Did you know that 3 out of 4 employees have admitted to stealing from their employer at least once? Internal theft can affect any business but can hit small businesses even harder. Internal theft can come in many forms, and some methods can be harder to spot than others. Let’s break down some different ways that employees could be stealing from your business.
1. Time Theft
Some obvious forms of time theft are not working while clocked in (socializing with friends, napping, etc.) and using company time to complete personal activities. Time theft can also be found in wasted efficiency when employees do not follow correct operations processes. Delaying clocking out is another form of stealing company time. It could occur if an employee is taking an excessively long time to complete their closing activities, which delays them clocking out.
Under-ringing is defined as an employee ringing in an item for lesser than its original price and taking the remainder of the money for themselves. This method can be harder to spot because it will not cause a shortage on the register.
Using company equipment and/or company time to complete outside work is time theft. These under-the-table jobs can cost a company hundreds of thousands in lost revenue.
This one is as clear as it sounds; employees taking home inventory without paying for it can be a huge problem. Inventory theft can distort the re-ordering process for supplies and cause lost sales due to the absence of a product.
5.Missing Bank Deposit
When a bank deposit bag goes missing, we have found that there is likely theft involved.
If you’re managing a multi-location business, your eyes cannot be in all places at once. Constantly being on high alert for theft can be exhausting, and it’s not enough to wait until it’s right in front of you to react. Entrust Pembroke and Co.’s proven method of theft detection to ease your worries.
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