When most people think of commercial security in Kansas City or beyond, they’re envisioning a system that discourages burglaries, vandalism, and other outside threats. It’s certainly true that a good commercial security system will help protect your business from just those sorts of occurrences—but commercial security can also help to protect against a threat that many business owners are less aware of: employee theft.
There’s no way to know for sure how many employees engage in theft from their workplace, but the number is bigger than you might think. According to information released by the Department of Justice, one in every three employees have committed some degree of workplace theft, while the U.S. Chamber of Commerce estimates that as many as 75% of employees have engaged in theft, and that many do so repeatedly. What is certain is that employee theft costs businesses billions of dollars each year, considerably more than the losses from other kinds of theft. Shoplifters, for example, make off with an average of about one-sixth as much per instance as dishonest employees.
What’s more, employee theft isn’t limited to any particular kind or size of business, or any particular geographic area. Retail outlets, restaurants, and warehouses suffer alongside offices, banks, and every other kind of business, big or small, and businesses face the risk of employee theft whether they’re in New York or Kansas City. Small business owners especially may worry less about employee theft because you employ fewer people, and probably feel like you know them well—but the fact is, 64% of small businesses experience employee theft, costing an average of $20,000 per business. It has been estimated that as many as one third of all business bankruptcies are a direct result of employee theft and fraud.
Fortunately, there are ways to help protect yourself and your business from employee theft, without making your honest employees feel like criminals. Regular external audits of your finances are a good idea for most businesses, and can help catch suspicious cash shortfalls or other fraud early on. Conducting training for managers and employees on what to watch out for can also help. While employee theft is a major concern, only about one in ten employees are responsible for 95% of the total losses from employee theft. Those other nine employees can be a big help in spotting the problem.
Commercial security systems can also help reduce employee theft and keep employees safe. Closed-circuit cameras with DVR can keep an eye on the premises and provide playback options, while premise access controls can help keep track of who is where and when. This not only discourages employee theft—as well as losses from burglaries, vandalism, and shoplifting—but it also helps your valuable employees to feel safe and secure at their work. While employee theft may be a real danger for many businesses, your employees are still one of your most valuable assets, and the best commercial security systems can help to protect them even while it helps to protect your business.