Tackling Time Theft: A Hidden Cost in the Workplace

Time theft may sound like a minor issue, but it's a significant problem that costs employers about 4.5 hours per week for each employee. In fact, one in four employees admits to logging more hours than they actually work, and the real numbers are even higher, since these are just the admissions!

Understanding Time-Theft

Time theft comes in various forms, each potentially draining company resources:

Buddy Punching
This is the most prevalent type of time theft, where employees clock in for one another. It's not just about being late; it's about being absent and still getting paid as if present. 75% of companies lose money from this!

Late Starts and Early Finishes
When employees consistently start their shifts late or finish early, it may seem minor at first glance but it adds up significantly over time.

Extended Breaks
Extra-long lunch breaks or frequent, unauthorised breaks throughout the day can seriously hinder productivity.

Unauthorised Overtime
Employees may claim they need to work extra hours, but without proper authorisation, this could be another form of time theft.

Personal Activities
Using work time for personal tasks, whether it’s online shopping, social media browsing, or personal phone calls, diverts time away from actual work.

An Example

Let’s say your company has 50 staff and each gets paid an average of £15/hour. Let’s imagine they work 5 days a week with time-theft of 30 minutes each per day.

Your company would be losing £7500.00 per month or £90,000.00 per year!

Now imagine if each staff member was stealing 4.5 hours per week as research suggests they do. In that case, you would be losing £13,500.00 per month or £162,000.00 per year!

Solutions

To combat these issues, businesses are turning to technological solutions like SubTrack, a sophisticated tool designed to enhance workplace integrity and efficiency. SubTrack utilises geofencing technology to ensure that employees can only clock in or out when they are physically present at the work site. This not only prevents buddy punching but also ensures that employees are only paid for the actual hours they work, thereby significantly reducing the likelihood of late starts, early finishes, and unauthorised overtime.

By automating timesheets and linking them directly to the physical presence of the employees at the job site, SubTrack provides a clear, unbiased record of hours worked. This level of transparency and control helps businesses manage their workforce more effectively, ensuring that work hours are not just recorded, but verified.

Why Address Time-Theft?

Ignoring time theft can lead to substantial financial losses over time and create a workplace culture where dishonesty is overlooked. By addressing time theft proactively, businesses can foster a culture of accountability and fairness, leading to enhanced productivity and a more motivated workforce.

In conclusion, while time theft might seem like a tricky issue to tackle, with the right tools and approaches, it can be managed effectively. SubTrack offers a powerful solution that not only curtails the common problem of time theft but also helps businesses save money and boost overall productivity.

Conclusion

In conclusion, while time theft might seem like a tricky issue to tackle, with the right tools and approaches, it can be managed effectively. SubTrack offers a powerful solution that not only prevents the common problem of time theft but also helps businesses save money, improve health & safety compliance and boost overall productivity.

To find out more about SubTrack and how it can help your company save time, money and improve productivity, visit our website www.subtrack.co.uk or contact us directly using the button below!