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Three alarming facts about workplace theft

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It’s never a pleasant experience when some steals from your business. What’s more disturbing is that the culprits of workplace appear to be right in front of you.

Studies have pointed the finger at employees stealing from their own company. From stationery to computer hardware, theft is still theft, and there are ways you can protect your company. First though, let’s examine the evidence.

Theft and business fraud costs billions

Each year, theft and fraud targeting businesses costs the UK economy billions of pounds. According to Experian, in the last year alone, the cost was estimated to be in the region of £190bn, though this is a slight decrease on 2016’s figure of £193bn.

Nevertheless, thefts and crimes against businesses have a major financial impact on the UK’s economy. The private sector is mostly at risk from fraud, with nearly three-quarters of crimes committed against these businesses and employee thefts are estimated to cost in the region of £190 million each year.

Employee theft and the consequences

As well as the financial cost of employee theft, it’s also disturbing to think that someone within your business, who you trust, is capable of stealing from you.

According to a 2017 article in the Daily Express, more than half of Brits admit to stealing from their employer. And if you catch your employee in the act, either on security cameras or with your own eyes, you have grounds for gross misconduct. Basically, you can show them the door.

It’s not just the stationery cupboard being targeting

Many workplace thefts are the odd pen or some envelopes from the stationery cupboard. However, there are instances of more serious thefts taking place, including items such as mobile phones and computer hardware.

In fact, nearly two-thirds of us admit to stealing stationery and nearly one in twenty admit to stealing those higher-value items. There are many different reasons why this might be the case, from needing extra money to conflicts with colleagues, though that doesn’t excuse an employee stealing from you.

What you can do to protect your business and people

You and your employees have the right to go about your business without the fear of being targeted by internal thieves. There are some simple steps you can take to make sure you are protected.
Installing security cameras at strategic points inside and outside of your business is an effective and relatively inexpensive way of obtaining evidence if you suspect a thief is operating within your business. You can also, by law, carry out your own undercover operation in order to obtain this evidence.

Security cameras also act as an effective deterrent as can sending a warning out to your staff. By actively warning and encouraging your staff to report anything suspicious, you can create an ethos of honesty in your business which benefits everyone.

And here at Foremost, we can help you put the wheels into motion. Our security experts will work with you to find the right places to install cameras and also identify where your business may be most at risk from internal thieves.

We’re committed to protecting your business – speak to us on 0115 911 0213 to find out more about our business security solutions.

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