As employers, we like to think we can trust our employees. Without trust, not much can get accomplished, 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 recognized specifically are buddy punching and recording inaccurate start and end times.
Buddy punching, entering 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 worker 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 team members, each earning a wage of $10 per hour, and each of them are taking 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 story only gets worse.
Easy! Better time clock management. Accuchex provides WorkforceÂ ManagementÂ Clock, 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 astound you, and the savings it will deliver are far and above the nominal cost. Give us a call at (877) 422-2824 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
Accuchex offers WorkforceÂ ManagementÂ Suite, the powerful, fully-integrated Workforce Management Suite that makes it easy to optimize the performance of your managers, employees, and organization.
WorkforceÂ ManagementÂ Suite includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. WorkforceÂ ManagementÂ Suite is developed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and reduce labor costs.
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