A worker commits employee theft when attempting to steal, use, or misuse an employer’s assets without permission.
The term “employer’s assets” is essential to this post because it implies that employee theft occurs beyond stealing cash. There are other tangible items in many industries that employees can take from a company. Time, merchandise, data theft, misappropriation, and office supplies are just some of the common types of assets lost to employee theft.
From theft at the cash register to occupational fraud, modern security cameras can help address the problem. But just how big of an issue is employee theft?
According to Statistic Brain, employee theft makes up over 42% of US store inventory losses per year. It also contributes to 33% of US bankruptcies. On average, employee theft costs businesses $50 billion yearly.
Consider for a moment:
- Retail workers rank number one in the world for employee theft.
- 75% of restaurants’ inventory losses are due to employee theft.
- Management and administration errors account for around 26% of retail loss.
- Employee theft and embezzlement result in one-third of all small-business failures.
Security cameras can protect your business
Such equipment may also increase productivity and profits. It might be the most critical factor in maintaining the efficiency of your business.
A new camera system will allow you to:
- Deploy a visible deterrent to customers and employees who might be thinking about engaging in theft. Strategically placed cameras will discourage most would-be criminals.
- Detect and document when an event occurs using a Digital Video Recorder (DVR).
- Take advantage of advanced tools such as video verification to provide better data to the authorities and encourage faster response. Police place a higher sense of urgency on alarms that have verification of a possible threat on site.
- Use video footage of security events as an employee training and accountability tool. You can use real examples to curb poor decision-making and violation of safety procedures within the workplace.
In most cases, employee theft security situations are not life-threatening. The information collected (such as video clips) serves as further action documentation.
Your business requires an added layer of security and information to be successful. With data that is often available in real-time, you can make critical decisions and protect your bottom line. We have found that a security system will pay dividends in reducing costly threats to your operation more often than not. Alarm Detection Systems would like to be your security partner in this endeavor.
About Alarm Detection Systems, Inc.
ADS is one of the largest alarm firms in Illinois. It has been family-owned since 1968. Our expert advice is always free. Above all else, we want your business to be safe.
ADS provides business alarms, fire alarms, card access, security cameras, and home security systems. Our main office is in the Fox Valley. We service all of Chicago, its suburbs, and southern Wisconsin.