How Big of a Problem is ‘Stolen Time’ for British Business?

From a business point of view, ‘stolen time’ refers to time lost because of an employee’s poor time management, including through procrastination or inadequate time tracking. And while it may sound innocuous, stolen time can equate to significant losses for businesses affected.

But just how big of a problem is the issue of stolen time? And how much does it cost British business every year?

To find out, professional card printing specialist Swype launched a survey investigating the UK’s attitudes to time at work, as well as the average costs that businesses accrue through time theft each year. The results of Swype’s study were illuminating, and we’ve outlined a handful of the key findings below.

How much does time theft cost British businesses? 

While things like fraud, cybercrime and general operational inefficiencies are some of the biggest costs facing businesses, stolen time has a larger impact than you might expect. According to Swype’s research, British businesses stand to lose an average of £116 billion a year as a direct result of stolen time, with time theft from full-time employees accounting for around 93% of these expected losses.

Staggering figures, then, but what does this mean for individual businesses? Well, as part of its research Swype unearthed a study which suggests that a company can lose around 7% of its profits through stolen time. To put this into perspective, if your business earns £100,000 a year, £7,000 of that could be lost to stolen time and a loss of productivity.

What motivations do people have for stealing time at work?

Time theft may sound indictable, but it’s important to consider why employees are stealing time at work, and not simply assume it’s on purpose.

As part of its study, Swype surveyed a range of professionals to hear their take on why they steal time at work. The results are fascinating, and tell us that stolen time has as much to do with individual distractions and procrastination as it does with job dissatisfaction, salary, and lack of motivation.

For example, while 52% of full-time employees concede that they often steal time through procrastination, a further 51% say that a lack of motivation is to blame for their drop in productivity. Job satisfaction (36%) was also high up the list of motivations, while low salary (28%) also accounted for over a quarter of instances of time theft in the workplace.

From a senior management perspective, these results should set alarm bells ringing. Around half of the stated motivations from the Swype survey were connected to company culture, with problems concerning wages and job satisfaction accounting for a significant proportion of time theft cases. Therefore, managers and team leaders alike may need to do more to improve culture and ensure they’re getting the most from their junior colleagues.

Has home working increased instances of time theft?

Home working has soared since the start of the COVID-19 pandemic, and with it opportunities for employees to make ill use of company time. Indeed, according to the Swype survey, 90% of all regular home workers say that they’ve never had action taken against them for wasting time at home, which shows just how difficult it is for employers to manage and monitor a remote workforce.

So, what are employees doing during their ‘down’ time at home? From washing clothes and taking long lunch breaks to cooking, watching TV, and running personal errands; the results of the Swype survey tell us a lot about what many workers are doing – or not doing – when working remotely.

To read the results of the Swype study in full and get more tips and advice on reducing stolen time, please click here.