As employers, we like to think we can trust our staff members. Without trust, not much can get 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 incorrect start and end times.
Buddy punching, logging incorrect 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 working at $10 per hour, that can be a loss of $45 per week. Not a big deal? Look at this…
Let’s presume you have 15 staff members, each earning $10 per hour, and each of them are taking an average of 4.5 additional hours per week. At this rate, you will be spending $675 per week in illegitimate 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 situation only gets worse.
Easy! Better time clock management. Horizon Payroll Solutions provides TimeWorksTouch, which is specifically designed to minimize early punch-ins, late punch-outs, and it makes buddy punching almost impossible. The low cost for this solution will amaze you, and the savings it will deliver are far and above the nominal cost. Give us a call at 888-434-8244 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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WorkforceHUBÂ includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. We’ve just added onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUBÂ is established for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and decrease labor costs.
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