Labour force time tracking predictions

By Raj Narayanaswamy | January 16th
Cloud
Today’s labour force is shifting dramatically. Changes are occurring that are challenging existing corporate structures, redefining how we work together, and introducing complex compliance concerns.

Organizations across industries and geographies will need to acclimate to new workforce realities or face the prospect of losing top employees and potentially market share to the competition.

Efficiently managing a dispersed workforce and effectively tracking time are critical aspects to achieving a competitive advantage in today’s economic climate. From time tracking to labour compliance regulations, these predictions serve as a roadmap to anticipate what 2014 holds for the workforce market.

The economy will continue to improve

As companies hire to support this growth, they must make sure that their time tracking processes can scale as well. As a global workforce becomes the new norm, being able to orchestrate projects and resources over diverse geographies will become of prime importance.

Small- to medium-sized businesses will change the way they employ workers

In the U.S., the Affordable Care Act mandates that companies with over 50 full-time employees must provide health care. As a result, some companies will choose to use more part-time employees to save money. Understanding, managing, and tracking the productivity levels of a non-homogenous workforce requires additional analytics and control mechanisms

The importance of tracking time and costs of major IT projects will continue to be significant

We expect that companies that do not properly manage their resources will continue to face grave business impacts. For example, they will over-run budgets, under-deliver on milestones and value expectations, and miss cost estimates and project delivery dates.

Companies will adopt tools that reduce or eliminate labour regulation compliance risk

Cloud-based, user friendly timesheets will ensure extremely high levels of adoption, decrease time and payroll errors, and support good record keeping for a strong audit trail. All of this will help to avoid costly penalties, litigation, and/or revenue leakage.

The old employee timesheet will become obsolete

Manual or paper-based timesheets and spreadsheets will no longer be able to handle the demands of the modern, mobile workforce. Putting timesheets on the cloud for anywhere, anytime access via the web and mobile devices will become the only way to accurately and precisely track time.

  • Raj Narayanaswamy is co-founder and co-CEO of Replicon, the leading provider of cloud-based time-tracking software. Mr. Narayanaswamy is responsible for executing the company’s strategic goals and leading corporate initiatives.

    With more than 25 years of software development and senior management experience, Mr. Narayanaswamy is widely recognized for his visionary approach in developing innovative software applications that meet the needs of leading enterprise organizations.

Original Source: www.techradar.com

Get started today.
Set up a free trial based on your business needs. Start Free Trial

Exploring The 3rd Wave Of Resourcing At The Resource Management Global Symposium

Optimal resource management is often the key to profitability and sustainable growth for any project-based organization. Unfortunately, with rapid changes at the workplace, the labor markets, and industry conditions, managing…Read More

17 Reasons Women Make Great Leaders

Gender shouldn’t determine an individual’s leadership abilities. Instead, organizations must assess leadership potential by evaluating individual strengths and personality traits. However, often, women aren’t encouraged to assume leadership roles as…Read More

4 Key Steps To Achieve Digital Acceleration For Professional Services Organizations

Today’s world is rapidly moving into a technological era, and seemingly at an increasing pace. It has become imperative for professional services organizations to jump on the digital transformation bandwagon…Read More

Demystifying the millennial workforce: 5 tips from Trunk Club’s Andrew Anderson Devine

Time magazine labels the millennial generation the “most threatening and exciting generation,” infamous for “narcissism [and] its effect: entitlement.” In the workplace, the perception of the millennial workforce is no…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Enterprise Time Tracking
  • Thought Leadership
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others