My first boss was very Victorian in his employment practices. It was assholes and elbows at 8 am. It was the same at the end of the day. Last 15minutes you stopped and put your stuff away and grabbed a broom or mop.
That being said everyone in my operation is on time or early.......that is our culture. I have 3 employees that have different starting times as the have family needs to get kids to school. That time is scheduled and they are reliably there when they say the will be.
If someone is 2 hours late I am not worried about the $50 bucks he looses, I am cranked about the $400 lost opportunity. Most of my staff is flat rate and they are motivated and conscientious.