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Employee Theft in the Workplace occurs more frequently than you might be aware. In fact, the statistics on theft by employees in the workplace are shocking. The shocking stats and how to avoid becoming one of them.
Did you know that, 75% of employees have stolen at least once from their employer and that 90% of all significant theft losses come from employees.
Our team of CCTV Technology and security experts share their insight’s on how to avoid being victims of internal staff theft.
There are 6 types of Employee Theft:
This type employee theft in the workplace is very common in tech and medical industries. This kind of of stealing occurs when employees remove company goods / stock from dispensaries, store rooms and warehouses either for their own personal use or to re-sell.
Businesses lose up to 50% of their inventory due to employee theft. Therefore implementing stock controls and preventative measures is imperative. Additionally installing CCTV cameras with video analytics to track inventory movement and raise alarms for suspicious behaviour will bring an end to inventory theft.
One of the most concerning sorts of employee theft is data theft. Data theft endangers important consumer and client data in addition to risking your company’s assets.
The most common form of data theft is the copying and selling of confidential company information.
As an Employer, you need to adopt strict guidelines and company processes for using devices and data. We highly recommend implementing a “clean desk” approach to keep private information hidden from inquisitive eyes.
Additionally, incorporate data security into your regular practices and operations.
Use strong passwords to secure devices and limit access to sensitive information to upper management positions.
Make sure you “wipe clean” all devices of staff who resign, before they leave the premises on their final day of work.
Any type of business that offers services to the market is susceptible to this kind of employee theft.
This theft occurs when your staff use the company amenities to administer the services for their personal enjoyment. For example, an employee uses a printer to print personal documents without the permission of their line manager.
Even if you provide employees with discounts on your services, some employees will still abuse the privileges and steal from your firm.
We advise putting in measures wherein staff are responsible for reporting others who bend the rules and take advantage of the services your business offers.
This kind of employee theft in the workplace is exactly what it sounds like.
A worker whose job includes handling money steals and cashes the paychecks of other workers or writes fake checks and cashes them.
Establish checks and balances throughout your company, especially in the finance division, to prevent wage theft. Never assign one worker the duties of both writing checks and reconciling the payroll account.
Theft of cash occurs most frequently in cash-heavy businesses such as retail. Examples of this type of employee theft include:
Stealing cash funds from registers, safes or petty cash drawers
Overcharging a customer and pocketing the difference
Skimming (not registering a sale or recording a transaction in accounting books and taking the cash)
To prevent cash theft, make sure your organization has clear policies in place. “Let employees know that any dishonest acts come with serious consequences,” says Dimoff. Clearly define what behaviours are not acceptable in your code of conduct and outline the consequences of each one.
Not only will this deter potential thieves, but it will also protect your company if an employee files a defamation or wrongful termination suit.
The most common, most costly and most destructive type of theft, is that of workers “stealing time”. Staff needlessly loitering around the water cooler, scrolling through various social media platforms, and taking unnecessarily long smoke breaks.
Stealing time breaks business processes and efficiency and can have several impacts on the company.
By putting in place access control measures, website blockers and installing CCTV with camera analytics, you can increase staff performance and monitor staff ‘downtime’.
We have found that monitoring onsite security teams with CCTV technology has prevented staff from sleeping whilst on duty.
In some cases, installing CCTV systems with analytic gridlines has even reduced the need for onsite security altogether.
This has, particularly for multi-tenanted buildings, resulted in a decrease in building levies without compromising on safety.
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