Video Surveillance: Employee Theft And Retail Loss Prevention
Statistics show that companies lose over 50 billion dollars annually due to employee theft and that 75% of employees have stolen from their employers at one time or another and more than half of them have stolen more than once. This does not count the additional billions of dollars that companies lose each year due to shoplifting and other forms of retail loss.
Employee theft alone accounts for about 33% of the businesses bankruptcies that occurred each year prior to the recession. Oddly enough most of these thefts did not occur because of need but, simply due to opportunity. Employee theft is defined as: the stealing or misuse of a companies assets. The things employees steal most are: Money, Time, Supplies, Merchandise or Company Property.
It is obvious that employers need to do something to prevent employee theft and retail loss and one of the first things most companies should do is have a video surveillance system installed to help prevent employee theft and retail loss. A video surveillance system can help in many ways.
Make Employees Aware They Are Being Watched
Employees who know they are being watched are much less apt to stuff their brief case with those sticky note pads or staplers. They are less likely to help themselves to that bottle of juice or milk from the store cooler. This is especially true if an employee has been caught and dismissed for stealing with proof of their actions being caught on tape.
In this economy with jobs difficult to come by most employees aren’t going to waste their future on a bottle of wine or that red sweater.
Just as well placed video surveillance equipment has cut down on retail theft and reduced the amount of lost revenue due to shoplifters such a system can reduce the amount of employee theft to a large degree.
In addition to helping prevent theft a video surveillance system also helps prevent the theft of company time. The old saying about when the cat is away the mouse will play pertains to employees and employers. Employees often take advantage of the times when they are on their own by making cellphone calls, running errands on company time, and simply wasting time. This too costs the employer countless dollars a year in wages for work that is not being done.
Having a surveillance system that overlooks work stations makes employees think twice about using company time to take care of personal business or simply waste time. Which can increase efficiency and lower work or production costs.
Using video surveillance to prevent employee theft and retail loss may save your business.
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