Late Employees Are Sucking Up New York’s Economy

Have you ever hit the snooze button one too many times and ended up rushing to work, showing up a few minutes late? Well, it turns out that those extra minutes of sleep are costing the New York economy a lot of money..

According to a recent study, workers that are late are causing a loss of nearly $5 billion in New York every year. The study asked  3,000 employees around the country and found that the average New York worker gets to work around 40 minutes every week. When you multiply 40 minutes by the number of employees in the state, it quickly adds up.

We worry that AI might be taking our jobs but then we show up late for work. I guess we aren't that worried then but maybe you should. Because your missed time is costing your employers a ton of money.

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Every late New Yorker cost  their employer almost $250 each year. If there are 20 of you in your office. If all 20 people are late 40 minutes a week, that is costing your business $4,940 a year. That doesn't sound to bad but that's only one business with 20 people.

What about the other businesses in the state. New York SBDC says that there are 2,267,870 small businesses in the state. So, if every small business has 20 employees and all 20 employees cost  $4,940 a year, that comes out to a $11,203,277,800 loss and that's JUST for small businesses.

The study also looked at the difference between watch-wearing and timekeeping. 77% of people said wearing a smartwatch to help them get to work on time is a problem. Meanwhile, over 60% said they would be more on time if their employer gave them a luxury watch. Okay.

So, the next time you want to hit the snooze button, think about the economic impact your are making. Being on time helps benefits your employer and helps the overall success of the economy. Getting to work on time can also help ease the worry of AI taking over your job.