It takes a mix of different resources to set up and successfully run a business. These resources include:
- Intellectual Resources
- Financial Resources
- Physical Resources
- Human Resources
The intellectual resources are often intangible and can be defined as the initial idea the founder of the business had in mind that made them go into business. The owner of the idea might apply for patents and copyrights of the idea to avoid other copycats from imitating their concept.
Financial resources refer to the capital used in setting up the business and the money used in the day-to-day running of the business. The founder could obtain this money from various sources. That may include personal savings, acquisition of credit from money lending institutions like a bank, government-backed grants or loans, donations from family and friends, among other sources.
Physical resources include a wide range of tangible assets, such as equipment, building, vehicles, and manufacturing plants, among other things. They are essentially needed to keep the operations of the business running.
Human resource refers to the human labor employed by the business to execute specific tasks geared towards meeting the company’s end goals. A common term used to refer to human resources is employees. Although they are sometimes the most underrated assets in an organization, their absence could bring every major operation to a standstill.
It is therefore imperative that the organization’s management handle all its resources well to achieve optimum levels of productivity. All the four resources mentioned above have ways and means that can be used to manage them optimally. This article will delve into the human resource management tool time clock software.
Employee Time Clock
As an employer, you want your employees to be at their designated station and executing their job during your (the employer’s) time. You also need to allow them enough time to rest and go for lunch. You also need to remunerate them well for the time they spend working.
All these can be better handled through time management software, which can track the time they report to work, the time they leave for and return from lunch breaks, and the time they work overtime. The time clock software does all this tracking automatically and gives you a weekly or monthly timesheet making the calculation of their remuneration quite easy.