One of the most common and expensive problems for every organization is time theft. Since it’s not easy to instantly find out if there is someone who is stealing work time in your business.
Some companies might even take a long time to discover that their employees are really stealing time from work or not. And that is not only about employees, but in case you have hired contract workers for billable hours, they may also steal some extra money from your pocket even when they are not productive enough.
What makes it even more difficult to recognize is that its effect won’t be visible to you for quite a long time. But as time goes by, you may notice that even when you have a sufficient workforce, the tasks and projects are not completed on the expected time. And due to that, it’s costing you more than what you need to spend actually.
It’s just like a leaking pipeline, which starts with dripping but then gradually spills a lot until it gets fixed completely. So to address all such issues, in this article we are going to provide you a detailed explanation of what time theft really is and how you detect and control it.
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What Is Time Theft?
If you want to define time theft or ask what time theft is exactly, the simplest answer is when the person you have hired is stealing the work hours and making you pay for the time they haven’t been productive enough. Whether it’s time stealing, attendance fraud, time-sheet fraud, or time clock fraud, all such things will come under the time theft category.
In fact, there are many ways time theft could happen in an organization, which makes it even more difficult to identify. Things like being late at work and early leave from the office are quite common in the workplace. Besides that, there are some other ways employees may sneak on to get a bit more money than what they really deserve. For example, these are some of the time thefts, which seem way more offensive to the eyes of employers:-
- Timesheet fraud
- Doing personal activities during production hours
- Unauthorized overtime
- Proxy attendance
- Buddy punching etc
With so many such issues, it is quite a struggle for employers to detect the real problem and take preventive measures. Now that most organizations have adapted to remote work culture, companies have become more susceptible to time theft problems. Though the remote work option has brought revolutionary changes for the business. And it seems quite favorable for both employers and employees. But time theft problems are still quite expensive.
How’s Time Theft Costing You More?
In a statistical report, it was estimated that every year time theft cost over $400 billion. In fact, 1 in every 4 employees has the habit of exaggerating their work time even when they aren’t productive enough for the business. As we have already said, things like buddy punching and attendance fraud have also become quite common these days. And according to a report, 75% of companies lose money because of time and attendance fraud every year.
Costing You More Than Just Money
As you can clearly see, due to fraudulent time reporting, companies have to take the overload of expenses. But that’s not the only burden for employers. It also hurt the productivity and work environment in your business.
For example, let’s say that a single employee is fudging work time during production hours. However, this may also lead to causing more work burden on other team members. And it would make them lose their motivation to be more productive in their work. Usually, when such things happen, under-performers get unnoticed while your other employees also feel un-rewarded for their hard work.
So, it is quite necessary to stop employee time theft in your business. But do you know how you can achieve that?
How Do You Stop Time Theft?
Now that is a $400 billion question to which every employer wants to get an answer. But it’s not like rocket science. Sure, you need to come up with some strong policies and a smart system to enhance transparency in your work. Here are some of the ways that might help you.
- Set clear and realistic expectations from your employees so that they can also complete their tasks and projects on time.
- Improve communication with your workforce and try to get in their shoes. This would not only help you to learn about time frauds, but you may also pick up nitty-gritty issues complications in your business.
- Have strict policies to withhold the disciplinary in your organization so that no one could do any bad practices like time theft.
- Employ the timesheet management software that can help you to remotely monitor the work hours and attendance of your employees.
- Another thing to watch for is the app usage of your employees’ computer activities. This way, you can find out if they are really working or using social media and other unproductive apps during production hours.
- Connect the payroll of your employees based on their work time and attendance.
In many cases, we have seen that some employees take advantage due to the separate management of payroll and work time. It creates a gray area where employees can shave off some work time and even get paid in the end.
Besides that, even if you want to implement all these factors won’t be easy for you. But there you have the solution to manage all these issues- EmpMonitor. It is a workforce and time management software that can help you to remotely track the work time engagement. So that you can easily determine whether your employees are committing time theft or not. Accordingly, you can warn those who are not doing their job correctly and reward those who are doing really great jobs.
Employers Can Also Commit Time Theft
On the other way around, whether you believe it or not, employer time theft is also a real thing. Often it happens in many organizations that employees won’t be able to get their overtime pay. One of the reasons why such things happen is because of manual time and attendance management. So having a work time management software like EmpMonitor is not only advantageous for employers but employees as well. Because it shows you an accurate analysis of the overtime work of each and every employee so that they can get paid fairly.
Why You Should Get EmpMonitor?
Lucky for you that EmpMonitor provides you with all such features that would help you to keep track of work time in your business. It is designed for use across various industries, including the IT sector, Finance, Legal Services, Educational institutes, Banking, and Health Care business, etc.
Here are some of the best work time tracking features of EmpMonitor.
Easy to set: It’s quite easy to set up within an employee’s computer without interrupting their regular work activities.
Websites and apps usage: You can also find out what apps and websites your employees are using during production hours.
Time theft is really quite an expensive problem for many organizations, and in most of the cases, employers won’t have much of an option to recover. In such a case, prevention is the best course of action. What you can get is a work time management solution like EmpMonitor to keep a close eye on your employees computer activities.
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