The last decade has witnessed significant shifts in the economy of the Indian subcontinent. Timekeeping is one of the major concerns for aspiring India with an increasing number of employees in the formal sector and the growing startup ecosystem. It has unleashed newer modes of talent engagement which radically defy existing utilization patterns of the workforce. The latest employment terms include the professionals who work from both the company offices outside the premises, the professionals who work on a freelance basis from different locations, and the remote employees acting as representatives in foreign countries. Both the corporate houses and startups have changed their entire management philosophy to match the rhythm of the market.
The key is in not spending time, but in investing it.-Stephen R. Covey
The Indian businesses have embraced the freelancing and gig economy. The Indian freelance workforce is a significant player with 24% of professionals in the formal sector opting for it. Especially the startups engage the services of these professionals to cut down the cost of administration and infrastructure while availing their expertise. The freelancers usually work from a different location and at the time of their convenience. You can use a leave management system to accommodate casual labor alongside the regular workforce. The employees often need to give back end support to the foreign clients at night timing. Due to the massive amount of commuting in metros and clientele spread over the time zones, our businesses are implementing work-from-home policies. The giants like Google have multiple development centers across the globe that work in close coordination. The Indian firms are working extensively with foreign companies and have staff at remote locations. Onboarding them on a common platform will redefine the workforce utilization philosophy.
Impact of Technology in the Contemporary Era with Hidden Opportunities
The world is turning a small place with the current three billion user base of connected smart devices all set to double by 2025. With this being an existential and disruptive trend, the businesses need to encash this opportunity to implement BYOD (Bring Your Own Device) policy for streamlined management. The internet connectivity will play a pivotal role in gearing up the commercial expansions as hiring the top talent for unique profiles from around the globe, and implementing strategies locally is now possible. Sharing expertise in concentrated areas seamlessly will help in the economic upliftment of all developing nations at a much higher pace.
The trending Advancements in the Time Management Techniques are Narrated here which are Going to Mark an Era of hyper-dynamic Workforces
As per a Sage study, the administrative tasks soak in 5 percent of the productive working hours translating into $3 trillion or 17% of the GDP vanishing in the thin air for the US economy. Using smart tools like AI-powered Timesheets will revolutionize timekeeping. The user need not make any effort as the computers and mobile gadgets used by them are integrated with timekeeping software. The cumulative work done on each tool, site, along with correspondence over emails and Skype is recorded by the system. The Geo tracking and Geofencing features enable accurate positioning of the staff to increase the reliability. AI-powered processing refines this information to build a distribution analysis encompassing the window used for work, nature of work, the productivity of transactions, and contribution in collaborative projects along with the minutes spent on these tasks. Robotic Process Automation (RPA) and ChatBOT technologies are gaining momentum in personalized employee experience (EX). On the other hand, transferring administrative formalities from the employee end will save a lot of productive hours every month. A majority of Indian tech companies work with foreign clientele and timekeeping becomes a subject of mutual interest for both parties. The working hours and unavailability are communicated through the system portal and documented digitally. As a result, project managers will be able to coordinate the diverse teams without loopholes in workflow distribution. Automating their time tracking will also help in establishing a fair pay policy.
Redefining Project Management and its Core Strategies
To leverage the time and energy of your talent, delegate them with adequate authority for working in flexible hours, work from their home, and even allow working with subject matter experts (SMEs). The people management is to be made a part of project management for reducing the redundant tasks. The exact minutes spent by each employee on every process is recorded to help the management in getting a broader view of the situation. In essence, the data of time taken in the completion of past activities of a similar nature will improve the decision making for workload allocation and streamline the management. As a matter of fact, one should not allocate tasks on a daily basis. Instead, the staff shall be provided with a schedule in advance to minimize the slag in adapting to work requirements.
SaaS technology will empower project coordination without any timing or location constraints. The project managers can see the updates from all locations on a real-time basis while the problematic aspects are dealt with with the help of the virtual assistance of concerned staff.
Travel-friendly Apps for Time and Expense Management
Travel and Expense is the second-highest operational cost after the payroll software, which is a substantial reason for the CFOs to automate it. Having on-the-go sales force and executives who travel often comes with timekeeping problems. Timely reimbursement claim processing is crucial for staff, and automation will make organizations confident in it. Even the employees would find mobile-based reporting simple as they already use email, Skype, office applications, and news feed from their smartphones along with personal use.
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Rapid growth needs implementation of the global trends in technology and field-specific research, but we need to consider local factors for feasibility analysis. This helps in an adaptive application and avoiding the systematic risks associated with the change in business processes.
Don’t be fooled by the calendar. There are only as many days in the year as you make use of. One man gets only a week’s value out of a year while another man gets a full year’s value out of a week.Charles Richards
Financial Advantages of Timekeeping
Invoice generation is benefited while the cross-country taxation is handled with proper discretion. The project management with scrum method is an essential factor in the IT sector. Before committing tight deadlines, having credible insights to organizational capacity and competency is a must. The realistic estimate to project completion also considers possible delays, and the real-time deviations are accommodated to update the new estimate. A panoramic view of the data will allow the business houses to find timing trends with respect to the purchase of new pieces of equipment and installation of IT solutions. This information will build strategic knowledge and help in making better decisions for future infrastructure development. Keeping multi-disciplinary teams in close coordination with minimum friction is a valuable exercise. By using a collaborative platform, companies can ensure that the workflow has a minimum distortion in distribution patterns.
When working with casual labor, have definite work descriptions and documentation.
Leverage tech solutions to coordinate talent.
Use tailored performance indices and real-time assessment.
The Mantra Behind wise Time Management
Juggling the work-life balance should be at the heart of modern time management policies. The hyper-productive work culture will generate a pool of talented but disengaged workforce. Organizations need to be cautious while churning productive output. A proper work policy with optimal exposure to work will ensure the retention of the employees and keep them engaged with the company.
Divyang Metaliya is a Business Consultant at FactoHR, an India based HR and Payroll Software solution provider. He is a creative business strategist with more than 8 years of experience.