Employee Theft Policies

Although employees are commonly the greatest assets in a company, they can also be a great liability. A 2008 report by the Association of Certified Fraud Managers states that 7 percent of the U.S. gross domestic product was lost to fraud and theft. Instituting company-wide policies will help curb the prevalence of theft and help struggling companies in tough economies.

Types

Employee theft policies typically start with the company's hiring procedures. The human resources department will conduct background checks, drug screenings and reference checks or credit checks. These measures represent the "front line" of defense and prevent questionable individuals from working for the company.

Features

Upon hire, individuals often receive an employee manual that contains information on a company's theft policy. This can include information on Internet usage or electronic files, access to office supplies stored in locked rooms, clauses on purchasing items for the company and the punishment structure for those found stealing items from the company.

Considerations

Preventing employee theft is often about perception. Managers must be proactive when reviewing certain business activities and questioning employee actions. This creates an environment where employees may be less apt to engage in theft.

References

• SCORE: How to Prevent Employee Theft
• AllBusiness.com: Eight Tips to Prevent Employee Theft and Fraud
• Infographic Showcase: Employee Theft Statistics