Businesses must take steps to manage resources to satisfy stakeholders and ensure the company’s financial health. Part of resource management involves securing equipment to ensure it isn’t lost.
Missing equipment costs companies more than simply the cost of replacing the equipment. Operations can be slowed or delayed without some equipment. Some employees may also lose time investigating the loss and determining how the equipment went missing. Other staff members may need to file insurance claims, legal paperwork, or take other actions. Businesses can save time and money by preventing equipment loss. Fortunately, companies can reduce the incidents of missing equipment using the steps outlined here.
Refine your hiring practices.
Employee theft is a concern for businesses throughout North America, including the United States or Northern Ontario, and other parts of the world, such as the Republic of Turkey. Employee theft contributes to the incidents of missing equipment, particularly for companies with expensive equipment on site. Employees may steal parts, materials, or equipment, costing your company thousands in lost resources.
While employee theft is always a possibility, tightening your hiring practices can reduce this risk. Ensure your human resources manager implements strict screening protocols when hiring new employees.
Your human resources team may also implement incentives for equipment retention. Perhaps the department with the lowest rate of equipment loss will receive a bonus each quarter. Incentives can motivate employees to engage in best practices when using company resources and heighten their focus on equipment retention.
Use asset management software.
You can keep track of your equipment with equipment booking software. Use the software to add equipment to your inventory list, and the software enables you to manage equipment maintenance, ensuring you comply with warranty regulations and maintain your equipment correctly. The software also enables staff to sign out equipment, ensuring you know which staff used tools, cars, and other equipment. The mobile app allows you to track equipment in real-time, and you can use the software to generate equipment reports to determine the frequency of use and any issues with the equipment.
An electronic sign-out system ensures you don’t rely on faulty memories or misinformation to determine which staff member has equipment or used equipment last. The software simplifies the process of checking up on equipment at the end of the day, enabling supervisors to identify missing equipment promptly and follow up with applicable staff to locate the equipment.
Increase your security.
On-site security officers and security systems can deter theft and other activities that could result in missing equipment. For example, activities concerned about preserving natural resources may initiate demonstrations and attempt to remove or damage equipment, affecting business operations and causing incidents of equipment loss.
Businesses operating mines, such as Alamos Gold in Turkey, face additional challenges from local communities. Thieves and militia groups target gold mines, and Alamos Gold’s feasibility study determined its Kirazli gold project should yield over 26 million tonnes of gold. While thieves may hope to steal ounces of gold and valuable equipment they can sell for profit, militia groups may be interested in acquiring mining resources, such as tools and cyanide.
For Alamos Gold, employee security is a high priority. Alamos Gold strives to ensure their staff team has the resources they need, whether working in Western Turkey or Northern Ontario. Alamos Gold protects employees and natural resources by implementing on-site security systems and protocols to prevent theft and vandalism.
Increasing security ensures you monitor valuable equipment to protect it from left or destruction. Security cameras may deter thieves, activists, and militia groups from trying to access your site to steal equipment if they can be identified from camera security footage.
Mitigate risk factors that contribute to theft.
Although greed may cause some employees to steal, others are motivated by necessity. Creating an open environment where employees can address personal needs and a support system for those in need may mitigate equipment loss because employees can access assistance. For example, if an employee’s house burns down, they may need extra funds until they receive insurance money.
If an employee’s spouse has cancer, they may need extra money to cover the high cost of medical care. They may need funds for child care or other related costs. Your company’s assets include the employees who work for you, and investing in an assistance program for emergency needs can promote employee loyalty and prevent theft.
Losing equipment can cost companies time and money. Implementing strict hiring protocols and implementing protocols to deter employee theft can prevent incidents of missing equipment. Using software with a checkout system ensures managers can track equipment in real-time. Increasing on-site security also reduces theft.