Last month, the Identity Theft Resource Center released their annual Identity Theft Aftermath report. The report goes beyond the standard facts and figures of identity theft and gets to the heart of the problem — the impact on victims.
Of particular interest, the report offered an insightful look at the emotional, physical and mental toll victims face – and the potential spillover of these effects into the workplace. It came at an exciting time when employers have a growing number of resources to help combat these ramifications.
Speaking of which… have you downloaded the free Employer’s Handbook to Identity Protection yet?
A Few Wins for the Workplace
There’s good news and bad news for victims. The good news? Employers are stepping up when it comes to one of the most cataclysmic financial emergencies employees face today.
● Fewer employees lost their job due to identity theft
● Fewer employees changed jobs as a result of the theft
● Fewer employees believed their employer was NOT supportive during their identity theft event
The bad? While progress is being made, it’s an uphill battle for both victims and employers who ultimately share the burdens of this life-halting crime.
The Aftermath Hits Employees (And Employers) Hard
There’s a real focus on work-life integration in the workplace. Seeing how science overwhelming says happy employees are more engaged and productive employees, it’s no wonder employers are working to minimize stress, improve health and engage employees.
Unfortunately, identity theft and fraud have quietly become a major detractor of these initiatives. Once victimized, the average person can expect to spend 18 hours resolving identity theft. Most of this time is spent during working hours, when financial institutions and government officials are available to assist individuals.
But the cost doesn’t stop at direct productivity. The pervasive aftermath of identity theft also carries emotional, professional and even physical tolls for victims.
As a result of identity theft, victims experienced a variety of consequences…
● 75% reported the crime was “severely distressing”
● 66% felt fear regarding their financial security
● 27% believe family life became more stressful
● 64% reported feeling stressed
● 48% reported sleep disturbances
● 29% loss of interest in activities/work
● 22% took time away from work
● 8% changed jobs
● 6% lost their job
There’s endless research surrounding the effects of an employee’s health, sleep and emotional well-being in the workplace. But when nearly one in ten victims change jobs because of identity theft, you don’t need peer-reviewed research to tell you there’s a massive problem on employers’ plates.
However, the majority of effects (including all of the professional consequences) have shown mild improvements from the year prior. The progress can be linked to employers increasingly harnessing the low-cost, high-value potential of employer-sponsored identity protection.
A Proactive Response: Employer-Sponsored Identity Protection
Employer-sponsored identity protection is quickly becoming a favorite choice among in-the-know employers. By giving the gift of identity protection to employees, employers better protect their bottom line by increasing retention. They combat the inevitable spillover of the identity theft aftermath, while building a more comprehensive employee benefits package.
Through an employer-sponsored identity protection plan, employees feel valued. After all, this low-cost gesture protects the core of any individual — the very thing that makes them unique — their identity.
When an employer values an employee on that level, the positive ramifications are only magnified throughout the workplace.
Interested in implementing an employer-sponsored identity protection program in your organization? Schedule a demo of EZShield’s best-in-class protection services. Our experts will work with you to design a plan that’s right for your organizational goals as well as your unique employees.
There’s One More Gift… For You!
It’s the season of giving after all… So, here’s a parting gift for readers. Be sure to download your free copy of EZShield’s latest eBook, The Employer’s Handbook to Identity Protection.
This eBook is jam-packed with the latest facts and figures surrounding employee identity protection. Plus, our experts offer employers effective solutions for combating this growing threat to workplace productivity.
It’s the perfect start to any employer’s identity protection toolkit, click here to download the eBook.