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Pros: employer can be sure about business data security. Sometimes employees share important info with the inappropriate contacts.
Also, tracking employees productivity is much easier. You can see what sites employees visit, what they search for on the Web etc.
Cons: employees usually have negative perception of everything related to tracking work activities. It is important to explain to employees that monitoring doesn't mean that boss doesn't trust them. Notify them that employee tracking software is being installed on their devices to avoid legal issues.
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