Tips for Real-Time Labor Cost Management and Efficiency Improvement Read More »
In this article, you’ll find: Relationship of Time Tracking with Project Management 5 Steps on How to Implement Project Time Tracking Introduction Efficient project management is an essential element of any successful enterprise. It is the most fundamental aspect that dictates the successful completion of a task or project. Effective project management is a key …
Project Time Tracking is Important – Here’s How to Do It Right Read More »
In this article, you’ll find: Definition of Task Time Tracking Benefits of Task Time Tracking to Your Business Step-By-Step Guide on How to Implement Task Time Tracking in Your Organization Introduction Time tracking in its manual, paper form has been around since 1888 when the first New York-based company developed a “time recorder”. In its …
Here’s How You Can Track Time Spent on Tasks – Task Time Tracking 101 Read More »
Currently, 72% of companies worldwide have already embraced hybrid and remote work models. As this number continues to grow, the demand for employee time tracking and monitoring methods is predicted to further increase as well. In fact, three out of four employers and managers utilize monitoring tools to oversee their teams. According to the same …
What Managers and Business Owners Get Wrong About Employee Time Tracking Read More »
Understanding and calculating labor costs is fundamental to financial success. Accurate labor cost calculations not only aid in budgeting and project planning but also contribute to overall profitability. According to a research study from the Project Management Institute, efficient management of labor costs is directly linked to higher project success rates. This only emphasizes the …
How to Calculate Labor Costs: Tools & Techniques for Efficiency Read More »
