Many business owners think biometric time clocks cost too much for the average SMB. Actually, this misconception is far more expensive. It prevents business owners from getting one. It is the lack of a biometric time clock that increases the cost of doing business.
Why? Any other type of punch in device is likely to errors. Sloppy employee timekeeping inflates labor expenses in several ways.
1. Employee Wage Theft Costs You
- Employees punching in before their prescribed shift start time
- Workers punching out after their authorized shift end time
- Workers failing to clock out for unpaid breaks and meals
- A worker punching in for another employee who is not working (This employee may end up coming in late or not show up at all)
If you think this is not happening at your company, you must believe that your employees are somehow different than other workers. The truth is that study after study demonstrates that wage theft is omnipresent among hourly employees.
When you are paying wages for time not actually worked, you are losing income. And your payroll budget is probably already your biggest expense.
2. Human Error Also Costs You
- Employees unable to recall previous shift times when filling out a time card several days later
- Supervisors making math errors when reconciling time cards
- HR managers miscalculating accruals
- Data entry mistakes when entering employee hours in the payroll system
How Much Are You Losing?
Studies by the American Payroll Association and other industry experts are sobering. They estimate that the amount of time employers overpay workers ranges from two to four hours a week per employee. For our example, let’s assume that you are paying an extra three hours a week per staff member. If your average hourly wage is $10, and you have 30 employees, the grand total is $46,800 dollars in extra wages each year.
What biometric clock is best for your business? Call SwipeClock today and we’ll help you find the perfect one so you can pay less for labor next month.
SwipeClock offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your managers, employees, and business.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, TimeWorks Mobile, and ApplicantStack. We’ve just added recruitment, onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is developed for busy employers like you who need to reduce cost-per-hire, streamline scheduling, automate time tracking, maintain regulatory compliance, and decrease labor costs.
How much can you save? Check our SwipeClock ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to schedule a demo.