While most workers are trustworthy and reliable, employee theft is a sad reality for many businesses across Australia. This is why organisations should always take security measures to prevent such occurrences.
Research quoted by the Australian Institute of Criminology indicates that employees carry out or facilitate approximately 62 per cent of retail thefts.
Installing traditional alarms and camera systems won't always work in such circumstances because staff can often circumnavigate these measures, as they will know when and where your security is active.
However, hiring a static guard who patrols your premises can catch perpetrators red-handed or act as a deterrent. Here are some of the ways in which your employees may be stealing from your firm.
Checkpoint System's Global Retail Theft Barometer 2014-15 revealed 39 per cent of shrinkage is due to dishonest employee theft, which was higher than the 38 per cent from customer shoplifting. This makes staff the most likely cause of missing inventory worldwide.
In this country, shrinkage costs companies AU$3.19 billion and accounts for 1.02 per cent of sales. On the plus side, the global average was 1.23 per cent, and Australia saw a 0.04 percentage point improvement year on year.
Employees can steal money from your organisation in various ways. Perhaps the most obvious examples are dipping into the till or pilfering petty cash, although staff may use other methods that are more difficult to trace.
For example, big four bank ANZ claimed some employees will set up fake customer accounts in order to redirect funds while others may forge or adjust invoices. Workers could also overcharge patrons and then pocket the difference.
3. Data or intellectual property
The average cost of a data breach rose to US$3.79 million (AU$4.9 million) in 2015, according to figures from the Ponemon Institute. A lost or stolen record containing confidential information set businesses back US$154 each.
Employees often have access to sensitive data via their jobs, which they can steal for themselves or sell on to competitors. Corporate espionage can occur at companies of all sizes, as there is often a market for a business's intellectual property, client lists and trade secrets.
Having a static guard on duty monitoring your employees, customers and security systems can help you tackle incidences of staff theft. So if you would like more information on the options available to you, please get in touch today.