Guess How Much You’re Wasting on Incorrect Timecards
Don’t want to hear it!
Some costs you can’t control. They’re just part of doing business. Oil prices go up… so your fleet’s fuel gets more expensive. No way around that.
But throwing away money because your drivers are handing in incorrect timecards? Come on. That’s something you can control.
Almost Half of Workers Pad Their Timecards
And you better control it. Because unless your company is some kind of special case, it’s probably affecting you, too. How do I know? Researchers at Software Advice ran a survey and found that 43% of hourly workers round up their timecards.
So, look around at your drivers. If it’s not Steve, and it’s not John, then it’s probably Mike.
I’m joking, mostly. (Sorry, Mike!) But this is serious. Here’s what the American Payroll Association estimates incorrect timecards could be costing you.
Incorrect Timecard “Mistakes” Can Cost a Business Up to 7% of Gross Annual Payroll
The APA has studied this problem pretty extensively, and they say the average hourly employee who “rounds up” adds 50 minutes to 4 ½ hours every week to their timecards.
Might not sound too scary, but look what that can add up to…
The big picture:
Across the country, these, uh, “timecard inaccuracies” cost business hundreds of billions of dollars every year.
The you picture:
So what does this all mean for you? Well, according to the APA, incorrect timecards affect 75% of US companies, and it can drain them of as much as 7% of their gross annual payroll.
Think about that. If you pay out $500,000 in annual payroll, you could be wasting $35,000 every year to these timecard shenanigans. That means these hours you’re paying out for time nobody is actually working could be enough to hire another employee—a real one.
(Thanks for nothing, Mike!)
Hey, Maybe You’re the Exception
But like I said, maybe your company is a special case. Maybe you don’t have a single one of the 43% of workers who pad their hours.
Maybe you have a bulletproof system for weeding out unethical employees during the interview. Maybe you “accidentally” drop a crisp $100 bill right outside your company’s front door just before a candidate walks in for an interview. And maybe only those who bring the bill to your receptionist make it to the next step.
Yeah, it’s an expensive way to screen new employees, but hey, hiring a timecard “mistaker” will cost you a lot more over time.
But if Incorrect Timecards Affect You, Too…
Of course, you probably don’t have a bulletproof screening process like that. And, sorry to say, you probably do have some timecard games going on at your company, particularly among your drivers who are in the field all day, where you can’t monitor their movements.
Or… can you?
Our advice, from working with hundreds of small businesses just like yours, is to install an auto tracking device. They’re your trucks, after all, and with the right kind of business vehicle tracking service you can even automate your drivers’ timecards.