How to Combat Employee Theft in the Workplace

Image by SamWilliamsPhoto from Pixabay

Every year, employee theft has a huge financial impact on businesses. No matter what industry, no company is in the clear.

In fact, 95 percent of companies have been victimized by employee fraud.

No managers want to think their employees would commit such acts, and most of these cases go on for over 14 months before they’re discovered.

With so many employees working from home during this time, it’s become more difficult for employers to detect these cases.

Common red flags

Some common red flags employers should look out for include low motivation and work ethic, discrepancies with finances, abnormal working hours or defensiveness towards the employer.

Whether you’re in the finance industry, work in retail or own a restaurant, always make sure your business is protected at all costs.

So, what can a company do to prevent employee theft from happening?

JW Surety bonds created this visual guide that breaks down what employee theft is, the most common types of employee theft and what actions employers can take to prevent it.

From the Coach’s Corner, related tips:

Embezzlement Tips to Protect Your Nonprofit or Company Assets — Embezzlement is a widespread nightmare in business and the public sector. If you surf the Internet using the key word, embezzlement, you’ll find seemingly countless headlines.

With Fraud Running Rampant, How HR Can Help Prevent It — By taking alert measures, human resources can play a major role to put a dent in the global epidemic of fraud in the workplace.

Embezzlement: Guidelines to Uncover and Prevent it — Embezzlement is a widespread nightmare. Here are proven strategies to discover embezzlement, and to prevent from occurring.

10 Unusual Prevention Tips to Effectively Fight Fraud — If you ever think you might be victimized by fraud, you probably are. Businesspeople are typically victimized by fraud in several ways. The causes will surprise you. Here are simple ways to prevent fraud.

Liars and Cheats – Clues You’re Dealing with a ‘Pinocchio’ in Business — An academic study reveals how to spot a liar. If you don’t detect a liar or cheater soon enough – whether it’s an associate in deal-making, a partner or an employee – you could lose a lot of money or another commodity – time. On second thought, these tips work for employees when dealing with some bosses.

__________

Author Terry Corbell has written innumerable online business-enhancement articles, and is also a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.