Many business owners think biometric time clocks cost too much for the average SMB. Actually, this misconception is far more expensive. It prevents employers from getting one. It is the lack of a biometric time clock that jacks up 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 prescribed 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 employee may end up coming in late or not show up at all)
If you think this is not happening at your workplace, you must believe that your employees are somehow different than other workers. The truth is that study after study confirms that wage theft is pervasive among hourly employees.
When you are paying wages for time not actually worked, you are losing money. 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 staff member. 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 business? Call TriCore today and we’ll help you find the perfect one so you can pay less for labor next month.
TriCore offers Workforce Management Suite, the powerful, fully-integrated Workforce Management Suite that makes it easy to optimize the performance of your managers, employees, and business.
Workforce Management Suite includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. Workforce Management Suite is created for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and reduce labor costs.
How much can you save? Check our TriCore ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to set up a demo.