What Is Time Theft and How Does It Affect Your Business?

Time theft… How do you steal something you can’t see or touch? This might sound like a puzzle worthy of Batman’s arch-enemy the Riddler, but the answer has serious implications for your business. Time theft is a real problem that results in costly financial and productivity losses.

When it comes to protecting your assets, you should consider more than just trucks, heavy equipment and other tangible items. Employee GPS tracking is an accurate and effective way to stop this drain on your business.

Time TheftWhat qualifies as time theft?

Simply put, time theft occurs whenever an employee is on the clock but spends significant amounts of time on non-work-related activities. The guilty party doesn’t even have to be physically in the workplace in order to steal time.

Major sources of time theft

  • Direct time theft happens when an employee makes a fraudulent claim of work time. The individual may report more hours than he or she actually worked, or have a co-worker clock in and out for them when they are absent.
  • Indirect time theft is more subtle. In these cases, an employee is physically present but involved in personal activities for large chunks of time. Common instances of indirect time theft include excessive break time, personal phone calls and texts, and Internet use.

Time theft prevention

Guarding against time theft in an office or warehouse setting can be accomplished with sophisticated time and attendance software that provides accurate reporting and reduces accounting errors. Some companies are turning to biometric systems that use fingerprint and retinal scanners to eliminate time cards and prevent co-workers from clocking in for each other.

When employees are out in the field, monitoring time becomes a bit trickier. Employee GPS tracking provides real-time locations on demand to show that people are where they are supposed to be. You can also receive updates on length of stops, unplanned routes, and other information to keep employees on task and on schedule.

Employee GPS tracking is only one of the many features and benefits of our state-of-the-art fleet management system. Contact us today for a free demonstration showing why GPSTrackIt has the solution for your asset protection needs.

Download “The Top Five Questions You Need To Ask Before Selecting a GPS Tracking Solution” for your business white paper. GPS tracking for your business will help you save money, save time and increase your profits.

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