4 Best Ways To Prevent Employee Theft

Already, businesses face numerous challenges that affect them negatively. While many have external causes, sometimes the problem may be within the company. Employee theft is common in every business, irrespective of the size. According to recent statistics, 75% of employees have stolen at least once from companies, and this may include unauthorized use of the business property for personal gain. While you don’t want to create a culture where employees feel like they are always being watched, avoiding theft issues can cause severe and sometimes irreversible damage to your business. On that note, these are some of the best ways to prevent employee theft.

1. Build solid relationships with your employee 

You don’t always have to be the good guy to run or manage your business efficiently, making it essential to consistently be assertive about certain issues. However, this isn’t an excuse to be an intolerable dictator. It involves setting and respecting others’ boundaries and letting your ‘no’ be ‘no,’ among others. Studies have shown less fraud or theft when employer-employee relationships are based on mutual respect. 

2. Be careful with your hiring

It doesn’t matter how skilled or experienced your new hires are; make sure they pass a background check and drug test before hiring them. Why? Addicts are statistically more inclined to steal to maintain their habits. However, there are times when a second opportunity is warranted. For example, a potential new hire with a misdemeanor from more than a decade ago may not be the same today. Whatever the case may be, it’s wise to do your own research on prospective candidates before making the decision to hire them. The good news is that companies can conduct criminal record check online through a third-party provider to fast-track the screening process and make smart hiring decisions. So the goal is to exercise good judgment and caution to reduce the odds of hiring somebody with a higher possibility of being a financial liability to the business. 

3. Restrict employee access to sensitive areas 

It is not advisable to grant employees access to every business area. You can install access control systems to restrict employee movement. This way, only staff with the right keycard or code can be allowed access to sensitive areas, including your storerooms. With the right security systems and control, you decide who goes where and does what, making it easy to audit and track employee movement. Allowing access to only your most trusted staff can limit the incidence of employee theft. Additionally, having an emergency locksmith on standby can be useful in certain instances, like when you lose your keycard or forget your lock combination. 

4. Implement easier ways for employees to report theft 

There is nothing like “snitching” when reporting theft or fraudulent activities. A study has found that, while theft or fraud cases were discovered upon a tipoff, almost half came from work colleagues. Theft doesn’t only affect a business but job security. As a result, most employees have little reservation when reporting theft committed by their workmates. So it can be useful to create a platform that allows your staff to anonymously report suspicious behavior with ease. 

Employees can steal money, supplies, time, and information from employers. This can lead to bankruptcy, litigations, financial loss, and other irreversible losses to your business. Fortunately, the tips mentioned above should help you prevent your employees from stealing from your business.  

4 Best Ways To Prevent Employee Theft