If you think one of your employees is stealing from you, your suspicions might be valid. The statistics on employee theft are downright shocking: 75% of employees have stolen from their employer at least once, and 37.5% are repeat offenders. Even more shocking is that the fraud lasts two years on average before it is detected! And employees in positions of authority are not exempt: 37.1% of thefts are committed by managers. Retail employees are the worst offenders, with employee theft accounting for nearly half (42.7%) of all retail inventory shrinkage.
How Do Employees Steal?
So what can you do to uncover and prevent employee theft? First, it is important to understand how the theft happens. Employers tend to picture employees pocketing cash or merchandise, but most workers who steal have more subtle methods.
In retail, a cashier can manipulate transactions for their own or someone else’s benefit. They could enter non-existent refunds and discounts, modify prices, even void transactions. Retail sees so much turnover that employees feel little loyalty toward their employer and often enjoy “getting back” at an employer they dislike. Others feel they are “entitled” to a few perks, such as manipulating the price of items for a friend or relative, or failing to ring them up.
In the corporate world, you may find a bookkeeper forging checks or an accounts payable clerk submitting phony invoices. Payroll clerks can pad hourly wages; a purchasing agent can buy personal items with the company credit card; a bank teller might steal a night drop deposit; or a medical office manager could sell a patient’s identity information. There are myriad ways for employees to steal from their employers.
The Importance of Pre-Employment Screening
Ineffective pre-employment screening is one of the main contributors to employee theft rate. It is much better to avoid hiring a potential thief than to worry about catching them and recouping your losses. That is why it is so important to complete a background check before hiring a new employee. Just because someone presents themselves as the ideal candidate doesn’t mean that is the case.
At Know It All, we use one of the most advanced background screening systems on the Main Line, providing faster and more accurate results for our clients. We also use experienced court researchers and investigators to conduct public records checks so that you can be sure you are receiving the most accurate and up-to-date results available.
Choose the Best Private Investigators on the Main Line
Know It All Intelligence Group are the Main Line private investigators with the skills and experience to investigate any employee theft, as well as perform thorough background checks on applicants. Let us use our 17+ years of experience to help you create a seamless employment screening process on the Main Line.