Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Increase in employee theft raises concerns for future hiring in the UK

by April 3, 2023
April 3, 2023
Increase in employee theft raises concerns for future hiring in the UK

With the Cost-of-Living crisis seemingly driving worker theft up, specialist background screening and identity services firm, Sterling, has warned businesses to be mindful of the cost of a bad hire.

This latest warning comes following reports from insurer Zurich UK, that employee theft had increased 19% in 2022 when compared to the year before. It’s become increasingly crucial to minimize the potential risk a new hire could pose to an organisation, especially as household budgets fall under further pressure during the Cost-of-Living crisis.

To compound this, employers are also facing a shortage of workers — with data published by BusinessLDN, FSB London, LCCI and CBI London revealing that two-thirds of employers are struggling to fill open vacancies. Sterling has warned of the compliance and financial dangers of rushing through the hiring process.

Steve Smith, President of International at Sterling explained:

“The cost of a wrong hire can be detrimental to a business on a number of levels. Aside from the wasted time and money invested , the risk posed to a firm is significant. During a period of continued skills shortages, there can be a tendency to focus on speed of hire, which has the potential to negatively impact robust and compliant staff screening.

“With the Cost-of-Living crisis hitting households across the UK, this latest data from Zurich does suggest that businesses are set to face more challenges both maintaining the compliance of the existing workforce and monitoring any potential red flags for new recruits.

“While this scenario is arguably being driven by a very unique economic climate, it does highlight why robust screening processes which look at more than an individual’s right to work, qualifications, or experience is a must. Social media screening, for example, can help to identify the level of risk of fraudulent or unscrupulous behaviour that an applicant poses to the brand. This is, however, fraught with a range of compliance challenges in itself as screening through these online platforms needs to be handled with due care.”

Read more:
Increase in employee theft raises concerns for future hiring in the UK

0
FacebookTwitterGoogle +Pinterest
previous post
Passport workers start five week strike as Brits fear disruption to holiday plans
next post
Remote working could hinder the skills development of employees

You may also like

Sorry Donald, but we are carbon neutral and...

March 2, 2025

Getting to Know You: Brad Walker, founder of...

August 13, 2024

Stricken electric van-maker Arrival in fresh rescue funding...

November 9, 2023

Different Ways To Maximise The Limited Space In...

November 2, 2023

Secrets of Success: Ian O’Connor – Managing Director,...

January 31, 2024

Facebook and Instagram to restrict advertisers’ access to...

January 11, 2023

KC-approved ‘mini umbrella’ costs taxpayers £50m

July 5, 2023

When Is the Best Time to Move

September 9, 2022

Red Sea Shipping Disruption Sends Ripples Through UK...

February 26, 2024

TalkTalk to axe hundreds of jobs as broadband...

December 16, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025
    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025
    • Trump administration defends US and Israeli sovereignty with new sanctions against four ICC judges

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,544)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved