Posted on 15 Feb 2017
Really fast high school track stars can run the 55 meter event in about 7 seconds. That’s 165 feet, or just over half a football field, in less time than it takes to reheat a Krispy Kreme doughnut in the microwave. However, the world record time is 5.9 seconds set almost 20 years ago. So the difference between a 2 decade old, hard to beat world record, and really fast high school boys, is about 1 second. Just one second is the amount of time that separates most competitors from world record domination. To the uninformed, one second seems inconsequential, but it’s a life-changing difference to a runner. If you own a service-oriented business with remote, hourly workers, you may not be totally informed about the huge difference that another tiny number can make in your labor cost.
Studies indicate that companies who use handwritten time cards lose at least 10 minutes a day to employees padding their hours. That’s 5 minutes on the time in, and 5 minutes on the time out. Five minutes seems insignificant until we break the numbers down.
Five minutes lost twice a day, 5 days a week, is 50 minutes a week. That’s 2600 minutes a year. Now the reality check. This equals 43 hours. So the seemingly harmless 5 minute loss on each side of a shift turns into a nice paid vacation that your employees are rewarding themselves.
And you never know the exact time worked when employees fill in their own hand-written timesheets. It is shocking to learn that 75% of time theft goes undetected. As a business owner your bottom line feels it. There is an easy solution.
Shaving a second off the 55 meter dash is virtually impossible, but reclaiming 10 minutes a shift for your business is simple. Our telephone and app-based timekeeping system can save your small business 2-6% on payroll by replacing employee manipulated handwritten time cards with easy-to-use technology. Since labor cost can be upwards of 50% of a service business’ total expenses, this 10 minute savings can impact profitability to make businesses come out a winner each month.