As employers, we like to think we can trust our employees. Without trust, not much can be accomplished, but there are a couple of areas that furnish an easy opportunity for your employees to take advantage if you aren’t watching cautiously, and it can cost you thousands.
There is an Epidemic of Employee Time Theft
In a survey of over 500 retail and service industry workers, over 30 percent admitted to calculated time theft.1 The two types they recognized specifically are buddy punching and recording erroneous start and end times.
Buddy punching, entering inaccurate start times, and early punch-ins and late punch-outs result in an average of 4.5 hours per week, per staff member. For one worker earning $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider this…
Let’s suppose you have 15 staff members, each working at $10 per hour, and each of them are stealing an average of 4.5 additional hours per week. At this rate, you will be spending $675 per week in unsanctioned time. In a year, you will spend $35,100 for labor you never received; you just bought your employees a very nice new car for no good reason.
If you have more than 15 team members, or you are paying more than $10 an hour, the setting only gets worse.
How Can You Protect Yourself From Employee Time Theft?
Easy! Better time clock management. Absolute Payroll Inc provides TimeWorksTouch, which is specifically designed to minimize early punch-ins, late punch-outs, and it makes buddy punching almost impossible. The low cost of this solution will astound you, and the savings it will furnish are far and above the nominal cost. Give us a call at 1 (888) 223-3450 to find out more.
1“Employee Theft No Longer an If-It Is Now How Much!,” Kessler, https://investigation.com/2013/04/26/employee-theft-longer-now-much/, accessed March 6, 2017
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Absolute Payroll Inc offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your supervisors, employees, and organization.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, TimeWorks Mobile, and ApplicantStack. We’ve just added recruitment, onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is designed for busy employers like you who need to reduce cost-per-hire, streamline scheduling, automate time tracking, maintain regulatory compliance, and reduce labor costs.
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