Employee time theft is a serious offense, although it doesn’t make the headlines like stolen office supplies or computers does. Time theft refers to the practice of employees being credited for time in which they haven’t actually put in work. From doctoring their time sheets to asking other employees to punch in for them, time theft is a real and growing concern among all companies, large and small.
Studies show that time theft costs U.S. employers about $400 billion per year in lost productivity. That’s Billion with a “B”! Even just a few minutes here and there can really put a dent in your bottom line when you add it up among all your employees. Buddy punching is a particularly costly type of time theft in which one employee punches in for another, leading to 74 percent of employers losing up to 2.2% of gross payroll.
Can you afford this kind of practice in your business? We think not. One way to prevent this from happening is to introduce payroll time clock calculators into your workplace. With this solution, you can keep track down to the second when employees enter and exit the building, allowing for easier payroll processing and calculations. If you add on extra features like biometric systems, you can use fingerprint technology to ensure complete accuracy when punching in and out.
Incorporating web-based calculators means you can access employee attendance at any time of the day or night for an instant snapshot of the comings and goings of your employees. No more guesswork, no more hassling with cards and ID badges which can get lost or “borrowed” by other employees. In fact, you can sign on for a host of other features such as time clock software, employee swipe cards (barcodes or RFID), biometric systems and web-based services.
With the average worker stealing about four hours of time each week from their companies, it’s no surprise, then, that three out of every four employees steal other things as well, such as office supplies, computers, and even intellectual property. Employee theft of tangible items contributed to the loss of up to $40 billion for U.S. employers in 2012 alone.
No business owner wants to think about the possibility their employees are stealing from them, but to not address it is foolhardy in this day and age. Not only do payroll time clock calculators help reduce time theft, they also streamline your payroll processing because you can easily record and add up the employee time every week. Easily calculate entry and exit times, as well as vacation and sick days to ensure your books are accurate and efficient.
Don’t think you can afford an attendance and time tracking system for your company? Think again. All you have to do is contact us for a free custom quote through our online form. You’ll be pleasantly surprised how affordable it can be.