As employers, we like to think we can trust our team members. Without trust, not much can be achieved, 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 referred to specifically are buddy punching and recording inaccurate start and end times.
Buddy punching, logging inaccurate start times, and early punch-ins and late punch-outs result in an average of 4.5 hours per week, per employee. For one employee earning $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider this…
Let’s presume you have 15 staff members, each working at $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 unauthorized 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 setting only gets worse.
Easy! Better time clock management. Coastal Human Resource Group, Inc provides TimeWorksTouch, which is specifically designed to minimize early punch-ins, late punch-outs, and it makes buddy punching almost impossible. The low cost of this solution will astound you, and the savings it will deliver are far and above the nominal cost. Give us a call at 251-478-7417 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
Coastal Human Resource Group, Inc 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, and TimeWorks Mobile. We’ve just added onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is designed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and lessen labor costs.
How much can you save? Check our Coastal Human Resource Group, Inc ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to set up a demo.