Employee Theft Plagues the Workplace

Employee theft plagues workplaces more than you may realize.

Here are five startling stats for you:

  • 75% of employees have stolen from their employer at least once. (Source: CalRest.org)
  • 90% of all significant theft losses come from employees. (Source: Willis North America)
  • 60% of employees would steal if they knew they wouldn’t get caught. (Source: FBI)
  • Property is a top item targeted in employee theft. (Source: Reference for Business)
  • Employee theft is the reason for more than 30% of business bankruptcies. (Source: Service Management Group)

When an asset, like a computer or scanner is lost or stolen, it’s not just the device that is lost, but also the data. The cost to consistently replace that asset is devastating to any business. Then mix in the lack of productivity from recovering or replacing the asset, and you’re faced with serious financial consequences.

Securing your assets is the most important solution to the problem, but you must decide which of the many options available works best for your company.

Simply relying on employees to keep track of their own equipment, regardless of if they take it home or leave it with their employer, is not an effective route to go down. This approach could put employees at risk of forgetting to bring their devices into work with them, or for the devices to be lost or stolen.

Managerial staff micromanaging security may help deter theft, but it isn’t the most productive method considering they have their own responsibilities in the workflow.

Your company should consider a catch-all security system that reduces assets leaving the premises and notifies management when that occurs. If detectors are stationed at all appropriate exits, a visual and audible alarm will trigger anytime an associate tries to exit with a tagged asset, serving as a reminder to leave the assets within the premises. These exit detectors are equipped with technology that managers can monitor on a dashboard in real time from any location.

It’s also important to know who is using what assets and when. To streamline the inventory process, the dashboard reports include asset quantities and statuses, assets last seen at an exit outfitted with detectors, and timestamps with peak periods for asset use, loss, and return. With a customizable dashboard, assets can be managed in whatever fashion fits the needs of the company.

While associate forgetfulness is a leading cause for lost assets, implementing this security technology can be your eyes and ears in preventing theft when no one else is around. With an accurate, real-time count of inventory data, you’ll be able to pick up on theft much quicker and effectively limit the opportunity to do so. Tracking your assets manually will become a thing of the past as that method can lead to errors that cost you in the long run.

Additionally, understanding why theft happens in the first place will help to develop a cohesive plan. These reasons can range from poverty to entitlement to opportunistic measures. Providing continuing education to your staff on security, theft, and loss will also aid in your efforts to protect all assets. With policies and procedures clearly expressed, your company will save hundreds of thousands of dollars annually.

Interested in learning more about asset protection? Request a demo or contact Modjoul for more information.

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