As employers, we like to think we can trust our employees. Without trust, not much can get done, but there are a couple of areas that furnish an easy opportunity for your employees to take advantage if you aren’t watching closely, 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, logging inaccurate 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 worker earning $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider this…
Let’s suppose you have 15 team members, each earning $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 employees, or you are paying more than $10 an hour, the situation only gets worse.
Easy! Better time clock management. Express Data Systems 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 astound you, and the savings it will furnish are far and above the nominal cost. Give us a call at (610) 495-7166 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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