Unfortunately, workplace theft is much more prevalent than business owners realize. Statistics indicate that approximately 75% of employees have stolen from their employer at least once, and about 38% have done so on multiple occasions. The financial impact of employee theft, encompassing cash and property, can be staggering. Small businesses are particularly vulnerable to misconduct due to the absence of loss prevention measures and the tendency of proprietors to place implicit trust in their employees. However, it’s imperative to recognize that theft can manifest in various ways. To gain valuable insights into preventing employee theft, consider consulting Loss Prevention Services for Businesses in Connecticut. Keep reading to learn some warning signs your employee may be stealing from your company.
What Are Some Signs Your Employees May Be Ripping You Off?
As mentioned above, business owners often place unwavering trust in their employees. While it may be difficult to imagine an employee stealing from your company, it’s crucial to understand that some employees may not have the business’s best interest at heart, resulting in a substantial monetary loss. Employee theft can take numerous forms, including:
- Time theft
- Double dipping
- Padding an expense
- Overcharging customers
- Theft of physical merchandise
- Theft of cash
- Theft of expensive equipment or supplies
- Check tampering
- turning in receipts for personal expenses
Many companies fail to see signs of loss until it’s too late. To reduce the risks of employee theft, it’s vital to familiarize yourself with some of the most common warning signs to ensure it does not go undetected. The following include but are not limited to some of the signs your employees are stealing from you:
- Change in work habits: Let’s say an employee who normally runs late suddenly starts coming in before everyone else or stays much later than anyone else. You may believe they are showing initiative. However, it could be a sign that they want to be alone to rip you off.
- Independence: Managers should note employees who are always looking for ways to work alone or unsupervised. While some people may work better on their own, those who volunteer to work in back rooms or secluded areas could be a red flag that they want to remain out of sight.
- Missing items: Running a business requires juggling multiple tasks. As such, it can be easy to forget how much inventory you stock. However, before disregarding this “forgetfulness,” you should always double-check your inventory. Check the paperwork and ask questions to ensure that merchandise is not stolen or misplaced.
As you can see, several warning signs could indicate your employees are ripping your business off. If you suspect employee theft, please don’t hesitate to contact Advanced Investigations. Our dedicated team is prepared to help you implement loss prevention measures.
