If you want to optimize your business performance, it is good to consider using time tracking software. Nowadays, it is extremely important to track almost everything in order to have access to important information that can cause you thousands of dollars. How can you do that?
One of the major reasons why growing businesses rely on time tracking software is to prevent eventual time theft. Did you know that many employees, not all of them, but yet a huge per cent, abuse with their personal time? They make phone calls, chat, check their Facebook or Twitter accounts and charge the employer for this, counting their activities as “work”. In fact, a recent research shows that the average employee loses 4-5 hours every week of his working hours that are been paid by the employer.
There are four specific examples of time theft we want to emphasis on in this article:
The first way employees steal from their employer’s time and money is when they have to fill in their own timesheets. This does not happen often, but in the rare cases it happens, employees do not fill in the correct information. Sometimes they cheat with 5 or 10 minutes, but at the end of the month, this is equal to a working day more.
The second way to cheat the employer is when the employee asks a friend to punch him/her in if he/she is running late. This is the so called Time Card Fraud.
The third way of time theft is the most popular among employees, and we can say – for sure, the most widely used. Break abuse happens when the employee takes extended breaks or unauthorized breaks.
The forth way is the so called Personal businesses abuse. It is difficult to monitor because it involves various forms of abuse – chatting, making phone calls, spending time on social networks.
Coping with time theft is essential problem for thousands employers around the world. Unfortunately, there is no system that can guarantee 100% elimination of time theft. In order to reach higher per cent of detection of time theft manual supervision will be needed. However, if you install time tracking software with implemented time clock, you will be safe from the problem with Time Sheet Fraud.
Moreover, you can buy biometric time clock that will verify the identity of the employee who is checking in. Using the fingerprint recognition is the easiest way to check when the employee clocks in and out of work. You can be sure there is no way to lose data. Time tracking software with biometric technology automatically informs you whether some of your employees are constantly late for work or leaving too early. In fact, thanks to this software the manager receives alerts in real time whether the employee is abusing with working time.
If you are still wondering whether you need time tracking, here is a shocking fact: according to several studies time theft have cost U.S. businesses over $400 billion a year!