All entries tagged with “Employee theft”

Employee Theft: Stop the theft or build the bottom line?

Workshop Day 1: Employee Theft presented by Gene James, CPP, Director, Asset Protection with Jack in the Box, Inc.

Workshop number 1 is a success at the Langham Huntington in Pasadena, CA. A leading attraction for

senior-level security executives attending the Total Security Summit was an educational workshop teaching decision makers of the importance of employee theft prevention. 

Gene James emphasized the need for employee theft prevention programs with one simple statistic: 30 percent of all business failures are due to employee theft. It’s a widespread problem targeting the retail world, with fraud expanding into workers compensation claims and time theft that can amount to hundreds of thousands of dollars. 

James explained experts often fall into several traps that hinder employee theft prevention programs. One of those is the reliance on technology to replace bad management. A key point is that spending time and money on technology – while a good idea in the grand scheme – it is wasted if management does not perform. Another key trap is failing to drive ethics and compliance in the workforce.  Theft drives bad morale and leads to complacency and repeat acts in the workplace. By respecting staff and setting exemplar standards, employees are more accountable and mindful of their company.

Each member of the audience was also asked to answer one question – a question that James asks all of his graduate students at Webster University – what is more important, eliminating all theft in an organization or maximizing all profits in an organization or maximizing all profits in the organization? The answer was consistently build the bottom line.

In tackling the potentially dire theft problem at hand, James recommends implementing a comprehensive and effective recruiting program with thorough background checks that are then compared to credit check logistical information. He also recommends management review of employment applications as well as the establishment of a formal interview protocol.

Finally, it is imperative that should a form of prosecution or consequence arise, there must be some form of corporate post mortem. In order to prevent similar situations from arising, employees and management must understand what occurred and be able to make adequate changes. Without this analysis, the effects of a prosecution are minimal. Always remember, getting rid of one bad apple won’t solve the entire problem.




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