Time tracking software for services & HR firms
Do you feel you are in control of your HR agency: do you know exactly which employee is dealing with which client, which services you provide efficiently, you are profitable and your clients are satisfied with your services?
Since we are coming from the service sector (financial and tax consulting), we were facing similar problems as you. In response to the issues mentioned above, we have developed TimeAnalytics software. TimeAnalytics solution, through the fast and easy entry of hours spent by clients, activities and service lines, gives you the basics to manage your HR agency. Our solution brings you the following benefits:
- Easier monitoring of your employees’ work
- Defining and monitoring KPIs (Key Performance Indicators) based on the data collected. KPIs are quantitative indicators through which you monitor the current state and further development of your agency’s business
- You get a software solution to help manage your agency, which will free up time for you to work with clients
Considering that your employees, i.e. their working hours, are your most valuable resource, the basic KPI is the total number of hours spent. Hours can also be tracked by customer, employee and service line. Significant information is not only the total hours spent, but also their movement over a given period of time (day, week, month, year). Since you get hours of data through the software, you can export most of the remaining KPIs.
Key performance indicators that you can measure and track through TimeAnalytics software can be divided into:
- Financial performance indicators
- Marketing performance indicators
- Productivity indicators
Financial performance indicators for HR agencies
TimeAnalytics software enables you to monitor the following financial indicators of your HR agency (by client, employee and service line):
- % of hours charged in total hours: do you invoice your entire work to the client? What is the amount of free work for clients?
- Revenue per hour spent: this metric gives you an impression of your real hourly fee. Through this KPI you are answering the question: does your realistic hourly rate meet your expectations that you had when arranging an engagement with a client?
- Customer engagement cost price (Service Line): do you know how much each client costs you? TimeAnalytics solution allows calculation of the cost price for each client (service line) easily: the cost price is based on the predefined cost of employee earnings and other indirect expenses and is the basis for assessing the client’s profitability. Cost price can also be tracked per hour.
Marketing performance indicators for HR agencies
TimeAnalytics software allows you to track your agency’s marketing goals through the following KPIs:
- Total number of clients: you can track the number of clients from month to month, year by year.
- Average number of service lines per client: how many different services do you provide to the same client? Do your customers know what services you provide?
- Total hours spent on marketing activities: information about the time you invest in achieving your company’s marketing goals. Considering the time invested, are you satisfied with the result? Do you need to change your approach to finding new clients?
Productivity indicators for HR agencies
Through TimeAnalytics software, you can monitor the following productivity indicators for your employees:
- Total hours spent per employee: monitoring the workload of your employees. Is it necessary to redistribute work assignments?
- Work activity structure per employee: are your managers overburdened with executive and routine activities? Do your managers spend enough time in managerial and commercial activities? Is it necessary to hire a person (external agency) in charge of administrative activities in order to relieve the rest of your team?
- Overtime: determined by comparing the total planned hours and hours worked. An insight into the activities of employees can also conclude whether overtime is justified: is it due to realistic engagement requirements or is it a consequence of being unproductive?
- Number of employees hired per project (client): examining the adequacy of the distribution of employees per project / client. If a large number of employees are engaged in the same project / client, this may be a sign of inefficient staff allocation. However, if, for example, only one employee is involved in a project / client of strategic importance to your agency, you may need to attach an employee to the project.