Sorry employers, but you’ve probably lost or are still losing money because of employee theft. A whopping 75% of employees have stolen at least once from their employees (Forbes). And, that’s not accounting for the employees that get away with it!
Employee theft can be a massive issue, but we’re here to help. Here are 5 tips and tricks to prevent employee theft once and for all.
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Create a Zero-Tolerance Policy
Employees will take you more seriously if you adopt a zero-tolerance policy that clearly outlines the consequences of theft. Make it clear that there is no three-strike system. Stealing is a serious offense for any sized business, and it is completely reasonable to terminate an employee immediately for this act. Draft a zero-tolerance policy, and then ask each employee to read and sign the policy.
Once you clearly communicate your expectations and consequences, most employees will think twice before stealing from you.
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Conduct Background Checks
Prevent employee theft by conducting background checks before officially welcoming any employee onto your team. While the system isn’t perfect, a study found that 92% of fraud cases had at least one reported behavioral red flag prior to a fraud being committed. (ACFE). Pay attention to red flags that involve employment-related problems and anything legal-related.
Contrary to common belief, background checks don’t have to be hard or time-consuming either. Services like Good Hire will handle employee screening and background checks at reasonable prices, and offer you peace of mind.
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Conduct Regular Audits and Inventory Checks
Audits – both official and unofficial ones – should be regularly conducted every few months to catch thieves in the act. Work with a bookkeeper or accountant to maintain accurate numbers, and to figure out discrepancies if they occur. Real-time inventory management systems are also viable to deter employees from stealing.
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Nurture and Strengthen Morale
Sorry, but if you’re a rude or condescending boss, your employees won’t care even if your business goes under. Happy and well-treated employees are less likely to steal because they have a genuine connection with you and care about you. When employees don’t think you’re being fair or reasonable, the opposite happens.
So, how do you convince your employees that you’re a superstar employer? Always be willing to listen to your employees, invest in team trust-building, and honor work-life balances. Oh, and a box of donuts once in a while, certainly won’t hurt your rep in the office.
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Create An Easy Way For Employees to Report Theft
It’s not fair for some employees to work hard while others gain simply by cheating the system. Don’t be a snitch? That doesn’t apply when it comes to work. If you’re a good boss, your honest employees would be more than willing to report their employees. After all, a negatively performing company means their job security may be at risk. It is in your interest to establish a safe and anonymous channel (e.g. a simple Google form) to report fraudulent activities.
https://smartwerksusa.com/articles/when-employees-steal/
https://slack.com/blog/collaboration/methods-boosting-employee-morale