As much as we want to have trustworthy, responsible employees, the truth is that American businesses are losing billions of dollars every year due to time theft.
What Is Time Theft?
Time theft is a serious problem, and most employers do not realize how much this problem is costing their company. In fact, an average of 10 of their payroll to time theft. To see how significant this is, let's do a little math:
Let's say you have a small business with 10 employees, earning $10 per hour.
10 (employees) x 40 (hours) x 10 (dollars) = $4,000 each week
4000 (dollars) x 52 (weeks) = $208,000 annual payroll.
10% of $208,000 = $20,800 LOST EACH YEAR!
How Can I Prevent Time Theft?
The first thing that comes to most business owner's minds is, "I need a good time clock system to track my employees' time and attendance." However, these systems are usually quite expensive and still do not give you the ability to prevent buddy punching, since passwords, ID cards, and time cards can be shared. Many of these systems also do not offer the ability to manage employee's arrival and departure times.
The solution? Biometrics.
There are solutions like the "Biometric Employee Time Clock" from VeriTask Software that has a complete solution for small and medium companies starting at only $269.
Plus it's easy to use: the installation, configuration, and the register of 5 employees can practically be done in 15 minutes. The system also has a series of additional functions that allows you to manage employee schedules, vacations, occurrences and notify you automatically by e-mail when an employee arrives late or doesn't show up at all!
