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
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