Keeping An Eye Time Theft and Attendance Costs

Is time theft robbing you blind?

For your business to remain competitive and operate at peak efficiencies you have to keep an  eye on cost containment…and that includes employee time theft.

Employees may consider being paid for time they didn’t actually work a “benefit.” But its no benefit to you.

The Cost of Time Theft

One study estimates that “time theft” costs U.S. employers more than $400 billion a year in lost productivity*. Buddy punching (when an employee punches in for another) is just one way this happens to businesses. And its not just related to one kind of worker or business. It happens with “white collar” and “blue collar” employees in every type of business.

What does it mean to you? You’re being robbed on hundreds, maybe thousands of dollars each year. Late arrivals, early departures, longer than permitted breaks all contribute to lost hours and productivity you can’t get back. In the end, it means inflated payroll and lost productivity for the business.

Need A Time Theft Solution?

At Securiteam, we build integrated solutions to address time theft and other related problems, powered by iris recognition technology.

Iris recognition technologyBiometric devices are one of the most effective solutions for time and attendance, workforce management, and access control. Our Securiteam solutions are powered by iCAM7100 series devices from Iris ID.

The readers in our solutions eliminate costly “buddy punching” because biometrics identify a person based on their unique physical characteristics of the iris.  Iris ID is ideal because it can be used in environments where workers have difficulty providing other biometrics.

The iCAM7100 also provides numerous other benefits for your business:

  • Reduced Payroll and Administration Costs – timecards are eliminated, along with any discrepancies between time worked and time reported.
  • More Productive and Informed Workforce – identification takes place in less than a second; during which the communication panel can display time/date and ID number of employees, promoting communication with management.
  • Remote Management – Iris ID devices have remote diagnostic capability allowing for device maintenance without removing the device from the wall.
  • Non-Contact – Iris recognition technology inhibits any transfer of germs or bacteria to other employees since contact is not required.

Ready to Cut Time and Attendance Costs?

Securiteam integrated solutions with iris recognition technology are a proven, practical solution to time theft. Put an end to time theft before your employees consider the time they steal from you to just be another fringe benefit.

What’s the worse example you have encountered with time theft? Tell us in the comment field below.

 

*The Kentucky CPA Journal, Fall, 2007, “Biting the Hand that Feeds: The Employee Theft Epidemic” by Terrance Daryl Shulman, JD, LMSW, ACSW, CAC, CPC

 

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