Absolutely yes! Because your employer must know about any misconduct, whether financial or behavioral—happening in your company. Holding a position in the company, it becomes your duty to report any fraudulent activity you witness, whether internal or external.
In a time of white-collar crime, Ponzi schemes, and intensifying transgressions, one can understand why employee fraud is not uncommon in today’s corporate world. According to a report published by the US Chamber of Commerce, employee fraud is costly to businesses making American employers lose more than $60 billion each year. Employee fraud is inevitable, which means there wouldn’t be any business, regardless of the size, that is not at risk. It is ongoing and widespread and reduces a company’s efficiency and working capital and significantly impacts its productivity and profitability.
There is certainly no denying the fact that employee fraud affects your bottom line. When we specifically talk about a retail-store-type-setting, retail stores are more vulnerable to employee theft or fraud since employees know when and how to steal from the store. From shoplifting merchandise from the shelves to taking cash from the cash register to pilfering secret data/trade secrets from the company’s computers, a business, small or large, is always at risk. A stealing employee will probably find the best opportunity at hand for making the most out of a lucrative situation.
Whether or not to report a stealing employee usually depends on the seriousness or nature of the crime. Some employers take strict measures for bringing a new hire who found stealing from the retail store to justice for recovering losses. Employers who attempt to terminate or prosecute face obstacles that could create unwanted situations for the defendants looking to recover damages. At the same time, other employers adopt a relatively soft approach in dealing with cases of employee fraud or theft. Most of the time, an employer will forgive their employees and give them a second chance due to the relationship or long-term employment and previous loyalty of the employee.
According to a study, entrusted employees steal more from the retail store or involve in fraudulent activities in an organizational setting. When it comes to a new hire, it is crucial to filter out the best candidate with a clean background or history. Before giving an employee a position in your company, it is essential to check your potential employee’s criminal record and working behavior in the past.
Before Reporting, Having A Concrete Evidence Is Ideal!
You must report any fraudulent activity in your company to your employer. Before reporting or giving a heads up to your employer about a stealing employee, it is ideal to have concrete evidence to back your claim. It may raise suspicions of your jealousy with the new hire threatening your sales commission.
Any theft or fraud would ultimately impact the company’s productivity and profitability, which will hamper the company’s operations, which may put your job at risk. So, it is essential to report a stealing employee to your employer for proving yourself to be an honest individual and playing your role as an employee committed to the company’s growth, prosperity, and success.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.