Employees are a company’s most valuable asset. According to Consumer Affairs, between 2019 and 2020, there was a 311% rise in identity theft victims. An employer can help keep their employees safe by providing identity theft protection. Identity theft protection as an employee benefit protects employees and protects the employer. Here’s why identity theft monitoring is a valuable employee benefit.
Employee Identity Theft Protection
Employee identity theft protection includes credit report monitoring and alerts employees to a range of activities:
- New applications for credit cards and cell phone plans
- Possible fraud alerts
- Change of address and public record alerts
It also monitors the internet and dark web and provides identity theft insurance.
How Identity Theft Protection Benefits Employers
Employees appreciate employers who want to protect them. Identity theft protection benefits employers. Disengaged employees cost companies more $500 billion a year, according to a report from Gallup.
Identity theft protection helps by preventing employees from becoming disengaged while dealing with the struggles of identity theft. They can focus on their work without worrying about identity theft.
It also helps protect a company’s reputation, which is vital for its future success.
If an employer makes a mistake that leads to an employee’s identity being stolen, there can be repercussions that can include high litigation costs.
The government can also enforce fines and penalties if the company doesn’t provide enough employee protection. These fines and penalties can end up costing a company millions of dollars if this negligence leads to an identity theft incident.
Benefits Employees Want
By 2025, millennials will make up approximately 75% of the workforce. This generation expects more employee benefits. They are also more likely to leave a company than previous generations. Identity theft protection can be a benefit that helps attract the best talent for the company.
How Can Employers Provide Identity Theft Protection?
To bring identity theft protection to employees, and employer can partner with an identity theft monitoring company. Employers can work with that company to create an identity theft protection benefit that best meets their employees’ needs.
Partnering with IDIQ to provide industry-leading identity theft protection and credit monitoring is essential for today’s employers and their employees.