An old adage says, “mind your pennies and your dollars will watch themselves”. The same is true when you mind your time, especially when time equals money as it does for small businesses.
We had the opportunity recently to speak with a gentleman interested in our services. He ran a pricing estimate on his 14 employees to clock-in/out each day, 5 days a week. At almost $92 a month for our telephone timekeeping system, he didn’t think that he lost that much time in dollars each month. It’s a valid concern. Small businesses must weigh the cost/benefit of every dollar spent.
We felt called to task and decided to quickly run our own estimates. The assumption behind capturing accurate time with a telephony system is that companies overpay their employees due to the inefficiencies of handwritten timecards. If a janitorial company pays $7.50 an hour and on average loses 3 minutes a day to each of its 14 employees, that results in $114 in overpaid wages each month. Factor in higher wages such as the proposed hike in the minimum wage to $9 an hour and more than 3 lost minutes each day, the wasted dollars gush out like a busted dam.
Another interesting article states that companies lose 10 minutes a day to employee theft. In our example above, that’s $375 a month in overpaid wages that can be prevented by a $92 a month investment. Most everyone would invest $92 to receive back 4 times that amount.
It is a shock to the system to learn how quickly lost minutes turn into serious dollars. Wouldn’t it be great to have those dollars back? It would be a beautiful thing.