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November 23, 2015

What exactly is time theft?

Time theft is when an employee receives pay for time that they haven't spent doing their job, and this can manifest itself in a variety of ways, each of which, over time, can affect small businesses financially.

What are the different types of time theft?

There are quite a few, but here are the main suspects:

However the time is being inappropriately used – whether it be fifteen minutes here and there or an hour every day - you can be sure that your business will suffer as a result.

How could this affect small businesses?

Over time, your small business could see a decline in productivity and a decrease in profit. Various studies have been conducted on the subject, with one concluding that the overall cost of time theft to US employers could add up to as much as $400 billion dollars a year in lost productivity. While it may not be easy to calculate exactly how time theft is affecting your business, any loss of productivity or profit could be damaging and you will want to do everything that you can to help prevent it from occurring.

How can you prevent time theft?

Below are 4 ways in which you can help prevent time theft:

Keeping time theft under control is essential for the well being of any small business, but by following a few simple rules and investing in some time keeping software, you and your business could easily avoid the costly repercussions of time theft.

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