Survey estimates that organizations
around the world losses 5% of its revenue due to frauds each year, which
involves company overpaying employees due to time sheet errors and Buddy
Punching. While most of the employees can be honest, but there are some whom
you want to keep your eye on. So organizations need to stay one step ahead of
the deception.
There are many ways in which
employee theft may take place in the workplace but fraudulent clocking in where
employees receive payment for hours they don’t work - is one area believed to
be on the increase.
Employees inappropriately
entering time and labour data for each other or filing for too much overtime
are problems that plague many organizations but the financial ramifications are
difficult to determine and are often undermined. It is difficult to prove
and allows offending employees to go unpunished and repeat their offence, equating
to thousands of rupees in unused labour costs.
So, it is important for businesses to
keep on top of employment fraud that could be occurring within their organizations.
A wide array of sophisticated, affordable time and attendance systems can help
you minimize and even prevent fraud before it happens. These systems can
register employees’ attendance and stop any unauthorized practices, such as
staff claiming too much overtime, from happening. Unlike badges,
sign-ins or other ways of monitoring staff, a biometric attendance device
ensures no employee can punch in for one another, thus eliminating time fraud
and reducing payroll costs.
0 comments:
Post a Comment