Think Inaccurate Time Tracking is Harmless? Think Again
Posted on February 13, 2013
Employees rounding up their own hours by a few minutes here and there may seem harmless, but those minutes add up to hours, which add up to big bucks.
Take this for example: Your employee, Jim, gets to work at 9:05 a.m. and leaves at 4:56 p.m. On his timesheet, he records his time as 9:00 a.m. and 5:00 p.m. What’s 9 minutes? Those 9 minutes multiplied by 5 days a week multiplied by 52 weeks in a year gives you 39 hours a year—an entire week’s worth of work. If all your employees are similar to Jim, that’s like giving an extra week’s vacation to each employee every year.
To put it a different way, let’s say you have 100 employees working at the federal minimum wage of $7.25. With all of them recording their time the way Jim does, that’s an extra $28,275 per year—money you could be using to grow your business.
So what can you do? Paycor’s ReadyClock is a simple, web-based time tracking solution that eliminates these costly inaccuracies. Setup is easy, and the savings are significant.Watch the video below and get in touch with us today to learn more about how you can stop giving away time for free.