Employee Theft: 3 Ways Employees Steal Time From Businesses
Time is one of the most important aspects of any company’s success. Network clocks do a great job of at least providing the time to employees across a physical location and digital network. From GPS time servers to WiFi clocks, organizations across the globe are extremely reliant on time.
Unfortunately, there are plenty of ways employees take advantage of an organization’s timekeeping skills. Here are some of the most popular ways employees — knowingly or not — steal time and money from businesses:
- Timesheet fraud — The U.S. economy loses an estimated $7.4 billion per day (or 50 million hours) due to improperly filled out timesheets. Though the occasional extended coffee break might seem harmless, rampant abuse of company time can actually cause major financial problems. It’s important for every person in a position of authority to closely monitor employee punches and hours worked. Using time clocks is a much better way to automatically keep track of hours worked and employee punches.
- Late arrivals and early departures — Arrival and departure abuse are some of the most common forms of time theft. These issues cost employers thousands of dollars each year and need to be addressed right away. According to the American Payroll Association, the average employee steals four hours and five minutes of work every week, equating to 6 weeks annually. For a person making only $10 an hour, that equates to $2,340 a year of lost company money.
- Abusing down time — This one isn’t as malicious (sometimes), but it can be devastating to a company’s bottom line. Employees are easily distracted and if there isn’t anything to prioritize on, their productivity levels could significantly decrease. Excessive socializing, personal phone calls, stepping out of the office, and just surfing the Internet are some of the main contributors to excessive downtime.
Using quality GPS time servers might help provide accurate time across your network, but it won’t ensure employee honesty. Start by hiring employees you can trust but make sure you’re closely monitoring your employees and their hours worked. If you want to learn more about the importance of time across your network and find quality GPS time servers, WiFi digital clocks, and other synchronization products, give Time Machines a call right away.
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