The Hidden Costs of Time Theft and How to Stop It
See how well you understand the threat of time theft, and how you can keep it from happening at your business.
Many small businesses manually track time and attendance, and others rely on outdated technology.
It’s natural to think employees wouldn’t take advantage of the loopholes in the system.
But the statistics tell a different story.
Time theft is a largely under appreciated threat to small business.
Only 18% of small business leaders think preventing time theft or fraud is the most important reason for investing in a time keeping solution.
Time theft is extremely common
Approximately 75% of U.S. businesses are affected by time theft.
More employees “steal” time than you may think
43% of employees admit to having committed time theft.
Do you know?
A nonexempt worker who is late only 10 minutes every day could mistakenly be paid for how many hours per year they didn't work?
10 Hours
30 Hours
40 Hours
Incorrect!
Correct answer: A nonexempt worker late 10 minutes every day could mistakenly be paid for 40 hours per year they didn’t work.
Correct! A nonexempt worker late 10 minutes every day could mistakenly be paid for 40 hours per year they didn’t work.
Time theft can become a habit
25% of employees report more hours than they actually worked over 75% of the time.
Employees “steal” time in several ways
45% - record inaccurate times
43% - use work time for personal activities
42% - take frequent breaks
23% - engage in buddy punching
What percentage of time thieves take more than 20 minutes over the course of a single shift?
15%
35%
55%
Correct answer: 35% of employees who engage in time theft take more than 20 minutes over the course of a single shift. See how stratustime can help.
Correct! 35% of employees who engage in time theft take more than 20 minutes over the course of a single shift. See how stratustime can help.
Biometric clocks help thwart time theft
Only 3% of time thieves are successful against biometric time clocks, while mounted wall clocks, paper forms, and paper punch cards are far less effective.
Biometric clocks are underused
Only 17% of companies with 1 – 50 employees use biometric time clocks, while just 33% of companies with 51 – 1,000 employees use them.
What percentage of companies still use paper timesheets?
4%
12%
20%
Correct answer: 20% of companies still use paper timesheets! Learn about some more accurate alternatives.
Correct! 20% of companies still use paper timesheets! Learn about some more accurate alternatives.
Thanks for learning the hidden costs of time theft and how to stop it.
See how stratustime can help you address time theft in your company.
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