As employers, we like to think we can trust our employees. Without trust, not much can be achieved, but there are a couple of areas that furnish 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 indicated specifically are buddy punching and recording erroneous start and end times.
Buddy punching, logging 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 worker earning a wage of $10 per hour, that can be a loss of $45 per week. Not a big deal? Look at this…
Let’s suppose you have 15 staff members, each earning $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 scenario only gets worse.
Easy! Better time clock management. Berndt CPA 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 pleasantly surprise you, and the savings it will furnish are far and above the nominal cost. Give us a call at 608-274-7473 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
Berndt CPA offers WorkforceHUB, the Human Resources Management System (HRMS) that makes it easy to optimize the performance of your supervisors, employees, and business operations.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, TimeWorks Mobile, and ApplicantStack. We’ve just added applicant tracking, onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB was created for busy employers like you who need to reduce cost-per-hire, streamline scheduling, automate time tracking, maintain regulatory compliance, and decrease labor costs.
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We can get you up and running with WorkforceHUB immediately. Contact us today to schedule a demo.