5 Facts About Theft in the Workplace That You Need to Know
As a business owner, your daily concerns probably come down to sales, customer service, and the way your brand is being represented by your marketing and employees.
However, did you know that retailers in the US lost a total of $62 billion in 2019 because of theft and fraud? That's right, theft in the workplace is a huge concern that every business owner should keep on their radar.
Fortunately, with our 24/7 professional monitoring system, you can trace theft in the workplace and encourage honest employee and consumer behaviors.
Not convinced that upping your security is a necessary investment? Read on for five facts about theft in the workplace that you should be aware of.
1. Your Employees Are Pilfering
A recent report found that 95% of employees have stolen from their employers, and they're not always stealing what you think. For the most part, you're looking a petty theft--the pilfering of office supplies and other low-cost items. However, 80% of employees have admitted to stealing time by looking at their phone, making personal calls, or surfing the web on the clock.
2. Employee Theft in the US Is Higher Than the Global Average
Globally, employee theft counts for an estimated 28% of inventory loss. However, in the US, that number jumps to 43%. Though the reasons are hard to pinpoint, your US employees are more likely to steal from you than employees in other nations.
3. Employee Theft Costs More Than Consumer Theft
When we think about theft in the workplace, we often think about shoplifting. In this image, a consumer comes in to make a purchase but pockets a few of your items along the way.
While this certainly does happen, it's important to remember that your employees can likely do more damage than consumers. Why? They have better and more frequent access to your inventory and, quite frankly, you're less likely to question them when they're walking around with goods they haven't purchased.
4. Data Theft Can Come from Within
Similarly, we tend to associate data theft with hackers and outside infiltrators. However, it is fully possible for your own employees to steal data from your company and profit off of it in some way.
The best way to prevent this from occurring is by limiting who has access to sensitive data. For example, your entire team doesn't need access to sensitive documents about your budget or fiscal calendar, nor do they need access to each other's personal files.
5. There's a Psychology Behind Theft in the Workplace
Determining which of your employees is stealing from you requires more than just a gut feeling. Most theft in the workplace is perpetrated by people who have no criminal background and normally would not partake in theft. In fact, one study found that employees who steal tend to convince themselves that their theft is justified and therefore not unethical.
Make Your Business More Secure
Are you ready to make your business more secure and start preventing theft in the workplace? We're here to help.
Our security systems are designed to meet the needs of business owners both big and small. To find out more about our available security systems and pricing, contact us for a free estimate and consultation.