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Theft of equipment is one of the most serious issues that businesses face. Since lockdown, there has been a 20 percent increase in equipment theft. Thefts put the firm as a whole in peril. Stolen equipment affects all major businesses, including education, IT, construction, manufacturing, and many more. Companies lose time and resources as a result of equipment theft.

Construction Industry Theft

Construction is one of the most plagued industries in terms of equipment theft and equipment loss. In the UK, around £300 million – £800 million of construction equipment is stolen every year. 

And according to NICB, companies recover only 10% of it. Most heavy equipment is left unattended on a construction site and gets started by a single key. 

The absence of a global serial database makes it more difficult to track equipment when it’s stolen. Other risks contribute to such high theft rates, such as organised crime, loose fences and gates on sites, and no custom theft defence. A cloud based asset management system can prevent Lost and theft of equipment.

construction worker with equipment belt
Man using manufacturing equipment

Manufacturing Industry Theft

Manufacturers are also heavily affected by employee theft and lost equipment.

Manufacturing tools are one of the most common things that go missing. Examination equipment, radios, small tools (marked and unmarked) all go frequently missing. 

Larger equipment like tow trucks, loaders, and others are not necessarily harder to steal, but they are harder to replace. Losing them inconveniences the whole team and significantly slows operations. 

IT & Office Employee Theft & Education Employee Theft

Businesses today pay more attention to digital data security but very few of them make sure that their physical setups are equally secure.

According to IDC 201 research, 84% of IT companies have reported equipment theft, with only a 3% recovery rate. 

Laptops, hard drives, chargers, keyboards, and stationary are all examples of equipment that people steal from offices. Sometimes unintentionally due to lack of accountability.

Consequently, office managers have to order around 20% more than required to account for missing office supplies, which haemorrhages’ the company’s budget. 

Apart from the standard office supplies such as papers or staplers, people are stealing even things like light bulbs, tissue papers, and food.

Around 52% of employees have admitted that they have taken something from their office.

Manage your fixed assets from as little as £62 per* month.

Preventative measures you can take to help with Employee theft, lost and equipment loss.

Employee theft can cost your business a lot of money each year, so it’s best to make sure you’re fully protected.

1. Mark all of your equipment

Mark all your equipment with tamper-proof labels. The tamper-proof labels will ensure that your employees cannot steal and then re-sell your equipment in the future. 

2. Ensure you have a Check-In/Check-Out system

Check out equipment to employees and make them accountable/responsible for it. Our fixed asset management software has this feature. Check it out here.

2. Keep an up-to-date register

An up-to-date register of your equipment allows you to track all of the fixed assets within your business. Check out our fixed asset management system here.

4. Ensure employees to verify assets

Task employees to verify they still have the equipment every 3 months. This is easy to do with our mobile audit tracking system.

5. Enforce solid equipment policies

Clear instructions and policies for staff securing equipment. This is a great way to ensure theft isn’t an issue among your employees.

6. Install a cloud based asset management system

If your business suffers a real-world issue, and it takes down your asset tracking system currently in place, then you need a cloud-based system. This can prevent employee theft.

Reduce your risk of overpaying on fixed assets,
contracts and insurance. Get in touch today.