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Safeguards Agaist Employee Dishonesty
by Martin Maylor
Losses through theft and fraud vary considerably by the type of operation and the efficiency of their management. To fully understand the cost lets look at the following example:
Losses range, for example, from 1.5 percent of sales for a well-managed department store to about 13 percent for a loosely controlled operation. According to one estimate, dishonest employees account for over two-thirds of retail theft and shoplifting for the remainder. Even though you cannot eliminate stealing entirely, you can take steps to minimize it. The key lies in the proper mix of the right controls.
The best safeguard against employee theft is the worker whose integrity is beyond question. Too many retailers take integrity for granted. A storeowner or manager should take every precaution to ensure that the people hired are honest, and then, establish and maintain a corporate culture that encourages its employees to stay honest.
Any theft or frauds that takes place within your company affects your wallet., but there are other ways that fraud affects you too. Honest companies do not pay the undisclosed "Hidden Fraud Tax". If the average company loses 6% of its revenues to occupational fraud, by being above average a company can be more competitive. For example; if the losses to occupational fraud in company "A" are limited to six cents on the dollar, but in company "B" the losses are only two cents, it means that company B can offer the same goods or services at a lower price. That is good for the consumer, the company and the people who work there.
The first step in securing an organization from an employee who would perpetrate this kind of activity is to screen prospective employees prior to hiring them;
The farther back you can look, the farther forward you are likely to see. -Sir Winston Churchill -
About the Author
Taken from the book; Protecting Your Corporate Assets by Martin Maylor. For more information on this book email info@insurium.com
Winston S Churchill: We Shall Fight on the Beaches
The great PM gives one of his most famous speeches. It starts off quite calmly but the old master builds the suspence.
Once Churchill was speaking in Parliament and was slightly muddled and incoherent in his speech. A rather unattractive lady MP on the opposite benches declared to Churchill: 'Sir, you are drunk!'. To which he replied 'Madame that may be true, but in the morning I shall be sober whereas you will still be ugly'.
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