Business
By

10 Ways to Prevent Employee Theft and Fraud

Employee theft is a serious problem that store owners, business owners or start-ups deal with daily. It can amount up to 40 per cent of the losses that employers face and cause many different issues within the organization itself, causing a hindrance in different business opportunities. Not just this, but research shows that employees are much more likely to steal than non-employees which can create a huge issue for employers.

The question that arises here is, how to stop or prevent this theft and fraud so you can recover your losses. This can be done through a few ways that we have listed down below or you can click here for stylish hidden spy camera.

  1. Know your employees

There are a few key signs that start to appear when it comes to employees and the way they begin to act as they steal from you. The key is to know your employees very well, which then lies within the HR managers’ hands. The signs that you should be looking out for are:

  • Sudden devotion to working hard
  • Having a lifestyle that is well above their social stature
  • Having objections to changes within the organization like finances
  • Drugs and alcohol abuse

There are more signs too, however, these are the key signs that one needs to focus upon on their employees and be highly alert when some of them begin to appear. This will then help you catch the culprit.

  1. Purchase order

You need to implement purchase orders within the organization which is handled by different individuals. They should be pre-numbered so they can be tracked and they should be verified when there are incoming orders as this will reduce the chances of theft.

  1. Security measures

To ensure that there is no stealing, we suggest you install security measures. That can be through monitoring emails or it could be through security cameras and recordings. Through this, you will be able to catch the culprit and also instil fear within the employee’s mind as they will know they are under surveillance.

  1. Manage inventory

Make sure that you separate inventories for storekeeping and shipping. Not just that, but everything that is being taken out from inventory or is being used, should be noted down and recorded just so you are aware of what is going where and how much of it is being moved around. This will also give you a record of your inventory movements and you can tally it with your records of shipment if something is to be missing.

  1. A channel for employees to report

We believe that having an anonymous channel for employees that they can use to report their employees is very useful and important. Not only will the confidentiality help the employees and give them confidence, but also you can get insider information on these thieves. However, you will need to ask employees for a solid proof before you take action as taking action without proof could lead to lawsuits.

You may also like