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Impact Of Employ Theft On The Business

Employ theft can severely damage the entire operations of the business. To control theft incidents at the workplace it is essential to invest in high-quality security camera installation Sharjah to control and monitor the latest happening in the office. If you don’t have a CCTV system installed at your workplace, your business is running at the risk of theft.

Impact on Finances

Employee theft is common in business regardless of what’s being stolen. The theft could be of any nature as employees tend to steal office equipment as well as finances. However, financial theft can be a grave issue for those small businesses that stash daily income within the workplace. The loss of income can damage the financial structure of the company and can potentially lead to bankruptcy. A cctv camera installation sharjah at the office can minimize the threat of financial theft.

Impact on Operations

Employee theft can disrupt the operations of businesses. In case of financial losses, companies are forced to make unpopular decisions such as downsizing the company to cover financial loss, reduction in buying abilities, cut in employees benefits, lack of increments and promotion, etc. In nutshell, the cost of employee theft overburdens the entire workforce.

Impact on Reputation

Employee theft in a business is an indication of a weaker security system. A vulnerable security system can damage the repute of the business in the industry. The clients are likely to lose trust in such business entities and may lose confidence to work further.

Psychological Impact

The impact of employee theft is not limited to the business owner only but can affect the people who work there. The owner is likely to lose trust in all of his employees and everyone will be subject to suspicion and inquiry. The tense ambiance can severely damage the peaceful and healthy environment of the office and can put the employees under extreme stress. Moreover, all of the employees have to bear the brunt of the theft as the management is likely to adopt strict strategies to cover the theft losses such as a cut in salaries, indefinite pauses in increments, etc.

How to prevent employee theft?

  • To avoid employee theft, the business owners must
  • Know their employees and their tendencies and behavior well
  • Notice the sudden change in the work pattern in any of the employees e.g. the need or devotion to work till late hours
  • Notice the sudden change in their lifestyle
  • Work closely with the employees without appearing too intimidating to make your presence known
  • Keep a check on the invoices and receipts. Keep a check on the use of office equipment as well
  • Provide a safe confidential way for employees to report fraud and theft without feeling endangered.
  • Have a robust security system with cctv installation ajman.