An eye-opening study conducted by a loss-prevention consulting firm revealed one out of every 40 employees was apprehended for theft by their employer in 2012. In 2015, a report by the Global Retail Theft Barometer revealed retailers had losses of approximately $42 billion. Employee theft accounts for 43% of that amount. Employee theft can be prevented with a few security upgrades:
- Diligent background checks
- The use of a buddy system to safeguard transactions
- Switching out employees for transactions
- Avoid pairing close friends
Millennium Fire & Security recommends a video surveillance system using high-definition video, monitoring trash removal using clear trash bags and flattening all boxes. Offering an anonymous employee tip line.
Addiction and drug debt can be motives for theft. Random drug checks can alert an employer to the use of drugs. Be sure to check financial stability of employees when hiring.
Case Study: “A long-time employee of a department store was in serious debt when he decided to ‘borrow’ some cash with the intention of returning it. As time went by, he found he couldn’t pay it back so he took more and more cash until the company bookkeeper suspected a thief. The company contacted Millennium Fire & Security. They installed hidden security cameras. Within days, the employee was spotted stealing cash. The police investigated and found large deposits made in the employee’s bank account that coincided with the theft dates. The employee was arrested and prosecuted.”
Millennium Fire & Security offers a free consultation for your business and many options available to fit a variety of needs.
Remember, It’s the ones you least expect who may be damaging your bottom line. Call Millennium Fire & Security today. Ask for Chris and get started on theft prevention.