When we think of threats to business, our minds jump to financial crashes, data breaches, employee injuries and even liability losses. But did you know that employee theft is a growing issue within many businesses across the country? If left undetected, ongoing employee theft has the potential to financially crush your business and destroy everything you’ve worked so hard to achieve.
So, what’s the answer? Well here we’ve gathered 5 simple ways you can prevent employee theft in your business.
As an employer and as business owner, it’s normal for your days to be busy and find yourself in several different locations complete with a calendar that is bursting with meetings and other important tasks. Therefore, supervising and monitoring your staff isn’t always easy. However, consider installing CCTV for monitoring purposes and you’ll get an insight into what your employees get up to when you’re not around. Just remember to state that you’re recording by placing CCTV notices and signs around your premises – check out my safety sign for the latest designs.
Make yourself familiar with your employees
Sadly most employee thefts are undertaken by those who have probably worked for you for several years and people you may have even built relationships with. It’s upsetting, and difficult to comprehend, however if you take action now then you can prevent your losses being increased further. Keep an eye out for uncharacteristic behaviours such as a sudden disinterest in work, or lack of respect for you and the company, objections to audits or investigations and even evidence of them living well above the salary they earn. If in doubt, conduct a background check.
Update your digital security
Make sure passwords are changed regularly and limit the amount of people who know them. If there is potential access to files, cash and accounts through your company software, then speak to an expert about how you can increase your security and prevent money from being moved without your knowledge. Restrict access and even consider having recording software on your screens. In addition, consider getting your digital security tested by a third party.
Keep track of your inventory
The theft of cash is often easier to spot, which is why many thieves opt for more vulnerable entities of value. While large quantities of stock can be highly damaging to lose, smaller items such as office supplies and even ink cartridges will certainly add up over time and be harmful to your profits. Keeping a strong product inventory should allow you to keep ontop of what you have and what is no longer accounted for. Do audits monthly and at random to ensure things are as they should be. Don’t be afraid to bring in a third party to undertake an audit if you are suspicious.
Seek legal advice
If you’re concerned about theft in your company, or you have suspicions then it’s imperative that you seek legal advice first. An incorrect investigation or accusation could result in a lawsuit against you!