Economic turbulence has contributed to a rise in workplace theft by employees, according to a recent survey of 392 employers conducted by the Institute for Corporate Productivity.
Twenty-four percent of all respondents and 31 percent of respondents at large companies (10,000 or more workers) reported an increase in theft of office supplies, products produced by the company, electronics, and food items since the economic downturn began.
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What’s more, 18 percent of all respondents and 22 percent of large-company respondents said they noticed a surge in monetary theft by employees — including padding expense reports, cash disappearance, and other financial crimes.
How do you rein in the problem? Here are a few tips to keep in mind:
1. Hire smart. It may sound obvious, but the best way to keep thieves out of your workplace is not to hire them in the first place. Do your homework on all applicants before you give them the green-light to come aboard; it will save you time and money in the long run.
2. Keep track. Make sure you have effective systems in place for tracking inventory, supplies, and cash. It’s much easier for employees to steal when standards are lax.
3. Audit yourself. Conduct periodic audits to make sure that you’re not missing a costly outflow you’d otherwise be unaware of — this will also help you minimize losses due to honest mistakes as well as deliberate thievery.