Time Tracking is becoming more and more common in organizations, but very few companies understand the tools they need to help monitor staff. This Time Tracking Software covers the KPIs typically used by companies. We've taken the most popular ones and created a software package that helps organizations measure and manage their staff's time effectively.
Establishing key performance indicators (KPIs) allows a company to track and achieve progress. The recent growth in the development and adoption of time tracking software has greatly simplified business management. If you're thinking about getting time tracking software for your company, here are some time tracking software KPIs to keep an eye on.
Top 5 Time Tracking Software KPIs to Monitor Employees
1. Productive Time Per Day
You can use time tracking software to keep track of how much time team members spend working each day.
This type of software gives you access to each team member's historical productivity data, allowing you to understand their consistency in performance over time.
2. Absence and Overtime
Absenteeism and job satisfaction are inextricably linked. One team member failing to show up for work is a problem for the company and everyone else on the team.
If a team member falls behind, the entire team's productivity suffers. You can easily track absenteeism with feature-rich employee monitoring software.
See more: How time tracking software beneficial for students
3. Earnings Per Employee
Revenue per employee estimates how much one team member brings in for the company. While the metric can be used during a team member's yearly performance appraisal, it can also be used to benchmark the entire business.
Salim Ismail explains in his book Exponential Organizations that linear organizations have a linear function of employees and profit.
4. Profit per person:
The profit per person indicator calculates the average profit made by a team member for the company. You can calculate it by dividing the total profit of the company by the number of team members.
This KPI is most useful for businesses that outsource work to freelancers or hire remote workers and don't have a lot of in-house costs.
5. Return on Human Capital
Human capital ROI is not as simple to calculate as other metrics. The use of this time tracking software KPI is based on Jac Fitz-enz The ROI of Human Capital.
It evaluates the worth of human capital, such as knowledge, habits, and characteristics.
ROI on Human Capital =
Revenue of the company operating expenses compensation benefit-cost / Total compensation+benefit cost
Wrap Up
It doesn't matter if you're counting people in or hours worked, your employees need to track their time. These are the top 5 Time Tracking Software KPIs to Monitor Employees for their success, and it's an essential part of overall employee effectiveness.
For establishing new goals and assigning measurable targets. Reduce errors, increase efficiency, and enhance overall productivity. Read the Top 9 Time Tracking Software KPIs to Monitor Employees article for more information.
