Employee theft is an issue that employers face across all industries, and it comes in various forms such as fraud, embezzlement, or data theft. Internal theft can have a big financial impact on businesses — it’s estimated to cost U.S. businesses up to $50 billion a year.
Employee theft doesn’t only have financial consequences — employees may steal time as well, whether it’s misreporting hours worked or leaving work early. This leads to employers losing hours of productivity, which can affect the efficiency of business operations.
With the rise in remote work, companies may face higher risks of employee theft, particularly insider attacks, if they don’t have the proper internal controls in place. Even if you trust your team, it’s important to implement workplace theft policies and watch for red flags in employees’ behaviors to prevent incidents from occurring.