The practice of recording and allocating the time that staff members spend working is widespread and is commonly used among both Ukrainian and foreign business entities.
Keeping time sheets has proven to be one of the most effective tools for monitoring and interaction purposes between managers and subordinates, and this not only helps to assess a company’s performance or the work of a single unit, but also to keep track of the time that is actually being spent on various tasks.
In this article, we shall explore not only the mandatory time sheet, which is maintained by the accounting department in order to record such details as vacation and sick leave employees for payroll purposes, but the fact is that this practice is also a powerful tool for managerial control and coordinating the work carried out by different units.
Upon recording time worked, an employee also has the ability to evaluate his time and productivity during the working day. On the other hand, the immediate supervisor or another person responsible for approving/ endorsing time sheet reports will have comprehensive data regarding the plan vs. the actual analysis of the effectiveness of his subordinates’ work. In addition, the approved time can serve as a basis for awarding prizes or bonuses to employees, as well as source information for reporting to investors or other interested entities.
Typically, time sheets are not only used as a standalone tool for recording time worked, but are also part of one’s work calendar, scheduling meetings, or even task assignment system.
The question arises as to the advantages of using time sheets over conventional work reports presented in writing or orally.
- A time sheet for recording time worked helps to quickly obtain quantitative measures on the company’s work, even for a short period (i.e. a week or a month);
- A time sheet demonstrably illustrates the availability and commitment of various employees;
- Time recorded through time sheets can be used as an indicator for KPI calculation;
- Approved work hours can be used as a basis for calculating prizes or bonuses;
- A time sheet helps to evaluate the effectiveness of planning at all stages of a project;
- Time worked by employees, as recorded through time sheets, can be used for reporting to the company’s investors or clients;
- Daily reporting helps the supervisor to obtain information about the work of subordinate employees, to coordinate their activities, to prioritize their work, and also to keep track of their weak points;
- An approved time sheet proves to be useful evidence in the event of disputes;
- Time sheets for work performed helps in assessing each employee’s individual contribution to a project;
- A time sheet is a powerful tool for monitoring work performed, not only by office workers but also by employees who work remotely. Moreover, a time stamp is required for the purpose of making calculations for employees working on an hourly wage system.
There are many tools to record time worked, ranging from simple online time trackers to complex solutions integrated with a company’s automated management system. EBS has successful experience with automation and in introducing various kinds of such decisions, ranging from complex tools for setting and monitoring tasks, as well as scheduling meetings and events with the possibility of automatically reserving premises, transport and other company resources to a more simplified time sheet, which is available at any time from mobile devices and employees’ personal computers.
Author: Katheryna Dutkanych