3 Easy, Effective Ways To Prevent Employee Theft

Does it ever seem like your business isn’t doing as well as it could be? Although it might make you cringe to think about it, the source of the problem could be sneaky employees who are eager to pad their own bottom lines.

Studies have shown that employee theft is one of the greatest sources of loss for American businesses, costing retailers a staggering $60 billion a year. Here are three easy, effective ways to prevent employee theft in your business.

1. Screen Potential Hires

When you need to fill your schedule, you might be more worried about availability and experience than you are about a person’s credit history. However, doing what you can to learn as much about a person as possible before hiring them could help you to eliminate theft in the workplace.

Although few employers take advantage of background checks, you have every right to analyze a long list of publicly available records, including court decisions, educational achievements, driving records, sex offender registries, and even credit histories, making it easier to gain a clear picture of who an applicant really is.

For example, if you manage a credit union and you are hiring tellers, knowing ahead of time who has issues with prior bankruptcies and criminal judgments could help you to avoid an employee who might have more motive to steal from you than someone else.

Although it might seem complicated to run these checks, many workplace management and security companies offer background screening for a low set rate. By simply gathering a few details about potential workers and talking with your screening service, you might be able to avoid issues in the long run.

2. Be Random

Most people develop relatively predictable daily routines, but when you manage a business, doing things the same way each and every day could make you more vulnerable to employee theft. For example, if employees know that you never stop by during the day and you only count the cash drawer once a week, they might know when to steal to improve their chances of not being caught.

To ward off these kinds of issues, focus on being as random as possible in your daily activities, including things like store inventory counting, visits, and ordering. If you find yourself settling into normal routines, record when you visit and what you do, and focus on doing it a different time the next week.

3. Avoid Cross Training

Training your employees to handle more than one aspect of your business might seem like a great way to maximize productivity and avoid laziness, but unfortunately, you might also be teaching workers more about the system, which could increase your risk of theft.
For instance, letting your cashiers learn more about safe bookkeeping could inadvertently train them how to write off discrepancies, and allowing your salespeople to account for their bonuses could tempt them to report more than they should.

As a manager, think carefully about every part of your business, and which jobs could create conflicts of interests for cross-trained employees. While it is fine to teach everyone how to handle basic tasks like cleaning, even routine tasks like product stocking can cause problems if the wrong person is accounting for merchandise.

Instead, focus on maximizing each worker’s daily tasks by teaching them the full scope of their role. For instance, cashiers might be able to stay busy by also cleaning their checkstand, and managers could help you to organize shipments in their downtime.

Making changes around the office isn’t always enough to ward off employee theft, which is why companies like Eagle Eye Security are so helpful. With a commitment to integrity and thorough training, we can help with everything from event security to uniformed professionals who watch your place of business every day. Create a safer, more profitable business today by giving us a call.