A recent survey in the UK revealed an estimated £2.52 billion a year is lost by companies overpaying employees “clocking-in” for time they haven´t actually worked. The main reason for this is because the vast majority of companies in the UK have a time attendance policy that is ripe for manipulation.
Conventional clocking-in systems can easily be taken advantage of. Manual methods of time keeping is outdated because it consistently gives you inaccurate time attendance data, principally because it is unreliable and exposes the companies using it to massive losses in overpayed wages, due to clerical and sometimes intentional recording errors.
Using paper methods to record the hours they have worked, the average employee will add 15 minutes on to the beginning and end of their shift. That´s half an hour a day, two and half hours a week, 10 hours a month or 120 hours per year.
At basic minimum wage that equals almost £1000 overpaid to a time stealing employee. If just ten of your employee's take advantage of your loopholes then that could easily be costing your company well over £10,000 per per year.
If you are a generous employer and pay well over the legal minimum wage then your over payment losses could be running in to very large figures indeed.
How much are you overpaying your employees in wages?
Also How may smoking or coffee breaks a day do your employees take?
Even paper punch card systems can be cheated. Okay, they record the exact time the employee clocks in and clocks out, but it only shows the time the card meets the machine. It does not identify the person who put the card in the machine. This method known as “buddy punching” is common in large companies that cannot keep a track of all their workers, especially when shifts and unusual hours are worked.
Advancements in Clocking-in Machines Save Time
Technology in time attendance machines has progressed these days to biometric methods. Clocking-in devices can now record biometric data such as finger print, facial features, or the iris in a person´s eyes. Not only do the time attendance machines record the exact times your employees arrive and leave the workplace it also eliminates and stops the buddy-punching cheats.
The latest advancements in clocking-in machines not only save you money in overpaid wages, but they also reduce the amount of admin time it takes for HR or line managers to calculate and authorise the number of hours worked. All the time attendance data is recorded in a central computer or desktop computer and can easily be calculated automatically at the click of a mouse button. The data can also be exported directly to your existing Sage or Quickbooks accounts program and will reduce the time it takes for accounts to process wages.
ClockReports Biometric clocking-in machines give you ultimate flexibility
Because of the tighter controls advanced biometric clocking in machines give you, it is far easier to manage flexi-time without the risk of being cheated out of overpaid wages. Employees also know that they will not be underpaid because the time-keeping system is 100% accurate.
Biometric time attendance machines also provide data to help you monitor absenteeism including patterns, like Monday mornings perhaps. This makes it easier for managers to address any issues that might arise. Not only that however, but it is proven that when employees realise their attendance is being monitored, their attendance record improves.
There are many other reasons also why companies should consider switching to our new ClockReportsXE time attendance system that will save them untold profits, but just these facts and figures alone that we have presented should be convincing enough.
And because our clocking-in machines are very affordable they pay for themselves in no time at all!