Put an End to Employee Theft

23 Jan Put an End to Employee Theft

How to Balance Trust and Protection in the Workplace

You couldn’t run your business without them. You’ve taken great pains to interview, hire, and train employees you believe will be assets to your company. They’re your team, your crew, your work family. The people you trust with the most sensitive information and processes about your business. But sometimes, that trust is repaid in the form of theft. A betrayal that can leave quite a sting.

Employee theft is an all too common reality. Employers strive to foster environments of trust and camaraderie, but how do you balance trust while also safeguarding your business? We all wish it were as simple as a handshake or a signature on a contract, but the reality is that protecting your company’s assets requires a more thorough, proactive approach.

Understanding Employee Theft

Most people think employee theft is all about the cash in the register, but the definition of theft involves more than money. Employee theft involves stealing, using, or misusing any of the employer’s assets without permission. This can include assets such as time, information, supplies, and merchandise. And if an employer isn’t aware and vigilant, theft of certain assets can go unchecked, threatening the financial health and reputation of a company. 

One U.S. Chamber of Commerce study found that 75% of employees have stolen from their employer at least once and that up to 30% of business failures may be the result of employee fraud and abuse. In particular, small business owners are most vulnerable to employee theft. They often lack awareness of the risks their companies face from inside threats and don’t have appropriate preventative systems and controls in place. 

Preventive Measures Against Employee Theft

One crucial strategy to prevent incidents of theft is to implement a customized business security system tailored to the unique needs of your organization. This may include a combination of security cameras, access control systems, and alarm systems that address the unique vulnerabilities of your business.

• Surveillance Cameras: Visible surveillance cameras act as a powerful deterrent to theft of money, merchandise, and supplies. Knowing that their actions are being monitored discourages employees from attempting actions that could be recorded. But if the deterrent isn’t strong enough and theft does occur, security cameras capture real-time footage that can be used as evidence during investigations. This footage may help identify the perpetrator and establish a timeline of events.

• Access Control Systems: Limiting entry to authorized personnel with access control systems ensures that areas with cash or financial assets are accessible only to those who have the necessary permissions, reducing the likelihood of internal theft. 

• Alarm Systems: Alarm systems can be integrated to trigger immediate alerts in case of unauthorized access or suspicious activities. This enables a rapid response, minimizing the chances of successful employee theft.

• Motion Sensors: Motion sensors can detect unusual movements during non-business hours or in restricted areas. If triggered, these sensors can activate alarms or notify security personnel, preventing theft before it occurs.

• Remote Monitoring: Modern security systems allow for remote monitoring. Business owners or security personnel can access live camera feeds and system alerts remotely, enabling them to respond promptly to any potential problems or threats. 

• Training and Awareness: Security systems contribute to overall security awareness. Employees are more likely to adhere to policies and procedures when they understand the presence and capabilities of security measures in place. Establish clear and comprehensive policies regarding acceptable behavior, ethical standards, and consequences for theft. Regularly communicate these policies to employees and provide security training sessions to reinforce the importance of integrity within the workplace.

By understanding the different forms of theft and implementing preventive measures, including a customized business security system, organizations can significantly reduce the harmful consequences of employee dishonesty. A proactive approach to security not only safeguards your business but also fosters a culture of trust and accountability among your employees. Proactive security is an all-around win.