Reducing expenses and maximizing ROI is the reason you hire the top human resources. However, if they are not doing their best, then you will not reach your goals. That’s why you implement time-tracking software. In that context, if you think that using employee monitoring software with screenshots maximizes return on investment or ROI, then you are partially right. However, properly using time-tracking software will. Thus this post. We are dedicating today’s article entirely to return on investment or ROI, which is what all organizations hope to become maximum for better growth and success.
What is ROI in Time Tracking Software Context?
When talking about ROI in the context of time-tracking software, or say, timesheet software, then it will be the financial returns, you gain by using the software against the investment in the application and how much it has improved your human capital. That is your employees in terms of focus, efficiency, productivity, and performance.
How to Measure ROI?
When it comes to software for tracking employee time, you measure return on investment a little differently. You scale this in terms of productivity boosts, cost savings, enhanced project management, and more employee engagement, which are the reasons why you invested in work-hour monitoring software.
Increased Productivity
The purpose of using time-tracking software for employees is to increase their productivity. So, this is the first value against which, you will measure the ROI. Furthermore, it is also measured against a certain usage time. For example, a week. Here, there are three scenarios.
- If your employees’ productivity increases, you receive high ROI.
- For no productivity boost, there is no ROI.
- If the productivity decreases though (in the rare case that you chose the wrong software), then it’s negative ROI.
Cost Savings
Another factor, which is linked to more productivity is cost savings. Using time-tracking software properly ensures that you don’t have to hire more employees for more productivity. Instead, the software improves the focus, efficiency, and productivity of your current team, ensuring that you save additional expenses on more labor.
Improved Project Management
Another advantage of using software for time-tracking is improved project management. This is an indirect ROI. How?
- Enhanced project management ensures timely project completion.
- It eliminates rework, saving time for other essential tasks.
- Features including automated timesheets and task timers improve your employees’ work focus, efficiency, productivity, and performance.
If all this continuously happens, then you earn more clients. Since more clients bring more projects, you get more return on your HR investment.
Enhanced Employee Engagement
Employees engage and dedicate more towards your work when their focus and efficiency increase. It’s due to the sense of self-satisfaction, which leads to more enthusiasm. Overall, you keep getting more and more return on investment.
Strategies for Getting Maximum ROI
So, now you have your measuring scale for maximizing ROI with time-tracking software, let’s get right into some strategies for it. This includes training and onboarding employees to use the right software, which will give you accurate data for decision-making, continuous monitoring, and adjustment.
Choosing the Right Software
The first step is to always choose the right time-tracking tool. Here, it’s never about getting maximum features but the features that match your requirements.
Training and Onboarding Employees
You will also require training your employees to use the software. It’s because not all your employees are tech geniuses. Plus, understanding the software better ensures your employees get all the advantages.
Continuous Monitoring and Adjustment
Not only do you need to monitor your employees but also track the time tracking software for whether it’s meeting your expectations or not. We also recommend adjusting the usage for better output.
Leveraging Data for Decision-Making
The time-tracking software can only give you accurate data. However, if you don’t use the data, then you can’t expect any ROI. So, the most important strategy is to use the performance values to get the maximum benefits in terms of ROI.
Conclusion
With that, we wrap up our article on increasing ROI with employee time-tracking software. To summarize, ROI in terms of time-tracking or employee monitoring software is the returns you gain against the investment in the software and how much it has improved your human capital. This is in terms of cost savings, increased productivity, and improved project management and employee engagement. However, implementing strategies to maximize ROI is also essential. The first step to which is selecting the right software. Here, we recommend DeskTrack as the best.
