According to the Retail Council of Canada, which represents over 45,000 stores across the country, employee theft costs businesses about $1.4 billion every year. Smaller businesses can struggle because of this, and that’s why it’s important to take steps to prevent it. Here’s what you can do.
Understand why theft happens
Employee theft has many causes and recognizing the circumstances in which they arise is essential.
• Retaliation. An employee who feels they’ve been treated poorly may retaliate by stealing company property or money. This can also happen with recently dismissed employees.
• Poor compensation. Employees who feel they aren’t being compensated properly may use this to rationalize theft.
• Trauma. Traumatic events can lead some people to steal as a way to deal with their emotions. This is common when a death in the family or a change in marital status occurs.
• Financial problems. A financial crisis can lead a trustworthy employee to desperate measures, such as stealing from their employer.
Finally, while rare, outside influences may be the cause of theft.
Change workplace culture
Workplace culture can greatly reduce employee theft. First off, make sure you compensate your employees at or above market value. This will reduce the risk of them feeling they aren’t compensated properly and increase their loyalty to the company. At the same time, being clear that there will be consequences for theft may act as a deterrent.
Installing a surveillance system will add a further deterrent to employee theft, as the presence of the cameras means they’re much more likely to get caught. Note, however, that according to Alberta law, you need to explicitly tell your employees you’re implementing surveillance measures because you suspect one of them may have been stealing from the company. Otherwise, you may end up in a tricky legal position.
Implement access control
In some cases, implementing an access control system may be a good investment. It’ll greatly reduce the risk of your employees stealing from you. Most systems also allow you to track who entered which location when, which will let you keep records you can refer to in the event something happens.
Commercial surveillance systems in Calgary
From indoor CCTV to outdoor cameras, Guardian Security solutions has your back. We provide professional service to commercial clients in Calgary and Lethbridge. We have extensive experience with all aspects of commercial security, so contact us today to make an appointment and find out how we can help your business.