Time theft is a enormous problem impacting the bottom lines of construction companies. Time theft occurs when employees accept wages for hours they did not work. Conservatively, about 2.2 percent of your weekly payroll is for unearned wages because workers report or punch in and are not on the job actually working.
Time theft costs your businesses substantial money. For example, a construction company employing 120 workers will pay out $5,200 weekly in unearned employee wages and over $257,000 annually.