Security for your business is critical for the safety of your employees, your assets, and more. Sometimes, you might need protection to prevent theft — by your employees. Yes, as much as you might hate to admit it, employee theft remains prevalent these days. You might be surprised to learn that employee theft doesn’t always look like stolen money or equipment disappearing overnight; it has many forms.
In this blog, we’ll go over different types of employee theft it. Carry on reading to ensure you don’t fall victim to a crime.
What is Employee Theft?
In simple terms, you can describe employee theft as stealing or misusing resources that belong to another employer without their permission. It includes theft of money, time, merchandise, and more.
What are the Types of Employee Theft?
Employers not only face losses due to theft, but their credibility and business name are also at risk of tarnishing. Therefore, every employer needs to learn what employee theft can look like. Some types of theft that employers may engage in include:
1. Theft of Inventory
Inventory theft involves an employee stealing a product from the employer. They might not steal with the intention of personal use. This is because they can use the product to sell and keep the money for themselves, especially if the stolen item is technological or medical. Hence, all businesses should hire security and take special measures to ensure no theft occurs.
Most inventory shrinkage could be the work of a corrupt employee. Therefore, installing security cameras and locking up expensive items should be necessary. Moreover, the benefits of hiring a security guard for business are many; you can consider that too.
2. Data Theft
Data theft is nothing short of a terrible crime, as it can compromise the sensitive data associated with your clients and customers. Not to forget, it also puts your company’s assets in danger. Data theft includes, but is not limited to, stealing:
- Trade secrets
- Proprietary information
- Client’s or other employee’s confidential information like address, social security number, etc.
- Customer list
- Contact list
3. Theft of Services
Theft of services takes place in many businesses, be it a hair salon, an accounting firm, or a bakery. Some companies offer special discounts for employees only, which many workers might misuse. Thus, an employee might exploit the benefits provided by their employers.
4. Payroll Theft
As the name suggests, payroll theft involves stealing money. An employee who handles financial tasks could steal and cash other employees’ paychecks. Furthermore, they may write fraudulent checks to cash them for their benefit.
You can prevent payroll theft by establishing balances and checks in your company. In addition, make sure that the responsibility for all financial matters doesn’t fall on one person.
5. Theft of Cash
Businesses, like retail, that deal with large amounts of receipts in cash can face stolen money. Known as theft of cash, this crime might look like this:
- Stolen cash funds
- Overcharging customers and keeping the difference
- Skimming
To avoid stolen cash, ensure your business has clear policies stating the consequences. And if an offense takes place, deliver the deserved outcomes.
What Should I Do?
Employee theft is becoming common, and it can lead to terrible consequences. Therefore, make sure your organization has set policies from the start that everyone is aware of. Moreover, hire security guards to deter crime. We Security offers their services at (713) 703-9385.