If you are a company with 10 employees that make $10.00 an hour each, here is the cost of not having a time tracking system when each employee skims 5 minutes per day.
10 employees, $10.00 an hour, work day length 8 hours, 5 work days a week, 5 national holidays subtracted.
If each employee skims just 5 minutes a day, this would cost you... (queue the drumroll)...
$2,124.15 a year.
Yep that's correct.
How was this calculated? If you take 10.00 an hour and divide it by 60 minutes you get 0.166 per minute. Multiply 0.166 by 5 to get 5 minutes worth of pay which comes to 0.833. Multiply that by 10 for the number of employees which gives you $8.33 a day. $8.33 a day multiplied by 255 workdays a year = $2,124.15.
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