How Time Theft & Buddy Clocking Hurt Your Business

In the world of business, time is money. Every minute an employee is on the clock but not actively working is a minute your company is losing profits. This lost time, known as time theft, can come in many forms, from extended breaks and personal errands during work hours to the more blatant practice of buddy clocking.

Buddy Clocking, where one employee clocks in or out for another who isn't present, is a particularly insidious form of time theft. Not only does it directly steal from your company's payroll, but it also creates an environment where dishonesty is tolerated, potentially leading to further problems down the line.

The Staggering Cost of Time Theft

The financial impact of time theft is staggering. Studies estimate that businesses lose hundreds of billions of dollars annually due to time theft, with buddy clocking being a major contributor. In fact, 16% of US employees admit to buddy clocking, costing US employers at least $373 million a year. This lost revenue can significantly affect a company's bottom line, making it harder to invest in growth, provide competitive wages, and ultimately stay afloat.

Buddy Clocking’s Impact

Buddy clocking doesn't just hurt your wallet; it can also erode trust and morale within your workforce. When employees see their colleagues getting away with dishonesty, it can create a sense of unfairness and resentment. This can lead to decreased productivity, increased absenteeism, and even higher turnover rates.

The Solution: OLOID's Time Clock

To combat time theft and buddy clocking, businesses need a reliable and secure time-tracking solution. This is where OLOID's Time Clock comes in. The OLOID Time Clock is a contactless time-tracking product that uses facial recognition, access cards, QR codes, and NFC for employee authentication. It eliminates buddy clocking and time theft by using facial authentication with liveness detection. This system integrates with existing time and attendance, payroll, and other HRIS systems. It is software-based and does not require any custom hardware.

The Benefits of OLOID's Time Clock

By implementing OLOID's Time Clock, businesses can experience a range of benefits, including:

Elimination of Buddy Clocking: The facial recognition technology ensures that only the authorized employee can clock in or out.

Accurate Timekeeping: Real-time data provide accurate records of employee work hours.

Increased Productivity: Employees are more likely to be productive when they know their time is being accurately tracked.

Cost Savings: By reducing time theft, businesses can save significant amounts of money on payroll expenses.

Improved Morale: A fair and transparent time-tracking system can boost employee morale and trust in management.

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Take Control of Your Time and Money

Time theft and buddy clocking are serious problems that can drain your company's resources and create a toxic work environment. With OLOID's Time Clock, you can take back control of your time and money, ensuring that your employees are paid for the hours they work and fostering a culture of honesty and accountability.

Contact us today to learn more about how OLOID's Time Clock can help your business thrive.

Learn more about OLOID's Time Clock solution!