3 Ways You’re Losing Money with Time Clocks, Punch Cards & Timesheets
3 Ways You’re Losing Money with Time Clocks, Punch Cards, and Timesheets
By Shannon Corgan, Director of Marketing
Are you still using a time clock, punch cards, time cards, or paper timesheets? Whatever the reason you’re using a time clock, punch card, you need to know that there are some major drawbacks to using them for your employee time tracking. Here are the top 3 reasons that time clocks, punch cards, paper time cards or timesheets are dwindling away your profits:
1. Buddy Punching on Time Clock
If you’re using a time clock or punch card for your business to track your employees’ time, then you’re leaving the door wide open for your employees to clock in their buddy at work when they’re not there and they are definitely not working. Whether they are clocking in their coworker early because they got stuck in traffic or clocking them out after they left work, all of this time adds up and is costing your business money and affecting your bottom line. With a mobile workforce, that’s why you need to replace your time clock or punch clock with a mobile employee time tracking solution with facial recognition to know who is clocking in and out from their mobile devices. With facial recognition with WorkMax TIME, you can eliminate buddy punching and reduce your labor costs.
2. Travel Time to/from Time Clock
If you have a limited number of time clocks or punch clocks at a large office or a large job site, you’re paying your employees for unproductive labor hours. After they clock in, they have to walk or drive to where they’ll be working for the day. As an employer, you are obligated to pay your employees for this travel time, according to the Fair Labor Standards Act. Depending on the size of your company, 5 minutes per day at $20 per hour for 100 employees adds up to $43,333.33 annually. If you had an automated employee time tracking solution like WorkMax TIME for your business, you can save $43,333.33 annually because employees clock in from their mobile devices on the job site and you have a GPS location of where they are when they clock in. No more wasted labor expenses when employees are traveling from the Time Clock or Punch Clock to your employees’ work area or job site.
3. Overestimated Time with Timesheets or Time Cards
With paper timesheets, employees can overestimate their time by showing up late for work or leaving early or take long lunches or breaks. Your employees’ time is your money and is eating away at your profits. Many times with paper timesheets or time cards, employees fill them out at the end of the week and have to rely on their memory. This leads to employees overestimating their hours worked for the week. This can also put your employees into overtime and cost you even more money. The APA estimates 49 minutes per employee per day is overestimated. Click here to see calculate how much overestimated time could be costing your business. With an automated employee time tracking solution like WorkMax TIME, you know where your employees are when they are clocking IN/OUT and you know that it’s the right person clocking IN/OUT. The GPS feature and facial recognition give you the assurance you’re not overpaying your employees for the work they did for you. WorkMax TIME also captures their hours worked in real-time from mobile devices so you’re not relying on their memory for their hours worked that week. You can be confident that you’re paying the right employee for the right hours.
To learn more about WorkMax TIME’s automated employee time tracking solution that’s available on any device from anywhere for the most accurate labor costs, check out our video or view our demo on demand.