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 calculated time theft.1 The two types they indicated specifically are buddy punching and recording incorrect start and end times.
Buddy punching, recording inaccurate start times, and early punch-ins and late punch-outs result in an average of 4.5 hours per week, per worker. For one staff member earning a wage of $10 per hour, that can be a loss of $45 per week. Not a big deal? Examine the following…
Let’s assume you have 15 team members, each earning a wage of $10 per hour, and each of them are swiping an average of 4.5 additional hours per week. At this rate, you will be spending $675 per week in unauthorized 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 story only gets worse.
Easy! Better time clock management. Advantage Payroll Services 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 surprise you, and the savings it will deliver are far and above the nominal cost. Give us a call at 800-440-9033 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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