Security Cameras to Reduce Employee Theft
There are longstanding issues with untrustworthy employees in the workplace. The losses from Employee Theft can severely affect profit losses as well as employee security and morale. The facts are astounding.
- 95% of all businesses in the US are hurt from employee theft.
- At least 75% of all employees admit having stolen from their employer at least once.
- Over $50 billion dollars a year in losses for US businesses.
- Nearly 43% of retail shrinkage is due to employee theft.
- Almost 30% of all the businesses that failed in the US in 2019 were directly related to employee theft or embezzlement.
These stats are alarming, and quite disturbing. Perhaps this is why Paul Foster, CEO and Founder of The Business Therapists is quoted: “Dealing with employee issues can be difficult, but not dealing with them can be worse.”
SWEETHEARTING EMPLOYEE THEFT
Sweet-Hearting, a term used in the employee theft realm, depicts an employee that gives their company discount to friends and family, or offers refunds that were not worthy, or simply neglects to scan items as they are at the register. This is no small problem; in fact, it costs US businesses billions of dollars annually.
EMPLOYEE THEFT of TIME
Additionally, about 75% of US businesses are affected by “time theft.” Having other employees clock them in, or simply lying about the actual time spent working, costing companies 7% of their total gross. These are signs that a new plan and a new system needs to be implemented. Companies need to increase their security to avoid getting bombarded with these types of fraudulent activities.
Another huge problem with employee trustworthiness is false insurance claims. According to Liberty Mutual Workplace Safety Index, serious, non-fatal workplace injuries now amount to nearly $60 billion in direct workers’ compensation costs per year, more than $1 billion a week. Everyone would love to believe that their employees are always honest, but these numbers do not lie. Imagine the cost savings a business could build with the proper monitoring system in place. When everything your employees are doing is being sent to a video storage bank, directly from the security cameras in place throughout your facility, liabilities will dramatically decrease.
Solutions for Your Business
The need to monitor employees has become a prudent business practice in this modern era. Fortunately, there are ways to monitor and prevent a lot of these perturbing statistics. At A&B Security, we have a lot of experience dealing with these issues and strive to help your business prevent losses like these in the future.
With a new A&B Business Security Camera System in place you can monitor employee productivity from anywhere. It is not just sitting around hoping everyone is being honest and doing their jobs. With an updated, state-of-the-art, security system in place from A&B, many of your losses attributed to employees can be alleviated. A peace of mind can be reestablished; profits can remain intact.
A&B Security has been established since 1987 in Las Vegas, Nevada. Over 30-years of top-notch security system installation and monitoring, burglary protection, biometrics, alarm systems, security cameras and surveillance, locks, safes and more. Our mission is to provide all our customers with superior products, services and solutions. Staying on the cutting edge with technology and knowledge, we strive to have the highest levels of expertise in the industry.
Through our constant commitment to education, training and product awareness, as well as industry leading security cameras and equipment, we will protect your valuable assets and funds; acting as a guardian of conscience for your employees. Together, A&B Security and your business can maintain growth and protect the workplaces you have worked so hard to build and preserve.