Topic: Employee Theft and Productivity
Myth: These issues don’t affect me/I know my employees well.
- According to the American Society of Employers, 20% of every dollar earned by a U.S. company is lost to employee theft.
- ·The Boston Globe newspaper reports that “time theft,” or lost productivity in US companies accounts for a $400 billion loss per year.
The not-so-shocking truth is, employees are people and their actions and behaviors are under influence of everything around them while on the job. Events like the recent earthquake in Japan and the continuing nuclear meltdown, the terrible loss of life in Kaddafi’s Libya, the broader trouble in the Middle East, and the national debt crisis, all affect the minds and psyches of people, consciously or not. These events are a constant reminder of the continuing economic distress that the world is in and only exacerbate the personal issues that employees deal with everyday. More and more people are dealing with credit card debt, risk of foreclosure, or simply just the financial pressure of providing for a family.
Employees are working more and making less. Five dollar gas prices, higher food costs, and a dollar destined to give way to inflation in the years ahead are causing even the most deserving employees to lose money. It is unrealistic to believe employers can shell out a gratifying raise because they too are dealing with the same circumstances. Exactly how employees’ personal issues and fears filter into the work place is a growing cause for concern of employers.
Can employees really stay focused on their jobs with all these distractions? Are we at the point that employees have to choose between buying food to feed their families and help themselves to what many feel they are entitled to for any number of reasons? Can the temptation to steal be suppressed and controlled when inventories and other company property is cash online thanks to public auction sites? These are very tough and concerning questions indeed.
Most business owners are getting very serious about employee theft and their employee level of productivity, realizing the alternatives are to risk the loss of their businesses and even their own homes, should their businesses fail. There are two things employers are thinking about:
1) To maximize their security by installing and using to the fullest, a modern CCTV recording system. This will send a message to honest employees that the business plans on sticking around, while putting the dishonest employee/s on notice. Since the largest single expense to a company is its payroll, every company desires and deserves the most for their payroll dollar. Companies large and small are getting big returns on a relatively small investment. The culture of a company is subject to change once a modern CCTV System is implemented. Employees become more alert and aware of their environment and begin to thrive on following policies, while seeking not to stick out in the crowd. Their focus becomes clearer and the determination to do their best increases dramatically. As the owner introduces their employees to a system that promotes their safety and the accountability of everyone many interesting things begin to happen. A CCTV system protects the business, the employees, everyone’s jobs, the public and the greater community. Most of all, a modern CCTV system helps employees form new habits which protect the owner’s payroll dollars.
2) In a sensitive and caring way, employers are seeking to educate and advise employees about the potential tragedies they may be facing. In the future, employers will serve themselves well by showing compassion and a genuine interest in areas that used to be off-limits to their employees. Employers are learning about the various tools and offering help to employees, to cope with today’s challenges. Employees need to be reassured about their jobs because they are worried. They must also know their employers care about them. Employers need to build on their employees’ success and convey the importance that any abuses such as stealing time, cash or merchandise, will surely sink the ship both parties need to stay afloat in these times of uncertainty.