While shoplifting gets much of the attention in terms of business theft losses, employee theft continues to be a major issue. Each year, U.S. companies lose billions of dollars to internal theft, which can take the form of the outright stealing of goods or equipment, diversion of business assets or funds, fraudulent disbursements, embezzlement or the use of trade secrets or other proprietary information for personal gain. Businesses that do not make theft prevention a top priority risk losing much of their profits to criminal activity.
Steps for Preventing Employee Theft
Taking a proactive approach to business security can deter and even prevent internal stealing. The following employee theft protection tips can reduce your business’s vulnerability:
- Proper vetting during hiring: The hiring process gives you the opportunity to perform a thorough background check on prospective employees to determine if there were any previous theft incidents or other “red flags” that makes them a higher risk.
- Strong inventory control practices: The use of tools such as inventory management software allows you to keep a closer watch on your inventory to determine if any goods are “disappearing.”
- Close supervision of employees: Lax supervision can foster an environment that increases the chances of theft or fraud. Employees who realize that their activities — especially those related to company finances — are being closely monitored are less likely to steal.
- Tight computer security measures: Tech-savvy employees could use your company’s computer systems and software for the misappropriation of funds. Implementing strict computer security measures such as restricting access to only authorized users and frequently changing passwords can reduce your theft risk.
- Noticing changes in employee behavior: Changes in employee behavior such as volunteering to work late — especially “after hours” when no supervisors are around — signs of drug or alcohol abuse or strong objections to changes in company policy pertaining to financial matters are potential theft indicators.
Using Business Security Systems Can Increase Theft Protection
Installing a robust business security system is an important theft protection step for any company. Depending on the type of business and the nature of its operation, a security system can include surveillance camera monitoring and record employee activities — particularly those employees who handle cash — and access control systems to limit entry to your facility and sensitive areas to only authorized personnel. While a business security system creates an upfront expense for a company, it can quickly pay for itself by significantly reducing theft losses.
Titan Alarm, Inc. Provide Effective, Affordable Business Security Solutions for Phoenix, AZ Companies
Our security experts will conduct a comprehensive assessment to determine your company’s most vulnerable areas and recommend a solution that meets your requirements and fits your budget. We can provide cost-effective small business security systems, as well as solutions for larger companies.
Contact us to schedule a no-obligation on-site security consultation today.