As employers, we like to think we can trust our staff members. Without trust, not much can be achieved, but there are a couple of areas that provide 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 flagrant time theft. The two types they mentioned specifically are buddy punching and recording inaccurate 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 employee. For one associate working at $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider this...
♦ Let's presume you have 15 team 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 scenario only gets worse.
How Can You Protect Yourself From Employee Time Theft?
Easy! Better time clock management. Your Payroll Department provides WebClock, which is specifically designed to cut down early punch-ins, late punch-outs, and it makes buddy punching almost impossible. The low cost solutions will astound you, and the savings it will deliver are far and above the nominal cost. Contact Us and start protecting yourself today!
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Check out our Time Management Solutions!