Employee Time Theft Calculator
Time Theft Due to Exaggeration
How much time is your employee actually stealing from you? To be clear, we are referring to the employee that gives themselves an extra few minutes when reporting their time. For example, they leave at 4:55 and mark it as 5:00. Neither malicious nor criminal, the exaggerated shifts add up fast.
According to a 2015 survey taken by Software Advice, 43% of employees are guilty of stealing time. This could potentially be as high as 7% of your gross annual payroll. Use the calculator to figure out a data driven expectation of what you stand to lose in time theft this year.
This calculator takes into account the time thief profile and calculates the annual loss according to 3 factors - number of employees, average wage of those employees, and average number of days worked each year.
How Much are Paper Punch Cards Costing You?
According to the Software Advice survey, using paper to track employee time is still a popular option. Especially for smaller businesses where cost of software is a more significant concern. However, the reality is that using paper time cards is costing you more money than a time clock software would.
On average, it takes a payroll manager 5-6 minutes to add up and reconcile one employee time card. The time spent adding up cards is costing money, right? What about human error through miscalculation? The American Payroll Association reports that human error can cost up to 8% of your gross payroll. We won't be figuring this into the calculator, but it is good to keep in mind.
Let’s crunch some more numbers based on the stats gathered by an article in the Washington Business Journal to see the minimum cost of using paper.
TimeClick - Your Money Saver
Using the above loss calculations, the graph below shows you the cost of TimeClick against the amount you could save by using a software to manage time cards.
Since TimeClick software is a one-time fee, your only cost is the initial purchase. No mothly software fees. That being said, we do offer an optional annual support plan which can be included in the cost calculation.
Annual Savings with TimeClick
Annual SavingsFirst year savings:$$$ Every year after:$$$
- yr 1 $438 20
- yr 2 $109 20
- yr 3 $109 20
- yr 4 $109 20
- yr 5 $109 20
- yr 6 $109 20
- yr 7 $109 20
- yr 8 $109 20
- yr 9 $109 20
- yr 10 $109 20