Employee theft is a serious problem that cannot be overlooked. Over the years, CIC has been able to help employers minimize their exposure to employee theft through the use of thorough background checks, facility security assessments, and surveillance programs.
Mitigating Threats of Theft in the Workplace
When it was established, Corporate Intelligence Consultants provided primarily investigative services and assistance with security issues. At that time, one of our clients was experiencing the loss of tools and equipment from the worksite. In order to investigate the issue, CIC prepared a list of employees who would have had access to the missing equipment and could have committed the thefts.
Then, CIC pulled criminal records prior to conducting interviews with each employee. When our investigators showed the records to the owners of the company, they remarked that if they had been privy to the criminal history of certain employees, they never would have hired them.
Employee Theft Statistics
The US Chamber of Commerce has estimated that 95% of America’s employers are victims of employee theft. If that isn’t startling enough, 75% of employees who steal from their employers are repeat offenders.
Over the last decade we have been bombarded with stories of corporate white-collar crimes, including embezzlement and stock market scandals. These high-profile cases, however, are just the tip of the iceberg. According to the US Chamber of Commerce, employee theft is costing American businesses $50 billion annually and is increasing by 15% per year.
- 75% of employees have stolen from their employer at least once.
- 95% of all businesses in the US are hurt from employee theft.
- 43% of retail shrinkage is due to employee theft.
- 60% of employees who commit thefts are male.
- 75% of US businesses are affected by time theft.
Sweethearting (a form of internal theft in which an employee gives free or discounted merchandise to a friend, family member or fellow employee) costs businesses about $100 billion annually.
According to a recent ACFE Report to the Nations on Occupational Fraud and Abuse, the typical business loses 5% of revenues in a given year as a result of fraud.
Investigative Services and Background Checks
The best way to prevent employee theft is to be proactive with the security of your workplace by removing opportunity. It’s never too late to get started on a review of your facility and your security program. Our investigators will provide a Security Vulnerability Assessment and training to your organization to mitigate and prevent employee theft and other potential threats to your workplace.In addition, our employment screening specialists will run thorough background checks to report any criminal history of job applicants so you can avoid a potential bad hire.