It’s reported that 95% of businesses suffer from workplace theft, with many averaging a 5% loss in revenue per year. Employers never think it can happen to them, but some of the most common cases of workplace fraud happen from employees they wouldn’t expect.
Smaller companies are actually at higher risk of employee theft and 68% of these cases are from businesses with fewer than 500 employees.
To combat theft in the workplace, employers must take actionable steps to do so. Businesses can start by ensuring that they have a proper recruiting and hiring strategy that includes verifying past employment and running a thorough background check. Performing random audits and having a checks and balances system in place can help reduce the likelihood of theft.
No matter your company size or industry, employee theft can happen. With many of us working from home right now, it’s become even more important for companies to keep an eye out for signs of fraud.
To prevent employee theft, check out this visual guide below: