One of the main costs of a construction company is labor, and it's their responsibility to accurately track and pay their employees for the hours they have worked. Unfortunately, some members of your team might be tempted to find ways to stretch their hours to get more pay than they actually earned. To prevent time theft or fraud, it is important for construction companies to implement systems and processes to accurately track employee hours, such as digital time tracking systems. It is also important for employees to be honest and accurate when reporting their hours.
It is difficult to accurately quantify the prevalence of time theft in the United States, as it is often difficult to detect and can be underreported. However, it is a significant issue that can have significant financial consequences for businesses. According to a survey by the American Payroll Association, time theft costs U.S. businesses an estimated $400 billion per year.
What Is Time Theft?
Time theft can take many forms, including clocking in for a co-worker, clocking in early or leaving late, or simply misreporting the number of hours worked. It can be motivated by a variety of factors, including a desire to receive additional pay, a belief that the company is not paying employees fairly, or a lack of clear policies and procedures for tracking employee hours.
Preventing Time Theft
To prevent time theft and protect their bottom line, it is important for businesses to implement systems and processes to accurately track employee hours, such as digital time tracking systems, and to establish clear policies and procedures for reporting and tracking employee time.
Here are a few major benefits of using digital tools to track time:
Accuracy: Digital time tracking systems can help ensure that employee hours are recorded accurately and consistently. This can be especially important when it comes to billing clients or paying employees.
Efficiency: Digital time tracking systems can streamline the process of tracking employee hours, making it easier for employees to record their time and for managers to review and approve time sheets.
Compliance: Digital time tracking systems can help ensure that a construction company is in compliance with labor laws and regulations, such as those related to overtime pay.
Cost savings: Digital time tracking systems can help a construction company save money by reducing the time and effort required to manage employee time sheets and by helping to prevent overpayment of employee hours.
Productivity: Digital time tracking systems can provide valuable insights into employee productivity, allowing a construction company to identify areas where productivity can be improved.
There are many good tools out there that make digital time tracking possible, but Crew View is a consolidated platform that makes it easy to keep track of your team and time in the context of your projects. Contact us today for a demo!