We’ve talked for a long time about the inherent cost to an organization of supporting multiple timesheet systems. We’re updating several pieces of internal collateral on the subject right now but one thing we’ve never done before is to quantify the actual costs.
Think about this.
On average (according to industry surveys), employees spend on average about 15 minutes per week completing a computer-based timesheet. This doesn’t include any time for supervisors, managers, administrators or IT assistance. This number matches up well with our own internal discussions with our clients who report that with TimeControl the average per day is between 2 and 5 minutes of time.
The numbers vary when looking at more manual timesheet solutions such as Excel-based or paper based systems (yes, there are plenty of those that still exist)
We encounter numerous companies who have deployed multiple timesheet systems. Let’s take the easiest one. Imagine a company with 100 people with one timesheet for project management and separate timesheet for payroll.
Based on a salary of, say, $40,000 per year and regular salary burdens, a 40 hour work week and 15 minutes of time on timesheets per week, the company will spent about $480 per week of time on each timesheet. So the extra cost of having two timesheets for that 100 person company is a whopping $25,000 and that is for the time spent by employees only. There’s also time for supervisors, managers, reporting, analysis and (the worst) reconciling data between systems that has to be paid for as well. The problems get compounded when there are additional timesheets that have to be filled in for, say billing, HR, job costing and more. It is not uncommon for us to encounter companies with 3 or 4 timesheet systems which are all active at the same time.
This alone should encourage consideration of a multi-function timesheet but there are numerous other reasons. Imagine the happiness of employees who are told that they will no longer have to spend time entering two timesheets because all the timesheet requirements can be handled by one entry.
Take a look at how the multi-function aspect of TimeControl can generate a tremendous efficiency savings for clients by talking to one of our Timesheet Executives.