VMware KB article 1006427 presents best practices for Linux timekeeping. These recommendations include specifics on the particular kernel command line options to use for the Linux operating system of interest. There is also a description of the recommended settings and usage for NTP time sync, configuration of VMware Tools time synchronization, and Virtual Hardware Clock configuration, to achieve best timekeeping results.
What surprised me is the recommendation done by VMware; “Note: In all cases use NTP instead of VMware Tools periodic time synchronization”
http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=1006427