Unfortunately, many employers today are none the wiser when it comes to the impact of workplace theft. Statistics show that workplace theft is a serious issue, and the impact it has on businesses is devastating.
The number one misnomer when it comes to understanding workplace theft? Misplaced trust. Most managers and supervisors assume that they can trust their employees, and because of this, they assume that their employees are going to be loyal to the organization. The fact of the matter is that most theft goes undetected by supervisors and upper management because they are not looking for it.
According to a recent study which was commissioned by the Association of Certified Fraud Examiners, approximately 39% of fraud occurs in privately-owned companies, while the public sector experiences 26% of fraud. Smaller organizations with fewer than 100 employees accounted for almost 43% of those experiencing fraud losses of $150,000 or more. This ultimately translates into a 5% loss for every $100 of sales.
By simply taking the time to implement some general guidelines and policies, companies can begin to safeguard themselves against the devastating effects of workplace theft.