This topic has been discussed by many experts, and consultants. Let look at this critical issue known as employee theft and fraud. The business owner must regularly check the inventory, audit books, reconcile cash, and review financial statements. Additionally, your business must comply with state, and federally regulated agencies as applicable to your specific business. You must also make sure that your employees have complied to said rules and regulations. Relative to theft and fraud, there are many actions you can take to protect yourself and your business. Here are some ideas;
- Code of Ethics
A business owner must not tolerate un-ethical or illegal behavior by anyone including the personnel, customers, vendors, contractors or anyone which does business with, day to day.
A business must install posters visible to everyone, spelling out code of ethics.
As a part of hiring of team members, a booklet must be provided outlining said rules and repercussions for not following them. HR must explain the code of ethics to all new hires and existing personnel. There must be training in place and said training must be continual. Additionally, an enterprise must ask all employees to read such rules, codes and acknowledge them by signing an acknowledgement.
The fundamental of the code of ethics begins with the business owner. A strong compensation package and potential bonuses may reduce theft and fraud.