Industry research finding that businesses lose an average of 7% of their gross payroll due to time tracking issues including buddy punching, time theft, and inaccurate time recording methods.
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Research shows that businesses lose an average of 7% of their gross payroll to time tracking issues. This includes buddy punching, time rounding fraud, early clock-ins, late clock-outs, and general inaccuracies in time recording.
For a business with $2 million in annual payroll, 7% leakage equals $140,000 per year in unnecessary labor costs. This directly impacts profitability and competitive positioning.
Modern time tracking solutions with biometric authentication, GPS verification, geofencing, and automated accuracy checks can reduce payroll leakage to near-zero levels, with ROI typically achieved within months.