How Theft of Company Time Affect Business?
Posted on May 8, 2012
Theft of Company time may sound like a general problem, but today it is one of the key issues that cause the company’s operational cost to pile up. It takes place in different ways and happens in every business whether big or small. The common forms in which time theft take place include proxy attendance, buddy punching, arriving late at work, leaving early and unauthorized overtime. Luckily, now there are easy and cost effective resources available for business proprietors who are up against employee theft of time. Solutions like Time Keeping Software have helped companies drastically reduce and often eliminate practices of time theft at work, saving thousands of dollars every year. As per a joint report released by “The Denver Post” and “The Boston Globe” in the year 2009 concludes that 20% of a dollar that companies make is lost due to the unethical practices like employee theft of time. The report projects that the annual cost of employee theft of time alone for US business is around $400 billion per year. Statistic like this may make small business entrepreneur wonder how much money is going from their pocket.
Taking into account the severity of concern, it is not surprising that why lots of businesses are opting for time and attendance system. For instance Biometric Fingerprint Time Clock help to protect the interests and make sure workers are liable for work hours. Time theft at work place is in such a huge number that it directly affects the profitability and overall cost of product & service. The company can transfer the cost related to this onto the consumer. Even in this case the loss is to the business because transferring the cost will make the product overpriced. The consumers are well aware of the price, and in case they find it high, they always have the option to move to the other company selling a similar product.
Time keeping software is a perfect application to confront theft of company time. It will help companies to gain a competitive edge in the long run. Payroll Data Recording Systems & Time attendance System has biometric biological features like identifying employees on the basis of fingerprints. These systems have proven very effective in preventing theft of company time. The biometric fingerprint time clock gives no room for workers to engage in theft of time. Businesses were able to keep a check on the operational cost after implementing employee time management system and increase profits. Further, it has tremendously improved productivity and employee efficiency. These are few extra benefits that resulted due to time theft elimination.