Every worker loves new technology, right? Not quite. The truth is, even in today’s business world, where certain segments seem dominated by news of an ‘always on’ culture, adopting and training on new technology can be daunting for plenty of employees. Training Employees on New Time & Attendance Software Perhaps you’ve recently added one or […]Read More >
A Few Useful Facts and Figures
- nettime solutions staff
Spread throughout our Facebook page, Twitter feed and blog posts are some useful, yet troubling, time and attendance facts from various studies. We thought it would be a good idea to pull them together in one place for quick and easy reading.
Here they are:
- The American Payroll Association estimates fraudulent time clock usage annually costs businesses 1.5%–5% of gross payroll.
- According to the ACFE’s Report to the Nations on Occupational Fraud & Abuse, the typical organization loses 5% of its revenues to fraud each year and, on average, the fraud lasts 18 months before being detected.
- A Nucleus Research study showed the cost of buddy-punching, or having a friend or coworker clock in for an employee who has not yet arrived or has gone home early, accounts for 2.2% of gross payroll.
- Another Nucleus Research study revealed employees at companies that manually track time off accruals are taking an average of 1.25 unearned paid days off per year in addition to their company allotted paid time off.