The High Cost of Employee Theft: Is it Happening to You?
It can be a shock to discover that theft is occurring in your workplace. Each of your staff may have shone at recruitment, with no visible trust issues apparent. So how can we reconcile our valuable personnel with the fact that theft regularly occurs in the workplace? What did we miss? Let’s take a look at the typical way in which workplace theft occurs, plus some startling statistics about the costs to industry.
The many ways to thieve
On shop floors, at workstations and in warehouses, Australians are stealing an accumulated $2 billion from retail employers alone each year, according to the Australian Retailers Association. Cold hard cash and inventory are certainly among the most popular ways for staff to steal from the workplace. In fact, staff members tend to pilfer from workplaces at approximately the same rate as customers. And for ordinary customers, we enjoy a 3% added cost to our purchases, courtesy of employee theft. But there are other, less obvious methods by which staff can fatten their pay packets. False invoices, inflated petty cash claims, sneaky discounts to friends, personal activities in company time, irregular credit transactions, undeclared client gifts, falsified documents and inaccurate time sheet entries can all work to strip away from the employer’s bottom line.