Do You Know How Employees Steal Time?
“U.S. Companies lose almost $400 billion per year in lost productivity due to time theft”. This is according to reports from the Denver Post and Boston Globe newspapers.
So how does this so called “time theft” or loafing happen?
Sleeping on the Job
A survey conducted by the National Sleep Foundation showed that almost 30 percent of workers fell asleep or became very sleep at some point during a month while at work
When employees are running late, they often call a colleague to sign in for them. According to Nucleus Research, this practice has cost 2.2% of gross payroll on average, and it has been experienced by 74% of organizations.
The rise of social networking sites has had the side effect of costing billions of dollars in lost productivity time. Employees checking status updates or the latest tweets, are losing valuable company time.
False Time Sheets
Clerical errors and incorrectly recorded time sheets, costs the average business 4% of its payroll.
The time spent by employees gossiping about the latest news, contributes to the hours lost each week.
From Solitaire to Sudoku, countless hours are spent playing games while at work. U.S. workers have spent up to half a billion hours (at a cost of $10 billion of lost productivity) playing games.
Employees who smoke are usually absent 50% more on average, than employees who don’t smoke.
An employee spending 15 minutes more than their allowed lunch break would mean about one extra day of vacation every month.
Research from the Center for Internet Addiction has shown that companies lose nearly $4 billion every year due to unnecessary internet usage.
A few more shocking facts are:
– 1 in 3 U.S. corporate bankruptcies are directly related to employee theft
– One average 20% of every dollar of revenue in a U.S. company is wasted because of employee theft
– 75% of employees have stolen from their palace of work, and many do so repeatedly.