Tag Archives: theft in workplace

How To Reduce Theft At Workplace?

Written by Caitlyn Bell
Employee theft is a serious issue and one that affects countless small businesses worldwide. In the US, nearly 44% of small businesses often face serious losses on account of employee theft.  A recent study highlighted the fact that an employee is 15 times more likely to steal from his employer than a non-employee. This statistic is reason enough for you to check out some of the tips below, on how to prevent theft at your workplace.
  • Know your employees: The first rule, before hiring an employee is to make sure that you know all you could possibly know about the person you are planning to hire. For starters, you may want to find out more about their background and if you can afford it, even get a background check to see if there are any red flags buried there. Check and see if the new employee shows a preference for the late night shift and if he/ she tends to showcase a lifestyle that’s well beyond his/ her means. These are usually warning signs that you may want to pay close attention to.
  • Supervise employees closely: Granted that it can be hard for you to supervise your employees all the time. That’s why it may be a good idea to go in for a few commercial security systems, set up close circuit TV, and even sync up the same to your phone. That way, you should be able to check out your shop or office space at any time of day, from any place.
  • Use purchase orders: The one thing that you can immediately implement at your workplace is to start using purchase orders. The payment, receipt and preparation of purchase orders need to be handled by different people so that you can minimize the chances of theft. You may also want to use serially numbered purchase orders and always make a point of verifying any incoming order.
  • Sales slip: When it comes to sales slips, you may want to go for the pre-numbered series as it can ensure that your shop continues to function smoothly along expected lines. You also need someone to balance the sales slips and the register. This should preferably be handled by someone other than the sales clerk.
  • Informal audits: The great thing about informal audits is that you can announce them at any time, and carry them out. At the least, this will ensure that all your employees are on their best behavior all day long.
  • Enhance computer security: Learn more about computer security and how they can be used to funnel funds from one account to another. It is a good idea to limit access to computers or provide them with restricted access so that they cannot access your core financial information. Make sure that you have a keylogger in place and several apps that can track online users, their online behavior, pages that they may have visited etc. In addition, you may also want to strengthen your firewall and provide your system with better security as well as install a few commercial security systems.
  • Checks: Make sure that you use pre-numbered cheques with the payee’s information and payment amount clearly written out in permanent ink. Also, make sure that you store your cheques safely and even take a few snaps of each cheque, so that you have a record of all cheques. Do not keep your blank cheques in your shop premises for obvious reasons.
  • Manage inventory: You need to separate receiving, storing and shipping and make sure that all your current inventory tallies up perfectly with the figures you have at your end. There are several applications that you can use to keep track of all your current inventory, the current pricing on the same, and see if the product is popular among your customers etc. But importantly, having such a system in place would clearly highlight when the item in question has been purchased. You may also want to hire a person to do a physical inventory check every now and then.
  • Check complaints from other staff: It is important that you take all complaints form your employees seriously. If the same is about your new employee, then you need to double check, verify the information and take the required action.

Conclusion
These are some of the ways by which you can hope to minimize the theft at your workplace. Thieves are getting smarter and to that end, have started using technology to commit their various acts of murder. So you can expect the thief to be familiar with all the latest security products. But that being said, using one or more at your workplace would definitely go a long way in helping you out with this particular problem.