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4 Ways To Stop Employee Theft In Your Business

By David S. Chang

Every business owner likes to think that their employees are completely loyal to the business. But that isn’t always true. In fact, some employees don’t care about the business that they work for at all. Some employees are even willing to steal from your business.

People don’t realize how common employee theft is. It can go undetected for months or even years, costing a business a considerable amount of revenue, with the possibility of even bankruptcy. You don’t want your hard-earned business to fail due to employee theft. There are some ways to protect your business from hiring the wrong people.

Improve Morale

Happy employees are loyal employees. If your employees are treated well then they are less likely to steal from you. It’s the employees that feel that they are treated unfairly that are most likely to steal. That’s why you should focus on increasing morale in your business. It will help improve loyalty to the business and reduce the chances of theft.

Most employee theft is discovered by another employee who reports it. If morale is low, people are more likely to turn a blind eye. But if morale is high, they will be more likely to report it to protect the company. Paying people a fair wage is a big part of this. If people are underpaid, they may feel entitled to more. Stealing from the company is their way of getting what they feel entitled to. That’s how they justify it to themselves. But if you are paying everybody a fair wage, employees will not feel this way. 

Security Cameras 

Employees that steal are usually opportunistic. They don’t plan to do it, they see a chance and they take it. Many only steal when it’s easy to get away with. But if you make it more difficult, you will put people off. Call a security camera installation and have them cover the office with the right equipment. Knowing that there are cameras around will put people off and reduce theft. It also protects you from burglary so it’s a good investment. 

Cash Handling Policies 

If your business handles cash, theft could be a big problem. It’s easier to steal cash, especially if employees are left alone with it. That’s why it’s important to have cash handling policies in place. Never allow people to count up money on their own. They could easily steal some and you would never know. Have two people check it so you know that the amount is correct. Only allow certain employees to handle cash. This reduces the number of people that have the opportunity to steal. 

Create Accountability 

If employees know that the consequences are serious, they will be less likely to steal. That is why accountability is so important. Set out clear guidelines in your code of conduct for people caught stealing. If people know they will be fired on the spot, they will be reluctant to steal. 

Employee theft is a big problem that you cannot ignore. But these are all simple ways that you can deal with it.

David S. Chang

Award-Winning Entrepreneur, Wealth Manager and CEO | Chief Editor, Author, Keynote Speaker, Consultant ArtofThinkingSmart.com | Political Consultant | Army Officer National Guard | Living To Fulfill Needs, Solve Problems, and Live Passionately!

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