5 Ways White Collar Crime Affects Your Business Practices
White collar crime is a crime that employees commit against their employer. An attorney can help implement policies that reduce the potential for white-collar crime. Employers need to consider how white collar crime affects how they conduct business. Here are five areas for employers to consider.
1. Loss of Revenue
Preventing the loss of revenue is a crucial factor. Many companies do not recover from employee theft. The cost of borrowing may be high if a lender determines that insufficient controls exist to eliminate theft. Implementing policies that satisfy lender requirements will help.
2. Prosecution Decisions
If the perpetrator is known, an employer will face a decision on prosecution. An attorney can help the employer make these crucial decisions. Sometimes, a determination is made not to seek prosecution. Doing so could put the company in a less than favorable light, in the public eye.
3. Hiring Additional Employees
Employer concerns about possible white collar crime may affect future hiring decisions. It may force them to allocate part of their hiring budget for human resource related services that provide background checks on prospective new hires. The application and other documentation that job candidates complete need to be reviewed by an attorney who specializes in employment law. Candidates have the right to know if the information they provide is going to be used to investigate their background.
4. Implementing Technology
Employers have to make many decisions on the use of technology in their company. While most business technology is designed to improve productivity, some products are used to monitor employee activity. Some of these applications will alert management if an employee is accessing information that should remain off limits. A technology policy includes an understanding that monitoring certain employee communications is essential.
5. Productivity and Morale
In every decision, management needs to consider the morale and productivity of the company. Employees need to feel that they are part of a team, sharing common goals. Proper oversight will show competence and encourage compliance with policies.
An attorney can provide guidance on how best to implement changes that address each of these issues. Even when a business has unique requirements, an attorney can bring valuable experience and resources to reduce the potential for criminal activity by an employee. Well, thought-out policies will result in a staff that is less inclined to view the employer as intrusive or as someone they may commit white collar crimes against.