Don’t Keep Your Business’ Guard Down: Prevent Employee Theft!
The US Chamber of Commerce estimated a staggering $40 billion worth of business loss caused by employee theft every year. Apparently, it is a humongous figure that impacted various organizations and business establishments throughout the country. What’s more threatening than that, it is increasing by 15% each year.
Employee theft has been one of the worst plights small business owners are trying to sort out. And ever since, it remains a well-established employee issue that is already commonplace, occurring across all business empires.
Whether you are solidifying the foundation of a budding business or maintaining the drift of a booming company, you should always keep your guard up to protect your trade from employee thievery and fraud. Even if you only lost 1% of your annual revenue to employee theft, that is already a great threat to your business’ survival.
Since employee theft takes on all business domains, you will never know when it would hit you. Thus, you should be aware and learn how to recognize whether you are secured or you are already victimized.
How will you employees steal from your business?
There are many different ways these chicaneries could happen. The following are the most common:
- Cash Theft. Criminals always have the eyes and speed of a predator. If they got the chance to steal, they won’t think twice.
- Theft of Time. Time card theft, over extended breaks and excessive personal time are only few of the many types of time thievery at work.
- Workers Compensation Theft. Felony, falsification and deception are few of the many natures how this form of thievery is done by wise thieves.
- Theft from Customers. When opportunities opened, thieves will never allow valuable customer items to go away. More so in huge transactions.
- Theft of Supplies. You will never know this until you realized your supplies are already dwindling at a significant level.
Conspiracy, fraud, overpayment of expenses, skimming, forgery, and embezzlement are also common in many companies.
What to Do?
Despite the severity of the situation, whether you are suspecting or discovering, you still need to follow legal procedures in handling and resolving the problem to avoid adding injury to the already worst damage. Before you can administer your solution or enforce a penalty to the guilty employee, you have to make sure you will never violate your employee’s rights. Try to do the following:
- Investigate. A speedy and precise investigation will take you to the truth and the right resolve. But definitely, an investigator is appropriate for this job to make things strictly confidential, especially on gathering trustworthy, honest and loyal witnesses, which is important if you were to build a strong case.
- Consult a Lawyer. While this is a sensitive issue and a serious threat to your business, you need to seek advices from a business lawyer. You should not think of the huge expenses on legal services but of the gross damage the incident has done to your business. But if you were concerned of the legal fees and expenses, you can check online for legal services providers that offer affordable pre paid legal services, like LegalShield and many other firms.
- Make a Move. Once you have all the necessary things needed and the legal advice from your business attorney, start the ball rolling. Whether you are going to file a lawsuit or not, just make sure you know how to proceed and give your business justice.
Protecting your business from employee theft and fraud should be on top of your priority list. Don’t allow these thieves to destroy your business goals and steal your investments. If you were aware and prepared, then you will have peace of mind boosting your business.
Brandon Peters is an entrepreneur, writer and a travel, gadgets, health, and outdoors enthusiast. He loves sharing his insights, knowledge and experience in different fields. You can follow him through Facebook, Twitter and Google+.
Category: Business
