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 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 flagrant time theft.1 The two types they mentioned specifically are buddy punching and recording inaccurate start and end times.
Buddy punching, recording erroneous 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 employee 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 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 employees, or you are paying more than $10 an hour, the scenario only gets worse.
How Can You Protect Yourself From Employee Time Theft?
Easy! Better time clock management. Accurate Data Payroll Processing 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 pleasantly surprise you, and the savings it will deliver are far and above the nominal cost. Give us a call at 440-614-2501 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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