If we were to build a colony on Mars with normal people doing normal everyday things, we need something more than that. The first question we want to ask ourselves is, do we want to keep the SI defined second? If we don't care, then we have free reign to do whatever we want. We can define a Mars second to be 1/86,400th of a Mars day, and keep the 24 hour, 60 minute, 60 second time system we use on Earth. Or we switch to a metric time system, with a 10 hour day, 100 minute hours, 100 second minutes. Or a 1 day long day, and deci, ceni, milli, micro days. Or whatever.
If we want to keep SI compatibility, we need to keep the second. The Martian solar day is 87,755.224 seconds long. 87,755 factors into 5^2 * 53 * 67. So we can do 25 hours per day, 53 minutes per hour, 67 seconds per minute to give an 87,755 second day. Unfortunately there would need to be a leap second once every 4-5 days.
Then there's the question of the calendar. Perhaps fortunately, this gives us the opportunity to restart from scratch, because the calendar we use is such a goddamned clusterfuck, even worse than our time system. Unfortunately, the number of days in a Martian year (668 and change) does not lend itself to a clean division into tidy periods. You could have 23 months of 29 days each, with each month having 4 7 day weeks plus one holiday. This will give you a 667 day year. Add another annual holiday at the beginning of the year, plus an optional leap-holiday in the middle of the year.
Or you could split it up into 37 months of 3 weeks, each with 6 days. This gives you a 666 day year, so sprinkle in 2-3 bonus holidays per year.
There are a lot of considerations. It needs to be given more thought. Hopefully more thought than we've given to Earth's timekeeping systems.