Practices of job monitoring among financial institutes around the world have become very popular. But surveillance is the first thing that strikes the mind when it comes to tracking. Initially, employees feared they could breach their privacy by tracking their jobs. In the past couple of years, employees have also learned that the goal is only to improve job efficiency due to the increased use of tracking tools.
Is it legal to use employee monitoring software at financial institutions?
Financial institution is basically a concern that conducts financial transactions for example investments, loans and deposits. Banks, Insurance Companies, Investment Companies and Brokerage are a handful of examples of financial institutes. Many organizations including banks and financial institutions are legally responsible to use monitoring software on the work devices and check on employees’ work activity and evaluate their attentiveness at work. The program offers a synopsis of how employee spends their time completing a specific project.
Why Financial Institutions Should Use Employee Monitoring Software?
Financial institutes invest time and money to ensure they hire skilled employees because they are the key person who represents the company to the clients, vendors and general customers. Depending on the role, employees can access financial records, organizational property and many other vital business information. So it is really important that company owners know how the employees are working to protect themselves from potential compliance issues or any other acts that can harm their image. Companies should apply a consistent employee monitoring program to ensure employee productivity and performance.
Importance of Employee Monitoring Software for Financial Institutes
1. Minimize Wasting Time at Work: Time consumption is normal in many financial institutions, but a lost time or idle time is a financial loss to your institute. Often, if you have a remote employee to do the job, you can’t see how they function without a tracking tool. This is why a growing number of financial institutes use resources such as CloudDesk to track their employee and reduce waste of time.
With CloudDesk employee activity tracking is possible in many ways:
- CloudDesk has time tracking features that shows how long each employee spends at work and on what projects.
- It takes random screenshots of the device that shows managers real data of employee work activity.
- Website and app tracking lets managers see employee dedication and productivity throughout the working day.
2. Minimize Micromanagement: Use of CloudDesk reduces supervision and helps managers to save time for more potential tasks. The reason is clear since the employee is aware that they are monitored and are less likely to waste time. Managers never have to ask an employee to know how their job is progressing. CloudDesk enables managers to know when employees work and go idle in real-time. The program offers visual measures to all employees under a single dashboard on a weekly and monthly basis to facilitate the entire monitoring process for managers.
3. Improve Management Reporting: Keeping manual timesheets is time-consuming and has possible chances of making errors. Manual time-sheets may lack accurate information and it can be a major challenge for management to assess the time-log of employees on this questionable piece of record. The time tracking feature also helps in monitoring time taken by the employees to do particular tasks. Plus the software aso keeps a record of idle hours and marks the attendance of the employees.
4.Boost Individual Productivity: CloudDesk calculates and tracks productivity and work efficiency of each employee. These data can further be utilized to optimize productivity for future. Through analysis it is easy to understand how much time is actually wasted and we can take preventive step to minimize the wasteful activities.
5. Improve Employee Engagement: An employee tracking tool improves involvement in a number of ways, when persons follow the expectations of quality and perform their results, managers do not have to analyze and report to verify if people spend precious work time on social media. Revealing their weakness can help people become more efficient.
In addition, fair job distribution, manual outsourcing, and improved accountability all contribute to higher levels of employee productivity. The best way to ensure that you operate lawfully and ethically is to educate, justify and obtain their consent. Include an employee monitoring policy in their contract and ask them to review and sign it. Including a policy is also useful because it ensures every employee is aware they are being monitored.CloudDesk helps employers to monitor their employees’ productive hours accurately. The software provides real-time visibility into distributed workforce activities to increase productivity, improve compliance, and optimize performance. You can use this cloud-based solution to help your financial institute to empower your employees to work from any location by monitoring time and attendance, breaks, and actual time spent working. If you are not using this amazing tool, you should use it today.