{"id":1287,"date":"2012-05-08T18:00:38","date_gmt":"2012-05-08T12:30:38","guid":{"rendered":"http:\/\/www.timelabs.in\/wordpress\/?p=48"},"modified":"2024-08-20T09:39:30","modified_gmt":"2024-08-20T09:39:30","slug":"how-theft-of-company-time-affect-business","status":"publish","type":"post","link":"https:\/\/www.timelabs.in\/blog\/how-theft-of-company-time-affect-business\/","title":{"rendered":"How Theft of Company Time Affect Business?"},"content":{"rendered":"<p style=\"text-align: justify;\">Theft of Company time may sound like a general problem, but today it is one of the key \u00a0issues that\u00a0cause the company\u2019s operational cost to pile up. It takes place in different ways and happens in\u00a0every business whether big or small. The common forms in which time theft take place include proxy\u00a0attendance, buddy punching, arriving late at work, leaving early and unauthorized overtime. Luckily,\u00a0now there are easy and cost effective resources available for business proprietors who are up against\u00a0employee theft of time. Solutions like Time Keeping Software have helped companies drastically\u00a0reduce and often eliminate practices of time theft at work, saving thousands of dollars every year. As\u00a0per a joint report released by \u201cThe Denver Post\u201d and \u201cThe Boston Globe\u201d in the year 2009 concludes\u00a0that 20% of a dollar that companies make is lost due to the unethical practices like employee theft\u00a0of time. The report projects that the annual cost of employee theft of time alone for US business is\u00a0around $400 billion per year. Statistic like this may make small business entrepreneur wonder how\u00a0much money is going from their pocket.<\/p>\n<p style=\"text-align: justify;\">Taking into account the severity of concern, it is not surprising that why lots of businesses are opting\u00a0for time and attendance system. For instance <a href=\"http:\/\/www.timelabs.in\/fingerprint-machine.html\">Biometric Fingerprint Time Clock<\/a> help to protect the\u00a0interests and make sure workers are liable for work hours. Time theft at work place is in such a huge\u00a0number that it directly affects the profitability and overall cost of product &amp; service. The company can\u00a0transfer the cost related to this onto the consumer. Even in this case the loss is to the business because\u00a0transferring the cost will make the product overpriced. The consumers are well aware of the price, and\u00a0in case they find it high, they always have the option to move to the other company selling a similar product.<\/p>\n<p style=\"text-align: justify;\">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 &amp; Time\u00a0attendance System has biometric biological features like identifying employees on the basis of\u00a0fingerprints. These systems have proven very effective in preventing theft of company time. The\u00a0biometric fingerprint time clock gives no room for workers to engage in theft of time. Businesses were\u00a0able to keep a check on the operational cost after implementing employee time management system\u00a0and increase profits. Further, it has tremendously improved productivity and employee efficiency. These\u00a0are few extra benefits that resulted due to time theft elimination.<\/p>\n<p>Facebook<\/p>\n<p>Twitter<\/p>\n<p>LinkedIn<\/p>\n<p>Pinterest<\/p>\n<p>Email<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Theft of Company time may sound like a general problem, but today it is one of the key \u00a0issues that\u00a0cause the company\u2019s operational cost to pile up. It takes place in different ways and happens in\u00a0every business whether big or small. The common forms in which time theft take place include proxy\u00a0attendance, buddy punching, arriving [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[439],"tags":[51,52,53,54],"class_list":["post-1287","post","type-post","status-publish","format-standard","hentry","category-time-attendance-and-leave-management","tag-biometric-fingerprinting-clock","tag-biometric-system","tag-time-attendance-system","tag-time-keeping-software"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Theft of Company Time Affect Business? - Latest HR and Payroll Software News &amp; Updates | Timelabs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timelabs.in\/blog\/how-theft-of-company-time-affect-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Theft of Company Time Affect Business? - Latest HR and Payroll Software News &amp; Updates | Timelabs\" \/>\n<meta property=\"og:description\" content=\"Theft of Company time may sound like a general problem, but today it is one of the key \u00a0issues that\u00a0cause the company\u2019s operational cost to pile up. 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