Ways to stop employees stealing from you

7 Ways to Stop Employees Stealing From You

Employees significantly cause 90% of theft loss and more than 30% of business bankruptcies are because of employee stealing at work place. This is rising at the rate of 15% every year.

Employee theft is a reality that impacts business owners across a variety of industries. Employee misdeeds take many forms:

  • Stealing
  • Diverting business funds
  • Fraud spending
  • Robbing raw materials or inventory
  • Stealing business opportunities (misappropriation of customer lists or other trade secrets).

To stop these, here we discussed 7 ways to stop employees stealing from you

1. Unannounced Internal audits

Perform unannounced internal audits. In 1 year 2 audits by outside firms help to understand and evaluate a company's internal controls, including its corporate governance and accounting processes.

2. Create Security Guidelines

Guidelines are designed to streamline certain processes according to what the best practices are. In the company policies, you must clearly mention that there will be no warning and no second chance. If they are found to be committing theft or any other type of fraud, the employees will be immediately terminated. From time to time update your staff regarding security guidelines.

3. Inventory Control

Ensures that the right quantity of supplies is available in the organization. With appropriate internal and production controls, this practice ensures that the company can meet customer demand and provides financial flexibility. Employed employees also know that you are tracking inventory.

4. Use 24/7 Human and AI-based live video Surveillance

Live eye provides real time 24/7 human and AI-based surveillance. This prevents crimes from happening and can solve criminal cases quickly with physical evidence. Live Eye Surveillance acts as a deterrent among employees that you are being actively monitored by a third party or owner from anywhere at any time.

5. Actively Participate in the business

To run a profitable business, at regular intervals, business owners engage actively with their employees to discuss goals for this month or next month. In this way they participate in achieving the business goals. Any challenges they face and any changes they are looking forward to.

6. Check Financial Transactions

Create an excel sheet in which to record daily transactions and expenses. At the end of the month or the end of the day verify it again. In addition, a financial transaction is supervised by at least 2 people. You can also organize workflows to ensure that one employee verifies the work of another.

7. Employee Training

Educate employees regarding their responsibilities. How important their role is in the business. Take them through the important systems and software so, that they know they are being watched.

Also read: Myths and facts about live surveillance