If you are the owner of a multinational company or a medium scale business enterprise, employee theft is one of the most alarming threats to your enterprise. From swiping office supplies to embezzlement, everything falls under employee theft. While you are utilising every way to protect your business from intruders don’t forget to consider the risks of facing loss due to employee theft.
You may wonder how often can an issue like employee theft arise in your organization or whether it might ever practically happen at all. Give a look at these recent statistics from private research and public studies that indicate that this security threat is on the rise:
● 75% of employees admit to stealing from their employer once and 38% admit to stealing from their employer at least twice.
● Employee theft costs businesses about 7% of their expected gross revenue.
● As much as 33% of businesses hit by employee theft have been driven to bankruptcy.
● More than 2 million shoplifters and employees were caught in the act in 2014.
● High designation holders are responsible for more than 37% of all employee theft.
● Over 25% of all businesses struck by employee theft lost more than a million.
The Alarming Signs
If you’re concerned about employee theft, here are some of warnings or signs to help you spot potential trouble.
Employees who live beyond their means: By this we don’t mean that you have to get into the personal business of your employees or look into their expenses, but notice if there are any drastic disparity between their income and their lifestyle. This doesn’t automatically mean that they’re stealing from the company to fund their lavish lifestyle, but it can be a red flag especially if this extravagant spending behavior comes on suddenly.
Employees who work in seclusion: A solo player doesn’t always mean a sincere one. If an employee always asks for working on his/her own and is never around in a group, it may be a way of remaining out of sight and gain access to confidential information. Also it is a comparative study, if the person is introvert in general and the past records also show their aloofness, there is no potential threat. But if the person has been behaving like this during any particular project or financial procedure it might be a warning.
Employees with a disparity in efficiency: Who doesn’t want n sincere hard working employee, who willingly works over time and spends more time at the organization? But if that extra hard work involves more time in office without anyone else, it is something to be checked.
Ways to Prevent Employee Theft
Whether you have already been a victim of employee theft, or are suspecting on someone or not, it’s smart to protect your business with an anti-theft strategy. Here are some efficient ideas to get you started.
● Screen all employees pre-hire
● Use digitized or bio door locks to keep a biometric evidence of all employees, this may come useful at the time of any emergency or investigation. It will also help you keep a track on the total time spent by the employee inside the premises of your organization or frequently an employee goes out or comes into the building.
● CCTV cameras are a must for any business organization to keep its premises safe from both internal and external threats.
● Establish clear accounting policies that hold employees accountable and include clear consequences for any violations
● Keep track of inventory regularly and follow up on any discrepancies immediately
● Review daily exception reports, noting any excessive voids, refunds, no sales, and other suspicious actions
● Install security systems that can provide you with video evidence and reports. An efficient system will let you keep an eye on your office space from your smartphone.
● Never let employees ring up sales for themselves, their friends, or their family
eZONE Security Solutions has every form of security solution that your organization needs to protect itself from employee related theft. eZONE’s high megapixel IP CCTV system provides you with live streaming of the property in ultra clarity so that you don’t miss out on the tiniest of details.
Professionals at eZONE can also design and implement access control systems for multiple doors across multi-locations integrated on to a single server, for your company. You can monitor your employee attendance and manage access across the business. 24×7/365 days a year you will be assisted with custom made security solutions for your respective issues.
With appropriate surveillance and accurate reports provided at the right time, eZONE Security Solutions is the appropriate security solution provider for you. To know more about various threats and security solutions for your business reach out to us on https://www.ezonesecurity.com/index.html .