If you answered yes to these questions, then it might be time to take a closer look at your time and attendance policy and consider solutions that can have a positive impact on your business. With accurate time tracking, you could eliminate data errors, reduce overpayments, and limit time spent on related administrative and managerial tasks.
Employee Attendance by the Numbers
- About 75 percent of U.S. businesses are affected by time theft.
- 43 percent of employees admit to some form of time theft.
- 25 percent of employees report more hours than they actually worked, more than 75 percent of the time.
- 45 percent of employees record time inaccurately.
Managing Various Forms of Time Theft
There are other situations where employees may be under the impression that they are merely doing each other a favor. Your time and attendance policy should clearly state that buddy punching is strictly prohibited in the workplace.
Simple tardiness is another costly example. For instance, a non-exempt employee who is consistently 10 minutes late and works 20 days per month in a year can earn 40 hours of pay for time not worked annually. Ultimately, you are paying that employee for a week of time that was not spent creating value for your business.
Addressing attendance problems quickly so they don’t turn into long-term issues is the best course of action. Increasingly, businesses are turning to state-of-the-art identification technology to combat the time-theft trend.
How to Prevent Time Theft
Bringing it All Together
It’s almost 2019 and employers need to deploy the most advanced and compliant tools to make sure they manage their most important assets, their people! Tools like online human resource technology now fully integrate with payroll to ensure accuracy, and they eliminate instances of paying for time not worked.
We encourage you to reach out to us and we’ll provide you with a fully integrated tool like HRIS and a Payroll platform to help streamline the entire process and more.
- Posting jobs
- Vetting applicants
- Pre-screening and offerings, onboarding
- Monitoring credentials and licensing
- Tracking logins and passwords
- Integrate benefits and 401k enrollment
- Track PTO and vacation eligibility make schedules, etc.