What are the consequences of employee theft?
Beyond these economic losses, few studies have considered other non-economic consequences that occurred as a result of employee theft.
Lipman and McGraw (1988), however, identified several related costs to society including business failures, lost jobs, higher taxes, and higher prices..
How does theft affect the economy?
Theft has a direct impact on consumers, who wind up paying higher prices as retailers try to make up for lost revenues and supply shortages. “Shrink drains profit,” Passarella said. … And the cost of dealing with the crime that takes place is paid for, in part, by the customer through an increase in the cost of goods.”
How much do companies lose from employee theft?
Employee Theft Statistics: Amount stolen annually from U.S. businesses by employees – $50 billion. Percent of annual revenues lost to theft or fraud – 7% Percent of employees who have stolen at least once from their employer – 75%
What is considered theft in the workplace?
Employee theft is defined as any stealing, use or misuse of an employer’s assets without permission. The term employer’s assets are important because it implies that employee theft involves more than just cash. In many industries, there are much more important things than cash that employees can steal from a company.
Can I be fired for suspicion of theft?
Can an employee be fired for stealing? Under the Fair Work Act 2009, theft or fraud is considered to be “serious misconduct”. … Employers should always conduct a thorough investigation into an alleged theft prior to taking any disciplinary action against the employee.
Does an employer have to prove theft?
An allegation of theft is a powerful accusation and one that should never be taken lightly. While an employer ordinarily bears no burden of proof at trial, the jury will look for the employer to prove an accusation of theft beyond a reasonable doubt.