Time theft is common and defined as payment to an employee for time that is not actually worked. Inflated payroll combined with lost productivity can cost employers more than $400 billion annually. There are many ways that a company can suffer losses from time fraud:
- buddy punching
- early arrival
Whether your workforce is static or mobile, there is a solution that fits your needs.
Monitoring attendance is also critical to ensure a healthy culture, high morale and the fulfillment of your employees’ obligations to your organization. When attendance and punctuality are in alignment, increased productivity is a positive byproduct.
The main advantages of tracking and monitoring time and attendance are:
- reducing errors
- increasing productivity
- saving time & money
- easy adjustments
There are also other tactics that you can evaluate in conjunction with your customized time and attendance system to create a wholistic approach and awareness to your bottom line. Take the time to contact your local local Payroll Vault office to learn more about wrangling in your bottom line.