September 24th, 2018

Security

For retail businesses, preventing loss due to theft and other dishonest activity is an absolute must. But in many cases, business owners and managers focus on preventing theft from outside sources. While that's an effective option, it's important to remember that in many cases, employee theft is even more common and a problem that deserves your attention.

Having the right systems in place can help you prevent the loss of inventory and the loss of your profit margin. If you aren't convinced, taking a closer look can help you understand why this is so important.

Hard Facts That Don't Lie

It isn't just businesses that have to deal with this issue - it's a national and even global problem. Consider some of the following figures:

Employee theft adds up to a staggering $50 billion in loss each year.

• Employee theft makes up about 42.7% of all inventory shrinkage

• 64% of businesses have been the victims of employee theft

• 75% of employees steal from the workplace

• 33% of businesses go bankrupt due to employee theft

Money is generally the most common thing stolen, making up 40% of employee theft incidents. Office supplies and equipment comprises 6% of theft. Product materials make up 18% of employee theft. It takes an average of 2 years before fraud is even detected. Businesses lose roughly 7% of their annual revenue to theft or fraud from employees.

All of these figures come from research done into the subject. Every year, more and more data arrives that shows just what a major problem this can be. The bottom line is that protecting your property means that you need to consider how you'll protect against dishonest employees as well as against outside threats.

Getting Proactive To Deter And Prevent Incidents of Employee Theft

There is no 100% way to guarantee that every employee you hire is honest, so businesses must turn to security systems to help prevent their losses. Use of good, quality surveillance systems can help identify losses and ensure that you are able to reduce theft. There are other steps that you can use as well including:

• Pre-employment background checks

• Establishing clear conduct guidelines and enforcing them

• Weekly audits of inventory

• Install access control systems to limit access to certain places or inventory stockpiles

Along with a quality CCTV surveillance system, these steps can help keep your business safe and protected from significant losses due to theft and other dishonest activities.

The Right System For Your Goals

The sad fact is that employee theft is something that every business must consider and prevent. But each business is different, and knowing the system that matches your needs is a must. Our team has decades of experience in the field and understand how to match up your needs to the system that works best for you. Contact us today to find out more about our services and get started finding the surveillance system that could help keep your business profitable and protected.