Not if you totally ignore the human aspect. We are not machines, and we do not like to follow (what to us seems like) pointless and arbitrary rules. It will just foster resentment.

Oh, believe me, I work at a "public" university, where even though I have tenure and near-total control over my time (in principle, not so in reality), and work like 60 hours a week, I still have to file a timesheet every month to record that I didn't spend any "sick leave." I know about resenting pointless rules.