The construction industry has always served as a cornerstone of the UK’s economy, providing employment opportunities to millions, and contributing greatly to the country’s infrastructure. Unfortunately, our vital industry is facing an increasingly worse unique challenge: A recent study conducted by the Chartered Institute of Building (CIOB) revealed that the annual cost of both theft and vandalism in the UK’s construction sector has surpassed a staggering £800 million.
As theft continues to rise, businesses in the construction sector are grappling with the challenges posed by an already difficult economic landscape. Seeking effective solutions to counteract this epidemic has become a top priority. Understanding the roots of this issue and implementing appropriate measures is crucial for safeguarding our businesses against potential losses.
The Epidemic of Theft
The CIOB report, based on a survey of 1100 professionals within our industry, uncovered some alarming insights. A significant 92% of the respondents reported experiencing theft of tools, materials, or equipment, with one in five encountering such incidents on a weekly basis. The severity of this issue is obvious, demanding immediate attention from the industry.
While petty theft may not substantially impede larger contractors and construction projects, the cumulative impact can be significant – as evidenced by the 2020 statistics. However, we’re not only conglomerates and large-scale firms but also include a vast number of smaller businesses and sole traders. For those of us, equipment theft can have devastating consequences. Losing even a single power tool can lead not only to delays in completing domestic projects but also fulfilling entire contracts with larger firms. Not to mention the immediate financial burden of replacing stolen items.
Options for Mitigation
Preventing theft, to begin with, remains the most effective strategy for mitigating its impact on construction businesses. Securing storage solutions is essential, extending beyond locks on toolboxes and cabinets. Upgrading the locks on vans or fleets is crucial to prevent break-ins on construction sites or during overnight stays. Such security measures have the positive side effect, that it can additionally influence builder’s insurance positively – an essential aspect of minimising economic repercussions.
Employing technological solutions can also prove invaluable. Incorporating GPS trackers into toolboxes and specific equipment can aid in tracking them down in the event of theft. A lot of well-known brands like Milwaukee already include it in tools like impact drivers or drills, but also small tools like hammers and saws. Nevertheless, relying solely on GPS tracking might pose certain risks to individuals. Therefore, it’s prudent to supplement these measures with robust static security systems.
Reporting incidents need not be limited to filing police reports, as law enforcement resources may be stretched thin. Engaging with the community or industry organisations can serve, in fact, as a more effective way to monitor thefts and access support. Initiatives like “Builder’s Theft Alert” and “Construction Site Watch” can be instrumental in addressing this issue collectively.
We need a collaborative effort from all stakeholders. By implementing preventive measures, embracing technological solutions and reporting incidents, we can maximise our safeguard against potential losses.