Two Ways You Are Getting Ripped Off Every Time You Run Payroll

reduce employee time theft Monsey

As employers, we like to think we can trust our staff members. Without trust, not much can get 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 deliberate time theft.1 The two types they recognized specifically are buddy punching and recording erroneous start and end times.

Buddy punching, logging inaccurate start times, and early punch-ins and late punch-outs result in an average of 4.5 hours per week, per worker. For one worker earning $10 per hour, that can be a loss of $45 per week. Not a big deal? Look at this…

Let’s presume you have 15 staff members, each working at $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 illegitimate 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 scenario only gets worse.

How Can You Protect Yourself From Employee Time Theft?

Easy! Better time clock management. MegaPay USA 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 surprise you, and the savings it will deliver are far and above the nominal cost. Give us a call at 855-634-2729 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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MegaPay USA offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your supervisors, employees, and business.

WorkforceHUB includes TimeWorksPlus, TimeSimplicity, TimeWorks Mobile, and ApplicantStack. We’ve just added recruitment, onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is developed for busy employers like you who need to reduce cost-per-hire, streamline scheduling, automate time tracking, maintain regulatory compliance, and decrease labor costs.

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