M2SYS Releases White Paper on Using Biometric Technology To Eliminate Time Theft, Tighten Compliance

RightPunch soft clock for time and attendance

RightPunch soft clock custom employee time and attendance data interface

We are proud to announce that we have recently released a free white paper entitled: “Eliminating Time Theft, Establishing Accountability and Increasing Productivity with Biometric Technology.”  This  white paper begins with a look at the problems lack of employee accountability creates for a business and how it negatively impacts efficiency and profitability.  It then examines the increasing problem of employee time theft (offering in depth look at actual examples like extended lunch breaks, lollygagging, etc.) and how it impacts a businesses bottom line, causing billions of dollars of losses each year.  The white paper then studies limitations that traditional employee time and attendance methods pose including; sharing personal identification numbers (PIN’s), replacing stolen or lost employee ID badges, cost of resetting passwords and more.  We then explore monetary and productivity losses from inefficient payroll techniques including detailed charts and graphs that break down the numbers and present alarming statistics on just much these factors can drain profitability.

The white paper then discusses the positive impact that biometric identification technology has on employee time and attendance providing concrete examples on realized monetary savings and the direct links of adopting biometrics to increase risk mitigation.  Next we break down the different biometric modalities (fingerprint, finger vein, palm vein and iris recognition) providing the benefits of each as well as a detailed modality usability and accuracy chart.  We finish up the white paper by comparing a PC-based biometric “soft” clock with a wall mounted biometric time clock.

We hope that this white paper is helpful for our readers to gain a more thorough understanding about the value of biometric technology for time and attendance and the advantages that it brings compared to other more traditional forms of employee identification.  Please fill out the contact form on the right if you would like to receive a copy of the white paper, or click on this link:

http://m2sys.com/eliminate-time-theft-with-biometrics-white-paper.htm

Thank you for sharing this post with anyone that you feel may benefit!

Stop Employee Time Theft And Embezzlement With Automated Time And Attendance

Stop employee time theft

Antiquated paper time sheet

We caught wind of a news story today about a Stamford, CT woman who embezzled over $150,000 from her employer by falsifying payroll spreadsheets over the course of a four year period.  Apparently the woman was manually increasing the number of hours that she worked each week then manipulated composite reports so they would not show any increase in pay.  All told over the course of nearly four years, she overpaid herself $150,689 in salary and $11,528 in Social Security and Medicare benefits.

After reading this article, we wondered if the employer might have been able to avoid this employee time theft if they would have discontinued using paper time sheets and instead switched to an automated labor tracking system that included a biometric time clock component.  We have written previously about 5 reasons paper time sheets suck and why you should stop using them, clearly this story is a an example on how employers can mitigate risk by switching to automated payroll systems that eliminate data manipulation leading to exorbitant payroll losses.

Investing in an automated payroll system that includes a “soft” clock application that can be used with or without biometrics and acts as a custom employee time data collection interface is becoming a more attractive option for employers.  Our RightPunch™ soft clock application works seamlessly with many leading Workforce Management platforms, such as Kronos, ADP, Empower, Qqest, Insperity, and others, to collect offline time stamps, locally enforce schedule restrictions, and facilitate employee self-service (ESS) functions. It is a more affordable alternative to the traditional time clock and more sensible option to the antiquated paper time sheet system which can easily be exploited.  It is designed to eliminate employee time theft, increase productivity, reduce payroll error rates, and ensure compliance with labor tracking laws.  It also creates payroll efficiencies through automated data collection and submission, to prevent employees from falsifying data and cheating the system.

Could this be the right time for you to invest in an automated payroll system?  Have you ever suspected employees were cheating you by falsifying their time sheets?  What questions or comments can you share about your experiences?

The Top 5 Reasons You Should Not Use Biometric Technology

Despite the numerous benefits that biometric technology brings to the table for the many vertical markets that it serves, there are some reasons to NOT use biometric identification technology.  May seem strange for a biometric software developer to be listing reasons to not use their technology, but bear with us as we explain some reasons that biometrics just may not be the technology that can help your business.

 

Reason #1 – You do not understand how biometric technology works.

We will be the first to tell you that if you have not done your homework and proper due diligence on how biometric technology works and which software and hardware application is best suited for your business then it probably is not a good idea to use it.  As with any investment in technology, businesses should spend time researching options, asking questions, reading case studies, engaging with others that currently use the technology, and evaluating long term return on investment (ROI) potential.

After completing adequate research, you may find that biometrics is not best suited for your needs.  However most businesses discover that when weighed against the alternatives, biometrics is usually the most efficient and secure identification technology that offers the highest potential for maximum ROI.

Reason #2 – You think that biometric technology is a passing fad that will soon be replaced with yet another more technologically advanced identification.

The simple truth is that biometric identification technology is here to stay and will be around for a long time to come.  Whether it’s for time and attendance/workforce management, healthcare, banking, membership management, public safety or point of sale biometrics has continued to spread throughout many vertical markets and is increasingly recognized for the many benefits that it brings to businesses and governments that use it.  Furthermore, the global biometric market is expected to grow at a compound annual growth rate of 23% through 2013.

Biometrics is the only identification technology that can verify with near absolute certainty the identity of an individual.  As word spreads of the tangible benefits that biometrics offers and the truth about how the technology works becomes more understood, expect to see more deployments for businesses that wish to invest in a technology that establishes the efficiencies that they expect.

Reason #3 – You like losing 2 – 4% of your payroll each year to payroll error rates and time theft.

Employee time theft costs U.S. employers hundreds of billions of dollars per year and among the most egregious of time theft practices is buddy punching.  Buddy punching is a preventable facet of time theft and biometric technology is the perfect solution, eliminating the ability of employees to clock in and out for a colleague and significantly increasing productivity as a result.  Plus, biometrics is more secure and efficient than ID cards or personal identification numbers (PINs), helps to save the environment and ensures compliance with labor tracking laws.

Reason #4 – Security and safety of your employees is of no concern.

One of the major problems that barcode ID cards and PINs present is that they can be swapped, shared or stolen.  For example, barcode cards can be stolen and used for unauthorized access to secure areas of a business, jeopardizing the safety of other employees and acting as a catalyst for theft of merchandise, information or other assets.  Biometrics relies on human physiological characteristics for identification which can’t be swapped, shared or stolen creating a more safe and secure environment for you and for your employees.

Reason #5 – You don’t really care if anyone is held accountable for anything at anytime.

Of the many benefits that biometric identification technology offers its end users, establishing accountability is perhaps one of the top reasons to use it.  If the identification system you are using is archaic, subject to malfeasance and corrupting your staff by tempting them to abuse it for their own gain then why not consider incorporating a system that removes these inadequacies?  Biometric technology also ensures that there is a clear audit trail, thereby encouraging responsibility from your employees to act ethically and be accountable for their actions.

Take time to think about some of the problems in your business that biometric technology can solve.  Hopefully this post brought a few reasons to mind on how biometrics can help you.

What are some other reasons that biometrics would not be a benefit to your business?  Be creative…

 

Infographic: How Do Employees Steal Time?

“ Time is at once the most valuable and the most perishable of all our possessions.”
–John Randoph

Time theft.  Widely considered the Achilles heel of employee productivity and profit maximization, it siphons billions of dollars a year from businesses all throughout the U.S.  Whether it’s checking a Facebook account, playing games like Sudoku during working hours, taking a longer than normal lunch break or fudging time sheets, time theft is a grave problem and difficult to remedy.  One of the most interesting revelations about time theft we discovered is that three out of four employees are guilty and most do it on a regular basis unchecked.  Moreover, our business culture is ingrained with the notion that a few minutes to check our personal e-mails or talking with a friend on our cell phones doesn’t do much harm.

Au contraire mon ami.  That extra 15 minutes spent at lunch can equate to an extra day of vacation every month.  Chitchatting with a co-worker about last night’s episode of American Idol?  The average employee wastes about 4.5 hours per week on socializing and lollygagging, the equivalent of a six week vacation every year.

Ever wonder exactly how much money your business may be losing to employee time theft?  We did too.  We conducted some research, crunched the numbers and present you with this Infographic highlighting some of the gory details.  Don’t give up hope though.  There are plenty of technological advancements available that curb sources of time theft.  Perhaps these statistics and revelations will stir you enough to take action and turn your Chatty Cathies and Surfing Steves into more productive employees.  Or perhaps they won’t.  What the heck, it’s only money.

Learn how you can take control of your payroll and start saving money by visiting:   http://www.m2sys.com/rightpunch-biometric-time-clock.htm

What other creative examples can you come up with of how employees steal time?  Please share them with us in the comments section below.

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Video: Biometric Time and Attendance Deployment Nets 300% ROI for KRONOS Customer

As unbelievable as it may sound, we discovered that one of our end users that is currently using our RightPunch time and attendance platform in conjunction with KRONOS Workforce Central time software has achieved a 300% Return On Investment in the first year of using biometrics.

Recently we had a chance to sit down with their Associate Director of Payroll Services and ask a few questions about what their condition was prior to using biometrics, the benefits they realized after instituting a biometric time and attendance system, employee reaction and future plans.  Here is what they had to say: