482: How To Prevent Employee Theft In Your Construction Company

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 482, And It's About How To Prevent Employee Theft In Your Construction Company</strong></span></h1> <p><span data-preserver-spaces="true">Recent employee theft <a href="https://financesonline.com/employee-theft-statistics" target="_blank" rel="noopener">statistics</a> are increasing, and small business owners are more vulnerable to the problem. The most common embezzlement methods include billing fraud, cash on hand, and check tampering.</span></p> <p><span data-preserver-spaces="true">You may not know how employees can steal from you as a construction business owner. Some standard methods include:</span></p> <ul> <li><span data-preserver-spaces="true">redirecting company checks to personal accounts and altering entries to cover up the theft</span></li> <li><span data-preserver-spaces="true">undercounting change to customers and keeping the balance</span></li> <li><span data-preserver-spaces="true">seeking reimbursement for non-business related expenses or </span></li> <li><span data-preserver-spaces="true">pocketing inventory or supplies.</span></li> </ul> <p><span data-preserver-spaces="true">Just as you can't be 100% secure all the time, there is no way to eliminate 100% of the embezzlement in your contracting company. However, you can limit your losses and avoid most of them with suitable preventative measures.</span></p> <p><span data-preserver-spaces="true">As a small construction business owner, you may not have the significant security budget of a large company, but you can combat employee theft with these simple strategies:</span></p> <p><span style="color: #0600ff;"><strong>1. Do your due diligence when hiring</strong>.</span></p> <p><span data-preserver-spaces="true">This may be one of the most critical steps to combat employee theft. Screen all potential employees carefully. Look into employment history, call references, and run a credit check. Hire someone else you feel comfortable with. Above all, t