Employee theft is one of the most serious issues toward employers in the U.S., especially small business owners. According to National Federation of Independent Business (NFIB), a majority of employees admit to stealing from their employers at least once, nearly half of them have stolen twice or more. The U.S. Department of Commerce states that about 33 percent business failures are associated with employee theft.
However, employee theft is not completely unavoidable. So how do you handle employee theft? Here are some steps that could be taken to prevent theft or reduce the frequency of it.
1. Be aware of theft signs
- Missing inventory or office supplies
- Excessive travel expenses
- A drop in profits
- Stealing time
2. Do your due diligence when hiring
- Screen the potential employees with background checks and drug testing
- Review employment history
- Call the potential employees references
3. Conduct internal audits and monitor inventory
- Install computer security measures
- Use Inventory tracking software to manage inventory
- Be aware of accounts receivable
There are many different reasons that employees steal from the companies and it could happened in distinctive forms. Being aware of signs mentioned above, taking action to prevent, and handling it correct could help you avoid the damage.
For more information about enTouch Business and how we can assist with your security needs. Please call 281.225.0593