As employers, your clients want to trust their employees. Without trust, they can’t accomplish much. But there are a couple of areas that provide an easy opportunity for employees to take advantage if managers aren’t watching closely. And it can cost a small business in higher payroll expenses.
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. The two types they recognized specifically are buddy punching and recording incorrect start and end times.
Buddy punching, entering incorrect start times, and early punch-ins and late punch-outs result in an average of 4.5 hours per week, per worker. For one worker working at $10 per hour, that can be a loss of $45 per week. Not a big deal? Look at this…
Let’s suppose you have 15 employees, each working at $15 per hour, and each of them are stealing an average of 4 additional hours per week. At this rate, you will be spending $900 per week in illegitimate time. In a year, you will spend roughly $46,800 for labor you never received; it’s like buying your employees a nice new car.
If you have more than 15 team members, or you are paying more than $15 an hour, employee time theft can hurt you even more.
How Can You Protect Yourself From Employee Time Theft?
Easy! Better time clock management. Swipeclock presents the Vision facial recognition time clock. Synced with our timekeeping software, it prevents early punch-ins, late punch-outs, and makes buddy punching almost impossible. The low cost of this solution will surprise you, and the savings it will furnish are far and above the nominal cost. Give us a call at 888-223-3450 to find out more.
Swipeclock offers WorkforceHub, the “get-in-and-get-work-done” time and labor solution. WorkforceHub has everything you need to work productively so you can grow your business. Our time and labor solution syncs with our advanced time clocks including the Vision facial recognition clock. Facial recognition biometric time clocks are an employer’s best defense against employee time theft.
WorkforceHub was developed for busy employers who need to reduce cost-per-hire, streamline scheduling, automate time tracking, maintain regulatory compliance, and decrease labor costs.
We can get you up and running with WorkforceHub in a couple weeks. Contact us today to request a demo.
Or are you interested in becoming a reseller? Check out the Swipeclock partner advantage now.
- Case Study: George T. Feles, CPA and the Swipeclock Vision Time Clock - January 12, 2022
- Time Off Management With WorkforceHub - January 1, 2022
- How Small Employers Can Prevent Employee Time Theft - December 14, 2021