Stop Employee Theft By Setting The Right Policies

Setting up official policies to deal with employee theft is very important. One of the biggest threats to your business is employee theft.

The lack of rules and policies can do serious harm to your business. According to the U.S. Department of Commerce, employee theft costs businesses more than $50 billion a year. To help your business, here are some of the most important policies:

Employee Education – Explaining what constitutes employee theft, how to stop it, and what procedures must be followed by every employee is a must. By giving the proper training, you turn your employees into your own security team. Make sure that you make education sessions positive and explain how each employee benefits from preventing theft.

Check The Books – Conducting regular audits on areas that are likely to be targeted by theft is an important step to eliminating it all together. Regularly audit every area where money changes hands (purchasing, payroll, sales, etc.) even if you completely trust the people involved. Make some of these audits random so employees do not have time to cover their tracks.

Enforce Mandatory Vacations And Job Rotations – Many employee theft schemes are discovered only when an employee takes a sick day and someone else must fill in for them. By enforcing mandatory vacations and occasionally rotating people between departments, you prevent anyone from being able to hide what they are doing.

Support Employees – While it’s not a valid excuse, many employees feel justified in stealing because they feel the company wronged them. By supporting employees through tough times, treating them kindly and with respect, and setting management practices that encourage overall company profit, you will see a major decrease in theft and an increase in loyalty.

Create Reporting Programs – Make it easy for your employees to report theft and make sure that everyone knows exactly how to do it anonymously. Some companies have even had success offering small rewards to anyone who reports a serious instance of employee theft.

Choose Right Business Security Solution – A good business security system with access codes, alarms, and camera surveillance systems where necessary can make a big difference in stopping employee theft. While it’s not exactly a procedure, it should certainly be part of your security efforts.