As a business owner theft is always a fear; we put systems into place to prevent losses, but have you ever considered the theft that could be happening right in front of you? Hourly wage employees cost companies $400 billion annually in lost productivity. Whether it's punching in early, staying late, or stretching hours, employee time theft is a real issue faced by employers everywhere. If you’re dealing with hourly employees you may want to take a look at your current processes.
Is Your Software Doing Enough?
Perhaps you don’t even use a time & attendance software, or maybe you do, but it only requires a personal pin code to clock in and out, which, is likely going to be used against you. Listed below are the various forms of time tracking, along with a percentage of average time theft:
- The use of an online web portal to track employee time leads to an average of 42% of employees ‘stealing’ time.
- Mounted wall clocks account for 21% of time theft (typically use with a personal identification code).
- Paper forms at 18%
- Paper punch cards & Mobile devices at 16% (buddy punching)
- Biometric time clocks at 3%
Perks of Going Biometric
So what is it about biometric clocks that cuts down on time theft? Well, in order for employees to punch in and out they need either their finger or their face. This method clearly presents a struggle for those employees who are use to punching in for their friends. Unless you’re there in front of the clock you don’t get to punch in. Of course this method isn’t foolproof; there is an average of 3 percent of employees who cheat the system using biometric time clocks, but the savings difference is substantial between biometric and online web portal clock-in.
How To Get Biometric Timeclocks
It is always a good idea to get timeclock software that easily integrates with your payroll provider or existing back-end systems. With SchoolVision, you can rest assured knowing our platform integrates with almost every management system offered, and also has the ability to expand and grow with your business, using our POS, Inventory, and Grading platforms. While it can be a bit of an expense to switch to biometric time clocks, the ROI is far greater compared to what you will lose in employee time theft, buddy punching, and lost attendance records.
Read more about SchoolVision's Biometric Time & Attendance here.