As employers, we like to think we can trust our team members. Without trust, not much can get done, but there are a couple of areas that provide an easy opportunity for your employees to take advantage if you aren’t watching carefully, 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 deliberate time theft.1 The two types they mentioned specifically are buddy punching and recording incorrect 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 earning a wage of $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider this…
Let’s presume you have 15 employees, each working at $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 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.
Easy! Better time clock management. Baron Payroll provides Baron Workforce Management 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 surprise you, and the savings it will deliver are far and above the nominal cost. Give us a call at 631-266-2500 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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