As you know that we are living in the age of data. And, because of the data analyzing technology, productivity measuring has become way more easier for industries. Nowadays, many companies around the world are utilizing monitoring strategies to measure the productivity of their business.
Do you also want to implement such strategies to boost your business productivity? If you aren’t used to and confused about where to begin, here we are going to discuss how you can track down productivity in your business. But first, let’s understand more about what productivity measuring really is?
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Simply putting in words, it is the process where you have to evaluate the business performance based on the input efforts from employees. Being an owner of the business, you want to have a better work production rate in your firm.
When we talk about the production rate, time management becomes quite important. If employees are not managing their time appropriately, it could definitely affect the production of the business. In such a case, employers can track the work hours of their employees.
However, besides time management, there are some other factors to consider- the cost of infrastructure, tools, software, and other resources. So, here we have shown some simple productivity measuring strategies for the successful growth of your business.
Productivity Output Formula-
This strategy involves a simple formula for measuring work production. And you can apply it to the different departments of your organization. It is the most basic way to gauge the production and growth rate of the business in the form of actual numbers.
Steps showing how to use productivity output formula:
- First, you need to select the output you are measuring. For example, it could be the tasks and projects completed by your employees.
- Next, you will have to find the input figure, which shows the number of billable labor hours given by employees to complete their tasks and projects given to them.
- Now, just simply divide the total output in terms of earning to the total cost on the input.
- This formula will help you to measure the cost benefit ratio of your business.
In fact, most of the manufacturing industries and factory-based businesses use this formula to gauge productivity. However, this strategy will not be helpful in measuring the complex jobs and varying different work roles in the business.
360° Feedback Strategy-
In this method, you can take direct feedback from employees where they can evaluate each other’s work. While working together, they come to know most about the behavior and professional skills of other co-workers. You can just let them evaluate each other based on their duties and contributions to the tasks performed by them.
To apply this strategy, the team of employees should know the different roles and functions of their work. And they should also understand- what’s the level of expectancy to evaluate the job done by co-workers on various tasks and projects.
Time Tracking and Project Management Solutions-
Although manual ways of management can be helpful, but it’s too much time taking. However, now there are technological solutions like EmpMonitor, which can help you to monitor business remotely. It gives you the ability to automatically manage the timesheet and attendance report of every single employee. So you can use this to know whether your employees are productive enough during their production hours or not.
Nowadays, many organizations are utilizing monitoring services like EmpMonitor. While the main reason why such services have become essential is that it gives employers the ability to manage their business remotely. After the Covid 19 pandemic, work from home culture has become a norm for the business world. With remote monitoring features now the business owner can easily keep the record of every single activity happening in their organization. And it also makes them aware of any production challenges that may come in future.
More Profit= Better Productivity-
Being a business owner, what you care the most about is profit. And if you are earning a good profit, you can also say that your employees are productive. Many small businesses use this method to keep track of productivity.
Especially if you have hired employees working for the billable time hours, you need to make sure how much profit they are getting for your business. To measure this, you can simply divide the total profit by the cost of hiring those employees, which is also called the team effectiveness ratio. Basically, it focuses on the strategy to work smarter not longer.
Completed The Tasks & Projects-
In this strategy, you have to count the tasks completed by your employees to know whether they are enough productive for your business or not. In a long time project, usually, broken into different tasks and assigned between the team members according to their skillset. By tracking whether the employees are capable enough to do their job before the deadlines and how efficiently they are performing the tasks, you can measure the productivity of your workforce.
Each and every employee in the team has their own dedicated task, and accordingly, their KPIs are decided to measure their productivity. Based on that you can keep a record of the tasks and projects completed by your team in the limited deadline period.
Productivity Monitoring Software
Like we have told you above there are tools that can help you to manage work production in your business. These tools can help you to inspect the overall production growth rate of your business. Now the question arises-
Why should you use productivity monitoring software?
The above-shown productivity measuring methods are quite simple and straightforward. However, if you think carefully, it can take most of the time and manpower to implement. But if you can use technological solutions like EmpMonitor, it will help you to reduce the room for error. With such software, you can accurately track down the work activities of your employees.
Most of such monitoring software also offers performance-based reports, making it easy for employers to evaluate the performance of their full-time employees, contractors, and even freelancers.
Even if you are working with a team of remote working employees, using such tools is the ideal solution. As it can help you to accurately calculate the work of your employees and accordingly pay them for billable hours.
So if you are looking for the best productivity measuring solution for your business EmpMonitor can be the best monitoring solution that you can implement. And it would definitely help you to improve the production growth of your business.
Productivity measuring is today’s need for the business world! Since it can help the industries to automatically regulate the workflow and enhance productivity growth. Basically, productivity depends on how well employees are performing their work. If they are producing great results, they need to be encouraged to do a better job. In such a case, monitoring their performance helps you to evaluate their skills and performance. But as you know, all productivity measuring software are not similar.
Guess what? EmpMonitor is one of the best productivity measuring solutions that you can apply in your business. It is quite convenient to handle with an easy to use dashboard from where you can keep a close eye on the real time activities from your employees’ computers.
We really hope you find this article interesting. If you have any further queries regarding monitoring solutions, you can mention them in the comments section. And please share this article with others as well.