Don't Fall Victim to Time Theft
Don't Fall Victim to Time Theft

Don't Fall Victim to Time Theft

Did you know that time theft and loafing cost U.S. companies nearly $400 billion a year in lost productivity?

Employees can steal time in many ways:

* Taking longer-than-scheduled breaks
* Rounding up on their time sheets
* Checking social media during work
* Making personal phone calls
* Asking coworkers to punch in for them (“buddy punching”)

All these things may seem insignificant, but a few minutes here and there add up to hours. In fact, the average employee wastes four and half hours every week on socializing with coworkers alone—that’s an extra six weeks of vacation per year.

Not convinced that time theft is costing you money? Improperly recorded time, whether it’s from employees rounding up their hours or clerical errors, costs the average business 4% of its payroll, which could mean millions of dollars in losses every year. And this isn’t limited to just a few industries: it happens in every organization.

Luckily, there are ways you can get a handle on these costs. Paycor’s time and attendance solutions are an easy way to monitor employee time, receive alerts on missed punches, set rounding rules for breaks and view reports. You can even choose biometric time clocks that read employee fingerprints or handprints to prevent buddy punching. Learn more about time and attendance solutions for small businesses and larger businesses, or get in touch with us today.

Sources: American Payroll Associate, Boston Globe, Denver Post, Nucleus Research

More to Discover

Leave of Absence Policy and Acceptance Letter Template

Leave of Absence Policy and Acceptance Letter Template

Every business needs a leave of absence policy that clearly lays out how employees can apply for time away from work, and what the terms of this leave will be. There are many reasons an employee may require a leave of absence from work and while employers usually have the right to reject a request, it’s almost always the right call to allow employees to take leave.The distress and uncertainty caused by COVID-19 has only made it more important that businesses take an understanding approach to employee welfare, even if they are not eligible for FMLA leave. Whatever the reason an employee needs some time away from work, it’s important that, when accepting such a request, employers lay out exactly what it means for an employee’s status in...

Webinar: Post COVID-19: Reimagining the Future of Work

Webinar: Post COVID-19: Reimagining the Future of Work

Join us for a special roundtable discussion on what the future holds for HR leaders post COVID-19 featuring HR experts Jennifer McClure, Jon Thurmond, Wendy Dailey and Joey Price. They will discuss a variety of topics including how to navigate this new normal, new challenges facing HR leaders, personal experiences on motivating employees and keeping engagement strong and much more.

Webinar: How to Tackle HR with a Team of One

Webinar: How to Tackle HR with a Team of One

The way business leaders manage HR at their organization now can cripple or jumpstart long-term growth for their business. Watch now to discover tips and tricks on managing compliance, recruiting, performance management, training and HR technology. Register now! Speaker: Lori Kleiman Lori Kleiman is a business expert with more than 25 years of experience advising companies on HR issues. Her background as a human resources professional and consultant gives her unique insight on how HR professionals and executives can work together effectively to achieve business goals. Her programs are designed to provide critical HR updates and best practices to small businesses.

Why HR Technology Matters Now More than Ever

Why HR Technology Matters Now More than Ever

When a crisis hits, the right HR technology gives business leaders the data, tools and support they need to make important decisions quickly. In this report, Josh Bersin breaks down the four key benefits of HR technology and demonstrates through case studies how leaders can leverage it to solve problems and grow.