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OUTLINE I Overview II Myths Misconceptions III Facts Reality IV Why Employees Steal V Signs of Theft VI Preventing Losses VII Loss Prevention Programs VIII Summary Overview Employee theft is clearly one of the most costly misunderstood and underestimated business problems facing todays management Studies conducted by the Department of Commerce American Management Association Joint Economic Committee of Congress Universities and trade associations all decided that losses from employee theft have a dramatic effect on the financial stability profit level and survival of most businesses Several studies estimate employee theft and dishonesty costs US businesses between 60 and 120 billion per year not including the billions spent on protecting against theft Most studies and security experts agree that nearly every type and size of business is likely to experience some forms of employee theft and not realize the existence or extent of it In fact small and medium businesses are often more vulnerable to employee theft due to less supervision lack of controls procedures audits and blind loyalty What do employees steal Whether a business is retail distribution manufacturing health care hospitality communications energy scrap metal printing bakery products or cardboard boxes it has assets someone feels is worth stealing Employee theft may include stealing product inventory supplies or cash The fact is employee theft is present in every type of business Myths and Misconceptions A primary reason employee theft continues to thrive is because management has yet to achieve an understanding of the importance and nature of employee theft Most managers have a tendency to disregard many of the indicators of theft and convince themselves that inventory shortages loss of business declining profits rumors of dishonesty and other potential warning signs are not theft related and unworthy of inquiry After all employee theft often consists of extremely unpleasant
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