Data Report: 2024 Labor Trends

An analysis of 2023 trends and forecasts for 2024

Unemployment rates are falling but the labor market is still tight

For the past few years, there has been a tight labor market with employees quitting at high rates across the globe.

Employment data shows signs that the labor market has begun to normalize. Still, many industries all over the world are currently experiencing hiring challenges. In fact, the global unemployment rate was 5.77% in 2022, while it was 6.2% in 2021 and 6.9% in 2020. In 2019, before the pandemic, the global unemployment rate was 5.54%

Although nations are reporting improvements in their labor markets from pandemic-driven lows, researchers attribute part of the employment challenges in the United States and the United Kingdom to low labor force participation. That is, more people are choosing to remove themselves from the workforce, while in countries like Australia, other factors such as monetary policies are contributing to a tight labor market.

Across the globe, fears of a worldwide recession are still prevalent, although recession probability indicators vary regionally. Amid this economic climate, there are three potential areas businesses can leverage to improve hiring and retention:

Reexamine wages and other benefits
Promote flexible scheduling
Implement technology throughout the hiring funnel

For business professionals specializing in the cleaning and security industries, the current job market remains challenging and may stay that way for some time. Researchers expect things to improve, though it is debatable whether it will be in 2024. To that end, TEAM Software by WorkWave (TEAM Software) is able report the following compared to industry-wide findings*:

U.S. Hire and quit rates are slowly returning to pre-pandemic norms
- Hire rates in the cleaning industries were slightly below pre-pandemic norms, while security industry hires were above pre-pandemic norms in 2023
- Quit rates in the cleaning industry were below pre-pandemic norms, while security industry quits returned to pre-pandemic averages in 2023
Rising labor participation and growth rates
Wages are slightly above rising inflation

Taking steps to respond to the tight labor market, which is expected to remain that way for at least part of 2024, involves honing in on recruitment and retention efforts and taking advantage of technical developments made specifically for security and cleaning professionals. Additionally, a technology partner with deep industry expertise is imperative to understanding and addressing business challenges brought on by the changing labor market.

Download the full, free data report below.

*Key findings are based on TEAM Software by WorkWave US sample data findings

A — Your Workforce

Number of Employees

Avg Hourly Wage

Avg Hours Worked Per Week

10 hrs 20 hrs/wk 60 hrs

B — Theft Assumptions

% of Payroll Lost to Time Theft

0.5% 2.2% 6%

Avg Minutes per Incident

5 min 10 min 30 min

C — WinTeam Controls

Select modules to deploy

GPS Theft Reduction Rate

40% 60% 80%

Additional Reduction with Biometrics

10% 35% 40%

D — Biometrics Coverage

Select a coverage model

Bundles are sold in blocks of 100 employees. Choose how many bundles to purchase — partial workforce coverage is allowed.

Bundles to Purchase

1 bundle
100 emp 3 bundles 20 bundles
2,000 emp

Bundles Selected 3 bundles

Employees Covered 300 employees

Your Workforce 250 employees

E — Your Time Theft Exposure

—

Annual Gross Payroll

—

Est. Offenders (~19%)

—

Est. Annual Time Theft

F — Savings & ROI

	GPS Only	GPS + Bio
Theft Eliminated (Annual)	—	—
Remaining Exposure	—	—
Reduction Rate	—	—
Annual Biometrics Cost	N/A — GPS included	—
Net Annual Benefit	—	—
ROI on Biometrics Cost	N/A	—
Payback Period	N/A	—
Net Savings Per Employee / Yr	—	—
5-Year Net Cumulative Benefit	—	—

Inputs & Payroll Base

Annual Gross Payroll
Employees × Avg Hourly Wage × (Hours/Week × 52)
This is the total labor cost base that time theft is measured against. Part-time hours are accounted for via the hours/week slider — adjust it to reflect your workforce's actual average schedule.

Theft Exposure

Est. Annual Time Theft
Annual Gross Payroll × Theft % (default 2.2%)
The 2.2% benchmark comes from Nucleus Research, corroborated by the American Payroll Association, and represents the average percentage of gross payroll lost to time theft across industries. The slider lets you adjust this up or down based on your prospect's situation — unionized environments or heavy surveillance may be lower; high-turnover or dispersed field workforces can run 3–5%.

Est. Offenders (~19%)
Employees × 19%
The 19% figure is from the American Payroll Association survey in which 1-in-5 employees self-reported participating in buddy punching. This is used only to show how many employees are likely involved — it does not drive the dollar calculations. The per-offender insight box connects both stats by dividing total theft dollars across the 19% offender pool.

Theft Eliminated & Remaining Exposure

GPS Only — Theft Eliminated
Est. Time Theft × GPS Reduction % (default 60%)
The GPS reduction rate (40–80% slider) reflects what fraction of time theft GPS mobile time tracking eliminates. The default of 60% is a conservative mid-range estimate based on TEAM Software customer outcomes — GPS eliminates location-based fraud (wrong-site clock-ins, clocking in from home) but does not fully address identity fraud. Range: 40% for low-adoption environments, up to 80% for high-compliance deployments.

GPS + Bio — Theft Eliminated
Est. Time Theft × MIN(GPS % + Bio %, 95%)
Adding biometrics layers identity verification on top of location verification — designed to reduce buddy punching that GPS alone may not address. The additional biometric reduction (10–40% slider, default 35%) is additive to GPS, capped at 95% total since no system can eliminate 100% of fraud. TEAM Software has observed reductions of up to 97% in some accounts with mandatory biometric enforcement policies; individual results will vary.

Remaining Exposure
Est. Time Theft × (1 − Reduction %)
The estimated residual theft exposure that the selected controls may not address — useful for illustrating the gap that GPS alone leaves and the additional recovery biometrics may provide.

Net Benefit & ROI

Net Annual Benefit
Theft Eliminated − Annual Biometrics Cost
For GPS: estimated net benefit equals projected savings (no cost). For GPS + Bio: estimated savings minus the annual biometrics subscription. A negative result means the plan cost may exceed projected recovery — typically a signal to revisit the theft % assumption or right-size the biometrics plan. Estimates only; actual results will vary.

ROI on Biometrics Cost
(Net Annual Benefit ÷ Annual Biometrics Cost) × 100
Standard return-on-investment formula applied to the estimated inputs. A 200% estimated ROI would suggest the projected savings are triple the biometrics cost within 12 months — however, these are estimates and actual ROI will vary based on real-world conditions.

Payback Period
(Annual Biometrics Cost ÷ Theft Eliminated) × 12
Estimated months until projected savings would offset the biometrics subscription cost, based on the inputs provided. Expressed in months if under a year, years if longer. Actual payback period will vary.

5-Year Net Cumulative Benefit
Net Annual Benefit × 5
A simple 5-year projection assuming flat headcount, wages, and theft rates. Does not account for payroll growth, wage inflation, or contract renewals — actual 5-year benefit is typically higher. Use this as a conservative floor for executive business case conversations.

Primary Sources

American Payroll Association	75% of companies affected by time theft; 19% of employees self-report buddy punching. Widely cited in payroll and workforce management research.
Nucleus Research	2.2% of gross payroll lost to time theft on average across surveyed organizations. This figure underpins the default theft exposure calculation.
TEAM Software / WorkWave	GPS reduction ranges (55–65% typical) and biometrics reduction (97% maximum observed) derived from TEAM customer implementations. Slider defaults represent conservative mid-range outcomes.
Robert Half	Supporting labor market and wage data used in workforce cost modeling.

Sales use note: All outputs are estimates based on user-provided inputs and industry benchmarks — not guarantees of savings or business outcomes. All figures should be validated against the prospect's actual payroll records, wage data, and WinTeam pricing before being included in a formal proposal or contract.

Sources: American Payroll Association, Nucleus Research (2.2% benchmark), Robert Half, TEAM Software customer data. Annual hours = avg hrs/week × 52 weeks. GPS included at no additional cost. Estimated ROI = Estimated Net Annual Benefit ÷ Annual Biometrics Cost. All results are estimates only.

Legal Disclaimer This ROI calculator is provided for informational and illustrative purposes only. Results are estimates based on user-provided inputs and assumptions and are not guarantees of savings, revenue, ROI, performance, or other business outcomes. Actual results may vary. WorkWave makes no warranties regarding the calculator or its results and disclaims all liability arising from or related to use of the calculator or reliance on its results, to the fullest extent permitted by law.

LAST UPDATED

March 4, 2026

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