EMPLOYEE THEFT PREVENTION

EMPLOYEE THEFT PREVENTION


As a business owner, the last thing you expect is for the people you hire and trust to steal from you. Unfortunately, this is a sad reality for millions of business owners each year. According to a study done by Loss Prevention Media, employee theft is actually more common than customer theft. It is those that have exclusive access to your company's most valuable assets that are at a higher risk of stealing from you.

Small companies are at a higher risk of embezzlement and company fraud than larger companies. Whether you own a small retail boutique in Manhattan or a mid-size financial office in Brooklyn, there could be an employee working right now that is planning to take advantage of you.

Here are 5 ways to minimize employee theft:
  • Install Surveillance Cameras

    Installing surveillance cameras on the inside and outside of your business may be the first step in preventing thieves. Just the presence of a camera may subtly remind employees that they are being watched. Be upfront with your employees during the hiring process and let them know that you are continually monitoring the premises and have access to these recordings at any point. Cameras should be placed in any areas where employees could sneak away to avoid being seen, such as a warehouse, storage room, etc. Many high-tech surveillance cameras allow you to monitor the footage even when you are away from your business. You can access camera footage on your phone twenty-four hours a day, and record it onto a hard drive or USB for future reference.

  • Be Diligent About Checking Cash Drawers Between Shifts

    If you wait until the end of the day to do a final count of the cash on premises, a thief could be long gone and very hard to trace. It is crucial to check cash drawers and registers in between each shift consistently. This is especially important for establishments such as retail shops and restaurants that see a significant generation of cash throughout the day. Put a procedure in place so that all cash is accounted for before a shift change. If there are any issues or concerns, it can be addressed on the spot without having to worry about who was in charge of the money at a particular point in the day.

  • Require Background Checks

    One of the best retail security tactics to prevent employee theft is being proactive. This means doing a thorough background and pre-employment check before hiring any new employees. Call previous employers to find out if they would hire this particular employee again. If the employee has a history of stealing or questionable work ethic, it is better to cut your losses upfront than putting your business at risk. According to the US Chamber of Commerce, at least 75% of employees admit to having stolen from their place of work at least once. Even if everyone that you hire has a completely clean slate, you are not exempt from the possibility of an in-house theft. The more you know about the people you hire and their work history, the better.

  • Implement A 0% Tolerance Policy For Theft

    There should be a zero-tolerance policy for theft in your workplace. If an employee gets caught stealing once, even if it's just a $5 shirt or a $10 from the register, they should be terminated immediately. There should be no excuses or second chances for this type of behavior. Keeping dishonest employees around send a very clear message that stealing from the company is not a deal-breaker. This could tempt other employees to try to get away with this type of behavior as well. Make sure it is known upfront that any kind of employee theft will be handled with swift and severe consequences.

  • Hire Security Guards

    As a small business owner, you have a million things to think about daily. You are responsible for marketing and customer relations and bookkeeping and accounting, just to name a few. Ensuring your business is safe from employees after should not be one of them. Hiring security guards for your workplace to give you the peace of mind that your employees are on their best behavior even when you are not there. Having security guards on-site will drastically reduce the Temptation for theft in the workplace. If an employee does try to get away with this type of behavior, a trained and professional guard is on-site to handle the situation immediately. If you are worried about employees a store want to ensure that you do not become a target, call us today to discuss how to reduce employee theft by contracting professional security guard services.

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