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April 13, 2021

Feeling worried about Employee-theft and Fraud? Not anymore!

You’ll be surprised to know that according to the U.S. Chamber of Commerce, more than 70% of the employees have stolen from their employer at least once or twice. That roughly makes up to three-quarters of all employed workers, and around half of them did it repeatedly. You don’t want that for your organization. Right?

Employees are your biggest asset; they generate profits by being productive every day, literally. But you need to know that not all employees are loyal to their employer. They steal and commit fraudulent activities for their personal gains. No, we aren’t saying that every employee is not worthy of your trust or sink their morale with suspicion. But it is better to be on the safer side with a proactive approach to employee theft and fraud.

In fact, according to security experts, employers and managers should always assume that this type of unethical activity is either happening or could happen in the near future.

So, what’s the solution? Here are a few tips that can help you create a defense to prevent employee theft and fraud in any organization. Let’s take a quick look.

  • Monitor cash flow personally

Finance is one of the most important pillars of your business- the bigger the business, the higher is the cash flow. And small business owners are particularly vulnerable to employee theft. This is because employees perform multiple functions, and knowingly or unknowingly, they sometimes corrupt and distort the cash flow of the business.

So, it is your entrepreneurial duty to monitor all the receipts regularly and keep a close check on the company’s accounts. This will help you be more involved in the organization’s financial department and prevent any unethical activity related to the finance of the company.

  • Install cameras everywhere

Getting a secured and reliable surveillance system in the organization is indeed a wise investment for the business owners. But small business owners often think that their office space doesn’t need any security system since there are not enough products or valuable assets to attract thieves. But that’s where you are wrong. This type of negligence makes such businesses an easy target for burglars.

Installing CCTV cameras into the office space monitors whatever is happening all around the office. Statistics show that 65% of employee theft gets reduced after their employers decide to get security cameras. In fact, just the presence of the cameras can deter the fraudsters from going through with their unethical plans due to the fear of getting caught. Now you just need to know about What Are CCTV Cameras & How Do They Work? And you are good to go. So, if you also want to safeguard your business, then getting extra surveillance can be your go-to option.

  • Establish concrete policies and culture

Undoubtedly, people of all ages respond to consequences. And when it comes to theft, there must be a zero-tolerance policy in the organization, and all the employees should be well-versed with it. No, we are not asking you to convert your office space into a place where your employees feel trapped in prison, but laying out proper policies regarding theft and fraud can minimize the risk. The staff should know that if they are found stealing or committing any kind of fraudulent activity, strict actions will be taken without second chances or warnings.

Final words,

Dealing with employee theft and fraud can be challenging. But with the tips mentioned above, you can easily protect your organization from incurring substantial losses caused due to such unethical practices. So, even if you encounter any such activity, make sure you take quick action and act firmly.

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