Website Under Construction

Did you know businesses face substantial losses due to employee theft? The loss does not end here as many companies are left with a tarnished reputation, as sometimes customer data and employee paychecks are targeted for stealing. Employee theft can strain business finances and reputation. Therefore, you need to know the types of employee theft if you are a business owner.

Types of Employee Theft

Below, we have listed five common ways employees can steal from your business:

1. Inventory Theft

Inventory theft refers to an employee stealing products from their employer. They might be planning to sell the stolen product or use it themselves. To prevent inventory shrinkage, take security measures like installing security cameras. Moreover, you can lock up expensive and valuable items to keep any potential rogue employee from stealing them.

In addition, you can set a workplace environment where the employees don’t have to resort to stealing. Appreciate your employees, pay them fairly and on time, and ask your managers to adopt good ethical behavior.

2. Stealing Cash

Businesses where money is constantly flowing, like retail, often face cash theft. An employee might commit theft of cash by:

  • Pocketing the extra amount by overcharging a customer.
  • Not recording a transaction or registering a sale to keep the money.
  • Steal the cash funds from registers, cash drawers, or safes.

3. Data Theft

Data theft comes with a heavy loss. By committing this crime, the employee risks the company’s assets and sensitive information. Moreover, it compromises clients’ and customers’ sensitive data too. Employee data theft might look like stealing:

  • Confidential information like trade secrets and proprietary data.
  • The personal information of clients and employees like credit card information, social security numbers, etc.
  • Important lists like customer lists or contact lists before resigning.

Businesses should employ a clean desk policy to keep sensitive information hidden. Moreover, strict guidelines regarding data and electronics should be followed. Other than this, a business can:

  • Add strong passwords to guard files and devices
  • Allow limited access to the company’s confidential information.
  • Shred any papers and wipe any data from devices after they have served their purpose.

4. Theft of Services

Many companies offer employee discounts. However, the employee might exploit and misuse the company benefits for their gain. To prevent misuse of benefits and theft of services, advise employees to report another employee’s dishonesty, or they will also face the consequences.

5. Payroll Theft

An employee who works in finances makes big steals sometimes. They might write fraudulent checks and cash them out. Or they can steal other employees’ checks and cash them out. Never trust one employee to handle both, writing the paychecks and reconciling the payroll account. In addition, establish checks and balances in your company.

What Should I do?

Do you know what can significantly help reduce crimes? Hiring a security guard services. Their presence will keep your employees on their best behavior and deter criminal activity, preventing your business from financial or any other loss. We offer top-notch bodyguard services at Western Eagle. Just dial 281 496 6800 to book our services right now!

Skip to content