Another report stated that unlogged email activities can cost companies $50,000 per employee annually.
Furthermore, time theft drains a staggering $11 billion from organizations annually as employees misreport hours worked. That equates to $25 million in potential losses each year for a 500-person organization. Such inaccurate tracking also leads to legal issues. The Department of Labor recovered $1.4 billion for wage and overtime violations in just 5 years.
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Flaws of Manual Tracking Methods
Despite the costs, 38% of US businesses still use paper timesheets and punch cards to track employees’ time. While familiar, these manual techniques have considerable drawbacks:
- Error-Prone: Manually calculating hours leaves huge room for mistakes in data entry and computation. In these cases, even minor errors compound over thousands of hours annually.
- Time-Consuming: Processing reams of paperwork is extremely inefficient, taking hours of the payroll team’s time.
- Lack of Oversight: No consolidated data to identify timesheet manipulation or falsification by employees.
- No Integration: Isolated data in paper formats makes payroll, billing, and project costing complex and disjointed.
- Compliance Risks: Harder to ensure labor law adherence without proper audit trails. Non-compliance can lead to lawsuits.
- Low Accountability: There is no way to track time waste, extended breaks, or clock-in violations.