Companies that don’t efficiently keep track of their employees’ time are at risk of losing harmful amounts of money every pay period (hint: use our savings calculator to find out how much you could be losing). For many businesses, these hidden costs can really strain budgets and even lead to skimping in other areas.
Here are just a few places you could reinvest that capital in once you stop losing every time you cut checks to your employees.
Better Training Programs
One option is to reinvest in more robust or diverse training opportunities for your employees. This has a number of benefits, such as allowing you to attract top talent, retain employees, and turn new hires into valuable assets for your company. This, in turn, makes your employees’ work time even more valuable—both to them and to your company.
When you track time more deliberately, you’ll likely find areas of your workflow that aren’t running as efficiently as they could be. Finding ways to fix these issues can be time consuming and might require monetary investments. The good news is, you can use the data from your time tracking paired with your savings to improve these processes, making your employees more efficient.
Retain Good Employees By Paying Them More
It might sound weird to use money you save on payroll to increase payroll costs, but hear us out: When you reward valuable employees with raises, you increase their morale (encouraging them to stay with your company) and, in some cases, even encourage other employees to work harder. This doesn’t always have to be a salary increase, either: other options include offering regular bonuses to employees who meet certain criteria or an employee-of-the-week bonus. It could even take the form of offering a free day off, buying company-wide lunches or sponsoring an after-work event.
Invest in a New Service Offering
This won’t apply to every business, but if there’s an opportunity to add a new element to your existing services, you’ll be able to create an entirely new revenue stream. Ramping up a new service offering can often take time and money that you’d ordinarily spend on other areas of the company—but when you recover the hidden expenses of time tracking, you’ll soon have an extra kitty saved for getting a new service offering up and running.
What areas of your business do you wish you could invest more in? Let ExakTime help! Fill out our contact form below and learn more about how our time tracking solution not only keeps track of employees’ time and attendance, but also makes our customers’ businesses stronger.