Employee Time Theft Statistics and Facts According to Latest Figures Reported in 2015
Have you ever wondered if time theft is an issue at your business? We can help answer that question—but first, we must establish what exactly time theft is to help you better understand the parameters.
Time Theft in Detail
Time theft is when one of your employees accepts payment for time when they were not present or did not put in the work. This can be done in several ways: Falsifying timesheets, using work hours for personal issues and pursuits, or asking a coworker to cover for them. These are just some of the methods employees use to be paid for work they haven’t done.
If your employees are on the clock – but not on the job – they are stealing from you. This is a particularly pernicious form of work theft and can be difficult to detect. If you suspect that this is happening to you, hire a professional detective or investigator to catch them in the act. Once you have been able to prove the misdemeanors have occurred, a solid case can be made for justifiable dismissal.
How Much Does Time Theft Cost My Business?
It may be that no one can accurately assign the true cost of time theft in the commercial and industrial sectors. Tracking employees is a difficult task, both manually and digitally. Estimates report that over 400 billion dollars’ worth of undeserved paycheck amounts is lost every year to time theft, and a similar amount is the result of lost man-hours. The losses can range from the occasional extra 15-minute coffee break to chronic absenteeism.
If you believe your business may be at risk of being one of the 74% of employers who experience payroll loss or forgeries, call Whitesell Investigatory Services today to inquire about how we can help you. Up to 2.2% of a firm’s gross payroll can be lost per year when time theft is allowed to continue. Even if your employee steals no more than 4 hours each week (the estimated national average), you should still be concerned.
The sad fact is that three out of four employees will steal from their employer at some stage of their career, job, or profession. Whether it is your IP, products, work time, or supplies, you need to make sure this doesn’t continue to erode your bottom line.