14 May Two Ways You Are Getting Ripped Off Every Time You Run Payroll
As employers, we like to think we can trust our employees. Without trust, not much can be accomplished, but there are a couple of areas that deliver an easy opportunity for your employees to take advantage if you aren’t watching closely, 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 calculated time theft.1 The two types they referred to 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 worker. For one employee earning $10 per hour, that can be a loss of $45 per week. Not a big deal? Look at this…
Let’s assume you have 15 team members, each earning a wage of $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 unsanctioned 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.
How Can You Protect Yourself From Employee Time Theft?
Easy! Better time clock management. Payroll Partners 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 amaze you, and the savings it will deliver are far and above the nominal cost. Give us a call at 817 226-8111 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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