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

From Keywords to Conversions: A Deep Dive into...

September 27, 2024

UK stealth tax hike risks exodus of high...

May 28, 2025

eBay UK launches climate training scheme for SMEs

May 12, 2023

Silent Discrimination in the Construction Industry

October 5, 2023

Shoplifting hits highest level in at least 20...

April 25, 2024

UK Business Climate Hub launches to help 5.5.m...

August 14, 2023

Met Police roll out facial recognition technology to...

October 19, 2023

ASOS shutters US warehouse as part of cost-saving...

January 16, 2025

Ryanair signs $40bn deal for 300 Boeing aircraft

May 10, 2023

Retailers Warn Stringent Crackdown on Greenwashing Could Stifle...

April 8, 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

    • Trump asks SCOTUS to uphold freeze on billions in USAID payments

      August 27, 2025
    • Three Years of Sounding the Debt Alarm at Cato and on the Debt Dispatch

      August 27, 2025
    • Trump Administration Rightly Attacks EU Tech Regulations but Tariffs and Censorship at Home Harm Americans 

      August 27, 2025
    • White House demands all Gaza hostages return home ‘this week’ amid stalled talks

      August 27, 2025
    • Bankruptcy, Hell, and Exit Barriers

      August 27, 2025
    • Trump’s DC Death Penalty Crusade Threatens More Tyranny of the Minority

      August 27, 2025

    Categories

    • Business (8,897)
    • Investing (2,246)
    • Politics (16,501)
    • Stocks (3,228)
    • 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