The Price of Procrastination: It turns out hitting the snooze button in the morning can be a costly affair, as staff lateness is costing the American economy over $61 billion a year, a new study suggests.
The research, conducted by The Savvy Wrist, asked 3,000 employees about lateness in the workplace, and found that the average U.S. worker loses 35 minutes per week to lateness, which costs American employers $166 per head, every year, or a whopping $61,126,349,724 nationwide each year.
The Tardy Tax: So how does the rest of America compare? The Savvy Wrist created an interactive map of the U.S. that shows the breakdown of tardiness across the states (click on ’embed’ to host on your site).
As you can see, Montana and North Dakota workers are the most punctual, tallying up just 10 minutes of lateness a week. On the other end of the scale, those in Maine are leisurely strolling into the office 15 minutes late each day (or 75 mins per week) followed by Granite Staters who are 70 minutes late each week.
Given California’s size, it is unsurprising that their employees cost the most to the local economy. Lateness costs the Golden State’s economy in excess of $10 billion each year.
The cost to New York’s economy of employee tardiness is a staggering $4,889,628,264 per year. In fact, the average New Yorker arrives to work (or logs on) 35 hours late over the course of the year (or 40 mins per week), costing their employer $247 per year. They are among the most tardy workers in the country.
Being a luxury watch website, The Savvy Wrist also decided to delve more into the relationship of watch wearing and time keeping, uncovering some interesting results…
While modern IT practices often involve monitoring employee activity, 77% of respondents viewed the idea of using a smartwatch for monitoring punctuality as overly intrusive. However, 63% admitted they would likely be more punctual if their employer gifted them a luxury watch.
The perception of watch-wearing and professionalism was also examined. More than half of the respondents associated luxury watch wearers, like those donning a Rolex, with business leadership and authority.
Furthermore, 61% felt that sporting a particular brand or type of luxury watch could influence perceptions of a wearer’s professional demeanor in a work environment.
“Our findings paint a timely picture of the economic impact that tardiness brings to our desks, ringing up to a hefty $61 billion a year,” says Ismail Baumy from The Savvy Wrist. “It’s a wake-up call that punctuality is more than personal virtue; it’s a vital cog in the machinery of our economic success. In the quest for better time management, while smartwatches might tick towards the intrusive, the research also found that the charm of a luxury watch could just be the right ‘tick’ to prompt punctuality. It’s not just about keeping time; it’s about keeping faith with the value of every minute.”
