Employee theft is a disappointing and costly reality for small businesses and major corporations alike. People sometimes steal and their reasons can vary. For some, it’s compulsive. Others don’t think it matters if they take something without paying. Some people are downright greedy. No matter the reason, employee theft accounts for millions of dollars in lost revenue each year. It’s up to managers and business owners to be the first line of defense.
4 Steps You Can Take to Prevent Employee Theft
The best way to prevent employee theft is to develop and execute a comprehensive strategy with these steps.
Know Your Employees
Hire slow, fire fast. When you’re bringing someone new onto the team, it pays to take your time during the hiring process. You may also want to consider running a background check. For your employees already in the fold, make sure you check on them to see how they’re doing, how they feel about their job and if they’re putting in strange hours.
Be Strict About Enforcement
It’s crucial to develop and enforce consequences for stealing from the company. Creating a clear and unambiguous policy and putting it in writing will give employees and managers a clear idea of what you expect. Let employees know you’re watching, how hard theft is to get away with and what will happen if they get caught. If there’s a violation, exercise zero tolerance.
Establish processes that limit how much exposure employees have to temptation. Depending on the business and industry, this may include investing in an electronic point-of-sale system, establishing a deposit lockbox and using inventory tracking systems. Companies can also incur losses due to stolen time. Install and use a time clock or time-tracking software.
Install a Surveillance System
One of the best ways to prevent employee theft is to install a surveillance system. A surveillance system is an obvious deterrent that lets you keep an eye on things even when you’re not around. You can also use the recorded camera footage to get to the bottom of missing cash or products, protect yourself in liability claims and much more.
Upgrade Security at Your Business
Prestige Security Solutions is your home for custom security systems, plus a selection of additional security and safety products and services for residential and commercial applications. Schedule a consultation today to learn how we can help you curb employee theft and reduce your exposure to other criminal and environmental risks.