Employee time theft is a growing problem that many companies face. When employees steal time from their companies, it causes huge losses in profits that can mean disaster for the bottom line. Avoiding employee time theft on the job means that you can save money and keep up employee morale at work.
There are several ways that employees steal time from their companies. Taking breaks that are longer than prescribed by the company might seem harmless, but it can cost the company in lost productivity. If an employee is paid $10 an hour and takes an additional 30 minutes in breaks per day, the cost to the company can total more than $1,000 a year. Multiply that by 10 employees and you have a major problem on your hands.
Employees also steal time by making personal phone calls at work, surfing the Web instead of working and arriving late for work. Using a time clock system to track time and productivity and save your company money in lost time.
Buddy punching is a major problem for employers. Buddy punching occurs when one employee punches out for another. This often happens when one employee wants to leave early but get paid for additional time. Buddy punching can cost your company profits and bring down morale. When other employees see this theft happening, they may feel resentful of their sacrifices and dedication to hard work and honesty.
Technology to Help Fight Time Theft
New time clocks make it easy to track employee time and to avoid time theft. There are time clocks that use biometric technology to ensure that time is being recorded accurately. Retinal scanners, fingerprint pads and voice recognition systems mean that you only pay for the time worked. Tools to monitor Internet usage mean that you never have to worry that your employees are surfing on social media instead of concentrating on their work.
When it comes to saving money on payroll and employee time, having the right technology is key. There are great time clocks that will help you to ensure that you are only paying for hours worked. Whether you use a time clock with biometric features like retinal scanners or a simple punch clock, this website can help you to get the best solutions for your business.
Don’t be a victim to employee time theft. Find a time clock for your company today.