As employers, we like to think we can trust our employees. Without trust, not much can get done, but there are a couple of areas that grant an easy opportunity for your employees to take advantage if you aren’t watching cautiously, 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 flagrant time theft.1 The two types they recognized specifically are buddy punching and recording erroneous start and end times.
Buddy punching, recording incorrect 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 employee earning a wage of $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider this…
Let’s suppose you have 15 employees, each earning $10 per hour, and each of them are stealing 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 employees, or you are paying more than $10 an hour, the scenario only gets worse.
How Can You Protect Yourself From Employee Time Theft?
Easy! Better time clock management. TriCore provides Workforce Management Clock, which is specifically designed to reduce early punch-ins, late punch-outs, and it makes buddy punching almost impossible. The low cost for this solution will pleasantly surprise you, and the savings it will deliver are far and above the nominal cost. Give us a call at 609-9182668 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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