It is estimated that 95% of businesses experience Employee Theft, whether it be inventory, money, parts, components, supplies, information or customers.
Studies by the Department of Commerce estimate that employees steal over a billion dollars a week from their unknowing employers. Other studies estimate that nearly one-third of all bankruptcies are caused by employee theft.
Preventing Employee theft involves being proactive in your hiring process, background checking, and developing and implementing procedures and policies which deter theft and fraud. You know your business better than anyone, so always search out areas where you are vulnerable to a dishonest employee. It is not always around cash, employees can steal inventory, Exploit your commission or bonus practices, or milk overtime pay. The best way to prevent losses due to willful acts of dishonesty is to develop monitoring and reporting methods to keep tabs of your assets, and be disciplined about keeping to them. It is also vital to take advantage of an electronic security system, door access control and/or security cameras.
