Employees commit time clock fraud every day. Sometimes it’s by accident, or just one of “those things” that happens now and then. Employees may break time clock rules now and then, thinking that it’s no big deal. However, some employees are more malicious about it – thinking of ways to get away with it.
No matter how or why time clock fraud happens, you’re left paying the bill.
- The American Payroll Association (APA) suggests that up to three out of four companies deal with time theft. They also estimate that time-related fraud can cost businesses up to 5% of gross payroll.
- And, the Association of Certified Fraud Examiners’ Report to the Nations on Occupational Fraud & Abuse sites that organizations lose up to 5% of revenue to fraud each year. That includes time theft.
Don’t let time clock fraud cost you
Maybe you’re confident that you can catch time clock fraud when it happens, or stop it from happening at all. Keep in mind that most workplace fraud, whether it’s time-related or otherwise, usually goes unnoticed for more than 18 months before someone catches it. While it’s happening, it can cost you thousands of dollars.
Sometimes, time clock fraud is a team effort.
Plenty of workers punch in and out for their fellow employees, something that’s typically called “buddy punching.”
- As an employer, you have to be able to prove that buddy punching is happening if you want to avoid paying for hours that an employee didn’t work.
- Doing so can be tough, depending on how you track time and attendance
That’s why you want to take steps ahead of time to make it easy to track and document when and where employees clock in and out. And that starts with the time clock system you’re using.
Are you worried about time theft and time clock fraud? Icon Time’s automated time clocks bring big technology to small businesses, with innovative, affordable time systems that support up to 500 employees. Find a new time and attendance solution that fits the way you do business.
Time clock fraud is not harmless.
You can’t ignore time clock fraud and hope it simply disappears. If you continue to ignore it, time clock fraud can have significant negative impacts on your business.
- Cuts into your bottom line.
- Affects employee morale.
- Makes it difficult to retain good workers.
Whether time clock fraud happens sporadically, fluctuates throughout the year, or is an ongoing issue, Icon Time’s time clock solutions can help you prevent it.
Icon Time offers a number of time and attendance solutions and options that help eliminate time clock fraud, including:
- RFID card and fingerprint biometric clocks
With built-in time and attendance software that you can manage from a web browser, you have a turnkey solution right out of the box, without monthly fees or software to install. If an employee’s fingerprint is un-readable, the system activates a customizable photo backup to ensure 100% identity verification, and to keep the time and attendance process moving.
- Wi-Fi, networked control and flexibility
Icon Time’s automated time clocks provide you with flexibility when it comes to connecting to and managing the clock – using USB, your local network, or via the internet. This type of flexibility gives you more freedom when it comes to managing time and attendance and offering employees options for punching in or out.
- Badge reader integration and additional employee verification
Third-party badge reader compatibility means you have another option when it comes to utilizing existing employee badges for clocking in / out. And, with fail-safe employee verification, next-gen technology is working to protect you against buddy punching.
A big business time and attendance solution that’s available for small businesses.
Accepting that time theft is simply “one of those things” is not a solution. Rather than hiding from the issue, consider updating the way your employees clock in and out.
With solutions from Icon Time, you can leverage tools that are ready to go straight from the box, without worrying about monthly subscriptions, hidden user fees, or constantly needing to upgrade your software.
When you find out how easy it is to implement an automated time and attendance solution, you’ll streamline your operational process and prevent costly fraud.
Icon Time’s time clock solutions give employees more flexibility when it comes to punching in and out. And, they provide managers and senior leaders with new levels of oversight to help avoid costly issues related to time clock fraud. Find out more about Icon Time’s full suite of products and services.