Fingerprint Time and Attendance – How Does Time Theft Affect your Bottomline?
Time theft often goes undetected and unnoticed for quite some time. Employers who detect the problem are often unable to recover the invaluable resource of time, and can’t always recover the productivity lost during the time the acts were committed. Time theft cost employers millions each year. Employers have become aware of the problem and have to identify ways like fingerprint time and attendance to curb the practice.
Time theft is when an employee is mistakenly paid for work they have not done. Time theft also occurs when an employee is actually paid when they aren’t actually at work. Time theft is one of the biggest issues affecting the company’s bottom line, and costs associated with the practice can exceed billions in a given year. Fingerprint time and attendance systems help drive down costs associated with the practice.
Forms of Time Theft and Employee Fraud
Rounding method: This occurs when the person enters the minutes on a paper timesheet by rounding up the time they worked. For example, the person can round their time up using quarter increments in the absence of a fingerprint time and attendance system. Basically, employees say they worked until 5:00PM when they left at at 4:45PM. Without a fingerprint time and attendance system or a manager on location, just about impossible to stop this kind of cheating.
Buddy punching and Overtime: One employee can swipe another employee’s time card. Buddy is much easier when there is no fingerprint time and attendance system in place. Employees may have an agreement between the two of them to take turns swiping each other’s timecards. Workers can also delay their workload, so that the workday is prolonged to create overtime. They can even remain idle after a certain amount of time has elapsed to ride the clock longer than necessary. With MinuteHound’s fingerprint time and attendance system, you can be alerted when employees do not clock out at a certain time.
Extended Breaks and No Shows: In the absence of a fingerprint time and attendance system, it’s possible to take an extended lunch period by remaining clocked in during a portion of a meal period. The extended meal period could also involve clocking out during a set amount of time and taking a lunch later on the clock at another time. A no-show is another common time theft method. An employee unable to make it to work may have another employee clock in when absent. The employee can actually be absent the entire time if there is no fingerprint time and attendance tracking system.
Fingerprint Time and Attendance Solves these Issues and More!
While it may not feasible to monitor and police every employee to ensure that productivity goals are met, employers can take certain steps to reduce productivity threats like time theft with a fingerprint time and attendance. MinuteHound time and attendance tracking system minimizes time theft. A fingerprint time and attendance tracking systems uses 128-bit encryption to transfer data, eliminating chances of tampering.
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