According to employee time tracking data, 50 million productivity hours are lost per day due to unrecorded work activities. Further, over the past five years, the US Department of Labor recovered more than $1.4 billion in minimum wage and overtime violations.
If you run a business, you already know the basics- what is time tracking and why it is important. However, tracking time can still be a challenging task for many managers. This is especially true if you are using traditional practices such as single-location clock-in/clock-out, paper timesheets, and manual data entry. Unlike other aspects of business that have evolved with modern technology, time tracking methods are often slow to change.
Yet, once the relationship between timesheets and profitability becomes clear, most businesses reevaluate their process of time tracking at work.
Automated time tracking systems are the path most modern, successful businesses adopt. It brings simplicity to the entire process of employee time tracking.
In the context of field services businesses in 2024, the need for automated time tracking becomes increasingly imperative. As per Fortune Business Insights, the Field Service Management (FSM) market is projected to reach 8.06 million by the year 2028.
Choosing the best time tracking software for your business can revolutionize how these businesses operate. It offers enhanced accuracy and provides valuable data for informed decision-making. This blog is your time tracking guide for 2024. We cover how your field business can keep track of employee hours with a completely automated time tracking process.
Employee Time Tracking in Field Services Business
Effective field service management plays a pivotal role in mitigating the heavy costs associated with off-site field service operations. Inadequate time management, daily communication breakdowns, and scheduling conflicts can lead to setbacks, compromised customer service, and adverse impacts on the profitability and reputation of your service organization. The most concerning aspect is the limited control you have over the activities of field technicians since they operate off-site.
Automated Time Tracking As a Solution
A time tracking software functions by precisely documenting when your employees initiate and conclude their tasks. Employees can utilize a clock-in and out application directly from their mobile devices, and the software will automatically generate digital timesheets. This simplifies calculating pay, checking overtime hours, and monitoring time spent on various projects.
Leveraging field service time tracking software enables precise monitoring of your employees’ field time. Through their mobile devices, workers can efficiently clock in and out, while the built-in GPS location tracking functionality allows real-time verification of their whereabouts.
Additionally, employees can log their time according to tasks, projects, clients, locations, and more. At the end of a pay period, the software will automatically generate digital timesheets, streamlining the payroll process.
The software includes GPS tracking, assuring that your team is in the designated locations. Furthermore, many of these applications can be seamlessly integrated with other systems such as payroll, ERP and project management tools, contributing to the overall efficiency of your operations.
Whether your goal is to prevent time theft, ensure accurate payroll, or find a more effective way to manage your team, field service tracking emerges as a potentially beneficial solution.
Employee Time Tracking Trends In 2024
The time tracking software market was valued at USD 2442.5 million in 2022. It is projected to grow at a CAGR of 16.7% during the forecast period of 2023-2032. Considering this numbers, what is time tracking going to look like in the coming years?
Here are a few trends dominating 2024 that may shape the future of time tracking.
1. Geofenced job sites
Approximately 69% of employees confess to inaccurately tracking their time, according to Forbes. This could result from a lack of communication from the managers about the benefits of time tracking for the employers. Or it could also be due to a resistance to manually tracking time.
A noteworthy trend in the coming year will be the adoption of geofencing. A geofencing time clock app utilizes GPS to create virtual boundaries around job sites. It automates the clock-in and clock-out process for employees by using GPS when they arrive at and leave the job site. This eliminates the need for ‘forgot to punch’ requests and guarantees accurate time and attendance tracking.
2. Complex time tracking
Even with a time tracking software, only 60% of employees express a high level of confidence that their pay deductions and net pay are accurate. This situation becomes particularly complex for field service businesses– shift differentials, overtime calculation and varied billable hour tracking comprise much of the payroll requirements.
In 2024, tracking time basis of complex scenarios is likely to take precedence over simple time tracking as most businesses use precision in time tracking to drive accuracy in job costing and payroll. Utilizing time trackers to log time per task proves invaluable in simplifying payroll and job costing automation. In addition, eliminating redundant tasks often creates opportunities to enhance client relationships.
3. Advanced business intelligence
According to Deloitte, among professionals lacking automated systems, 50% say that the most time-consuming aspects of the process involve manual data input and adjustments. The evolution of reporting now enables businesses to consistently generate valuable data for informed decision-making.
It is likely that in 2024 businesses will opt for advanced features in reporting software and data visualization tools that reflect the growing significance of data. Time-tracking data is no longer considered in isolation. Instead, it is seamlessly integrated into various business reports using automated reporting and integrations.
For field services businesses, the need to embrace automated employee time tracking becomes even more pronounced in 2024. The dynamic nature of the field services industry, coupled with evolving market trends, necessitates an approach to stay ahead of the competition.
Implementing the steps provided here and identifying the best time tracking software for your needs can yield several major benefits. This includes preventing avoidable revenue leaks, enhancing transparency in operations, boosting overall productivity, and generating more precise estimates to ultimately increase profitability.
Automated time tracking addresses the complexities associated with remote work and diverse locations. It also aligns with the broader technological advancements shaping the field services landscape.
In the competitive landscape of 2024, automated employee time tracking stands out as a foundational element for achieving success in the field services sector.