As much as we wish it were otherwise, employee theft is a real problem in today’s workplaces. Don’t believe us? Here are some shocking statistics that you need to know about.
1. Theft by employees costs businesses in the UK more than £190,000,000 a year.
Yes, you read that correctly. It is the right amount of 0’s. Employee theft is a massive problem.
2. A quarter of employees said they exaggerated time spent on tasks 75{0c910c1ce9724a387a599397f3111d2653bce6c3193386ee4936522cfd66ad27} of the time.
This type of theft is known as time theft. No this isn’t a sci-fi movie, time theft is real.
3. 28{0c910c1ce9724a387a599397f3111d2653bce6c3193386ee4936522cfd66ad27} of employees decide to steal data for money.
People will try to get their hands on anything they can, including your data.
Employee theft is a serious problem. Even if it isn’t currently happening in your business, the likelihood of it occurring in the future is very high. Employee theft, as we touched on already, can happen in all areas of your business.
The most common types of workplace theft are:
Data Theft:
This is when sensitive information such as trade secrets, individual identifying data, or even client or customer lists.
Inventory Theft:
Inventory is anything owned by the company which could be anything from computers to stock.
Monetary Theft:
Money is one of the most common things taken from a business, whether it be cash or otherwise.
Time Theft:
When employees are paid for hours that they did not work.
Tips to Prevent Employee Theft:
Invest in Security:
Investing in security will not only help you protect your business from external crime but internal crime as well. Having CCTV and security staff in your workplace will help to deter people from committing theft and also help to catch any perpetrators. Hiring a facilities management company is a great way to implement these services in your business.
Remove the need for theft:
If you pay your staff well and offer them perks, bonuses, and other incentives, they will be less likely to steal from you.
Watch Inventory Closely:
Keeping a close watch over your inventory is an effective way to minimise theft. If you have stock rooms, for example, have surveillance running in these spaces. With remote workers, log items that you give them, track these items and ensure they are returned.
Conduct thorough bookkeeping:
To protect yourself from financial theft, keep a close eye on all of the money coming in and out of your business. If you are unable to do this yourself, finding trustworthy people to do this is easy.
Conclusion
Employee theft is real and presents a huge risk to your business. Make sure to take these important steps to protect yourself, and your business.