The Best Employee Screen Monitoring Software to Keep Track of Your Team
May 15, 2020
Remote Working after Coronavirus
May 31, 2020Calculating the ROI of Remote Working
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. Learn how calculating the ROI of remote working helps.
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.
Step 1: Calculate annual cost of employees
# of employees x average fully loaded salary
Example: 10 x $50k = $500k
Step 2: Average time wasted per day
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.
Step 3: Cost of time theft
% of workday wasted x cost of employees (from step 1)
Example: 25% x $500k = $125k per year
Step 4: Reduction in time theft
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.
Step 5: Savings from 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
Step 6: ROI of employee monitoring software
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.
