Two Ways You Are Getting Ripped Off Every Time You Run Payroll

stop employee time theft South Jordan

As employers, we like to think we can trust our employees. Without trust, not much can be achieved, 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 blatant time theft.1 The two types they referred to specifically are buddy punching and recording erroneous start and end times.

Buddy punching, recording 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 $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 illegitimate 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 story only gets worse.

How Can You Protect Yourself From Employee Time Theft?

Easy! Better time clock management. SwipeClock 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 provide are far and above the nominal cost. Give us a call at 888.223.3450 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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