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 provide an easy opportunity for your employees to take advantage if you aren’t watching carefully, 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, recording incorrect start times, and early punch-ins and late punch-outs result in an average of 4.5 hours per week, per employee. For one worker earning a wage of $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider this…
Let’s assume you have 15 staff members, each earning a wage of $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 staff members, or you are paying more than $10 an hour, the setting only gets worse.
Easy! Better time clock management. Associated HCM 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 surprise you, and the savings it will deliver are far and above the nominal cost. Give us a call at (631) 488-2411 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
Associated HCM offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your managers, employees, and business.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. We’ve just added onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is designed 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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