Many employers think biometric time clocks cost too much for the average SMB. Actually, this misconception is far more expensive. It prevents business owners from getting one. It is the lack of a biometric time clock that increases of doing business.
Why? Any other type of punch in device is susceptible errors. Sloppy employee timekeeping inflates labor expenses in several ways.
1. Employee Wage Theft Costs You
- Workers punching in before their authorized shift start time
- Workers punching out after their authorized shift end time
- Workers failing to clock out for unpaid breaks and meals
- A worker punching in for another employee who is not working (This staff member may end up coming in late or not show up at all)
If you think this is not happening at your company, you must believe that your employees are somehow different than other workers. The truth is that study after study demonstrates that wage theft is prevalent among hourly employees.
When you are paying wages for time not actually worked, you are losing income. And your payroll budget is probably already your biggest expense.
2. Human Error Also Costs You
- Workers unable to recall previous shift times when filling out a time card severals days later
- Supervisors making math errors when reconciling time cards
- HR managers miscalculating accruals
- Data entry mistakes when entering employee hours in the payroll system
How Much Are You Losing?
Studies by the American Payroll Association and other industry experts are sobering. They estimate that the amount of time employers overpay workers ranges from two to four hours a week per worker. For our example, let’s assume that you are paying an extra three hours a week per staff member. If your average hourly wage is $10, and you have 30 employees, the grand total is $46,800 dollars in extra wages each year.
What biometric clock is best for your organization? Call ICON, Inc. today and we’ll help you find the perfect one so you can pay less for labor next month.
ICON, Inc. offers WorkforceHUB, the powerful, fully-integrated WorkforceHUB that makes it easy to optimize the performance of your supervisors, employees, and company.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, and TimeWorksMobile. WorkforceHUB is designed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and lessen labor costs.
How much can you save? Check our ICON, Inc. ROI Calculator.
We can get you up and running with WorkforceHUB in minutes. Contact us today to book a demo.