Preventing Employee Theft

According to statistics, 75 percent of employees steal from their employers at least once. This is serious. Workplace theft can affect other aspects of your business besides your finances. It can have a negative impact on employee morale, your company’s reputation, and its work culture. Here are some tips to help you reduce your risk.

Install Security Cameras

If they are positioned correctly, video surveillance cameras offer provide a clear image of the cash register. Choose cameras that can focus narrowly on that area and detect if employees on the register are pocketing cash. Monitor the video feed daily to pinpoint suspicious activity. However, only do this if money goes missing on a regular basis. Also place cameras in high-risk areas such as warehouses or stockrooms.

Use an External Accountant

Hire an accountant who is not on the payroll to examine your financial records. This includes all your bank statements, checks and ledgers for payables and receivables. If these balance and the signatures are legitimate, perhaps you are losing money some other way. This activity alone should make your employees diligent in ensuring the accounts are accurate.

Establish Routines for Trash Disposal

This will eliminate chances of theft via the recycling and disposal system. For instance, if you cannot determine how an employee is stealing merchandise, chances are they are hiding it in the trash to take later. Plus, also invest in clear trash bags and make sure there is only one access way to the dumpster.

Enhance Employee Morale

When it comes to theft in the workplace, prevention is better than a cure. By showing employees you trust them to do the right thing, you can motivate them to remain loyal and not steal. Get to know your workers and build a good rapport with them.

If they are your friends, chances are they will think twice before stealing from you. If you are still experiencing thefts, screen out potential thieves by interviewing each employee after an incident and look at video feed. Do not hesitate to fire guilty workers. It will be a precautionary tale for other employees. If you screen candidates thoroughly before giving them a job, you can reduce the risk of this happening in the first place.

Talk to our professionals at SIA Insurance Group today for a cost-efficient insurance plan, Call us today to schedule a time to complete your coverage assessment.