Modern companies – already operating on an ultra competitive playing field – face a daily struggle to safeguard their earnings and pay close attention to their profit/loss ratio. Of course, the daily operation of the business in an effective and successful way is what will ultimately earn the company a profit. But defending against a loss of that profit is another thing entirely, because companies are vulnerable in a number of ways they may not expect.
The term “buddy punching” refers to the practice of hourly workers punching the time clock for their friends. The result, of course, is that employees are being paid for time during which they are not even on the job. While this may appear to be more of a nuisance than anything else, there is a staggering reality associated with buddy punching; recent reports have estimated that such acts can cost companies upwards of 5% of their entire payroll budget – a huge loss to any company, regardless of their size.
In response, savvy corporations are taking control of their time clock system – utilizing advanced attendance tracking software programs that eliminate the company’s vulnerability to buddy punching. By implementing these systems, corporations nationwide are experiencing recouped payroll costs and a positive impact on their bottom line.
For more information on time and attendance/workforce management solutions visit www.timetech.ca
