10 beneficial ways to help prevent employee theft

A theft is an incident that can quickly hamper the success of your business, and it can come in many forms. You may believe that your employees have your company’s interests at heart; however, this is not always the case. And unfortunately, blind trust can lead to significant losses.

Employee theft is a reality that affects small business owners in various industries. When you think of theft, the image of masked burglars breaking into your window or breaking down your door to grab your belongings might come to mind. However, the greatest threat could come from within. So what can you do about it? Many things.
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Try to curb employee dishonesty the same way you would with any other type of risk, i.e., by adopting a proactive strategy. Start by knowing the circumstances favoring employee dishonesty so that you know what measures could help prevent it.

What steps can you take to deter employees from committing theft?

You only have one pair of eyes and can only be in one place at a time, which means you cannot monitor all activity in your business. However, an adequate plan and appropriate preventive measures are your best allies protecting your business against insider threats.
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Here are 10 tips to help protect your business from employee theft:

1.      Implement a pre-employment screening program.

Check, recheck and check again. Your program should include reference checks, but it could also include criminal records and credit checks, depending on the job opening.

2.      Write safety rules.

Safety programs are only effective if they are clear and comprehensive. Security rules should set out the company’s response policy in the event of employee theft.

3.      Take advantage of Human Resources programs.

Your HR team can be a beneficial resource, not just for hiring employees. Ask for help developing a program that will help build employee loyalty and align their goals with the company.

4.      Make company merchandise and property challenging to steal.

The more significant the obstacle, the less likely the thieves will execute their plan. You can use different anti-theft tactics like storing your goods in a locked place or installing a video surveillance system.

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5.      Establish control procedures.

Implement controls for petty cash payments, bank deposits, withdrawals, check issuance, payroll, bank reconciliations, and bill payments.

6.      Make sure no one employee is responsible for every financial transaction step.

Separate the responsibilities and tasks related to the same financial transaction between several employees. You can also organize the tasks so that another employee checks the work of any employee.

7.      Perform regular and random inventory checks.

By monitoring your inventory closely, you’ll be able to pinpoint problems more quickly. Consider setting up a program to manage inventory checks.

8.      Monitor the premises using a closed-circuit television (CCTV) surveillance system.

If you can invest in more advanced security measures, consider installing a CCTV system. If you opt for a CCTV system, be sure to keep in mind any legal privacy requirements.

9.      Check merchandise records.

Verify that all goods received and goods to be shipped match the purchase invoices and shipping documents, respectively.

10.  Be pleasant and friendly.

When you bond with your employees, you lay the foundation for a respectful relationship. So to interact with your employees by checking in on them regularly in a sincere and caring way. Quickly, you will reap the benefits of a good work environment!

Preparation and protection lead to peace of mind

As the saying goes, “prevention is better than cure.” However, even if you take all the necessary precautions to prevent employees from committing theft, you could still be the victim. That’s why it’s essential to have the right insurance so that you’re covered if things go wrong. So, please take a close look at what our small business insurance policies can do for your business.
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