Smart Parking doesn’t just benefit cities, merchants and motorists. It also benefits corporate offices in a number of ways. Today we’ll talk more about one of those ways: Employee time.
According to a national survey conducted by CareerBuilder, employee tardiness is on the rise. The single biggest cause for employee tardiness? Traffic, at 31% of all reasons.
Of course, part of traffic delays include difficulty finding parking, even in a company’s employee parking lot. The average American takes at least 6 minutes to find parking when they are parking downtown, according to Donald Shoup. For a dedicated employee parking lot of a large corporate campus, it may well be less than 6 minutes. But it is at least 1 minute, and probably more like 2 or 3.
The question to be asked then is; how much is a minute of your employee’s time worth to the company? A typical office employee paid a salary of $55K a year earns about $26.44 an hour, or only $0.44 a minute. Calculating in the total cost to the company, that gets multiplied by 2.71 to equal $1.19. Of course, if you have 1,000 employees, and they are an average of one minute late because of parking, you just lost $1,190 dollars for the day. Assuming employees work an average of 244 days a year, that $290,946 (per 1,000 employees) is wasted.
How do smart companies eliminate that cost? One way is to pressure employees to show up earlier. One company eliminated raises and bonuses for employees tardy over a certain number of minutes per year. Not surprisingly, that company’s employee retention rate suffered, and it had a 60% turnover in one year. The most recent US national unemployment rate is 4.3%. If workers feel their bosses aren’t understanding of the difficulties in traffic and parking, they can always find work somewhere else.
A better solution is smart parking for the corporate campus. Sensors and guidance that track available parking spaces, and a simple app that can route employees directly to available spaces. Without the need to search for parking spaces (especially in large office complexes with multiple lots), employees can average at least a minute less parking and a minute more working.
Saving even one minute out of their commute will not only reduce costs significantly for Employers, it will raise employee morale by removing a source of daily frustration (the search for parking), and make workers feel like the company is collaborating with them to find a solution that benefits everyone.