Time theft is an often overlooked problem that many businesses face and it is costly.
Time theft is when an employee gets paid for more hours than they worked.
Time theft occurs at many times during the day. The main places time theft occurs is when employees falsify time sheets by changing start time and end time as well as breaks. Tardiness also affects time theft as the employee is not actually working at the time that they are supposed to. This means that you are paying for your employees to be late! Extended breaks and unauthorized overtime are also considerations that must be looked at for time theft. If you give your employees a 30-minute paid lunch and they take a 45-minute break you are losing more money. Buddy clocking is also one of the major ways that time theft occurs. Let's think of this scenario:
Mechanic Martin is supposed to be at work by 8am. It is 8am and he hasn't left home yet. Martin calls fellow employee Doug and explains that he will be late. Doug then finds Martin's timecard and clocks him in to work so Martin doesn't get into trouble. Martin finally shows up at 8:45 and begins working. The problem? You just paid Martin for 45 minutes of work. Lets say that Martin makes $16/hour and he is late once a week: That $12 x 52 weeks a year, that's $624 just for Martin, and he isn't the only one.
Time keeping software can solve this problem. Timekeeping requires the individual to login, and it is all electronic and documented. An employee has many options for timekeeping including; mobile phone login, swipe card login, online login, as well as a variety of biometric login capabilities. If your employee is required to swipe a card to clock in as well as provide his fingerprint, he cannot be paid while still at home.
Time keeping software is affordable, especially considering how much money companies lose due to time theft.
How can FlexChecks help? We offer the most up-to-date time keeping software with a variety of options. Check out our website or call us today!