EMPLOYEE THEFT
According to the American Society of Employers, businesses lose 20% of every dollar they make to employee theft. A nationwide study conducted in 2007 indicates that employee theft is dramatically on the rise our country, increasing over 17% between 2006 and 2007. Every type of business is vulnerable to employee theft:
- Retail store employees often steal merchandise.
- Restaurant and bar employees often steal product by serving friends for free or overpouring drinks.
- All cash-based businesses are vulnerable to employee theft of cash sales.
- All businesses, particularly manufacturers, are vulnerable to time theft, which causes an estimated $400 billion in lost productivity for businesses in the US each year.
The 20-60-20 Principle
In our years of experience dealing with employee theft, Corporate Intel has observed a trend that we call the 20-60-20 principle: 20% of people would not steal, even under the strongest provocation. 20% of people have a natural inclination to steal and will do so no matter what. 60% of people, the majority of the workforce, are not thieves by nature but could steal if given an opportunity.
Employers will, of course, have no problem with the 20% for whom stealing is against their nature. Pre-employment screenings will generally weed out the 20% of people who are prone to steal. The other 60%, however, require proper supervision and accountability. Corporate Intel can plan and implement appropriate measures to prevent that 60% from turning to employee theft.
For more details on prevention of employee theft, read about our Asset Protection Program or contact us today.
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