Remote working is the new normal given the advent of Coronavirus. To succeed today, companies need new tools to ensure employee productivity. Employee monitoring software can be used to track employee PC activity and productivity.
Check out our easy to use 6 step method on how to calculate the cost of employee time theft and the ROI of using employee monitoring software.
# of employees x average fully loaded salary
Example: 10 x $50k = $500k
Multiple studies, including Poneyman, estimate that, on average, employees spend 2 hours per day using company PCs to conduct personal business (online shopping, bill paying etc) and entertainment such as social media, fantasy sports, etc.). At 2 hours per day, this represents 25% of a typical 9 hour work day.
% of workday wasted x cost of employees (from step 1)
Example: 25% x $500k = $125k per year
Use of employee monitoring software reduces employee time theft either by informing employees they are being monitored or by knowing which employees are less productive and discussing their performance. In our experience, our clients witness a 50% reduction in time theft with the use of employee monitoring software.
Reduction in time theft (from step 4 above) x cost of time theft (from step 3 above)
Example : 50% x $125k = $62.5k
Cost of employee monitoring software for 10 users is $150/user x 10 users, or $1500/year.
ROI = $ savings (from step 5 above) / cost of employee monitoring software (from step 6 above)
Example: $62.5k/ $1.5k = 41.7 or 4170% ROI
In other words, employee monitoring software results in a a great ROI. Some look at time to payback, which in this case would be less than 2 weeks. Companies looking to remain competitive in today's new environment of remote working should strongly consider employee monitoring software.