Without proper background checks prior to making the hiring decision, an organization can find itself employing individuals who have recently been fired elsewhere for fraud or theft. An organization can also seek to prevent employee fraud as well as theft by developing well drafted and concise guidelines in regard to acceptable standards of conduct. In the opinion of Beesley (2011), there is an existing need for each and every business to have in place "an employee code of ethics and conduct." The author in this case points out that although such a document cannot entirety prevent instances of fraud; it does make a contribution to the promotion of lawful and ethical conduct.

Beesley (2011) also reaffirms Siegel's assertion as highlighted earlier on in this text that employee fraud largely has little or nothing at all to do with economic problems or conditions. As the author points out, studies have in the past demonstrated that employees are more likely than not to engage in fraudulent behavior if they feel under-appreciated, happen to be under pressure or perceive management conduct as being either unfair or unethical (Beesley, 2011). With than in mind, it does make great sense to put measures in place to ensure that employees feel that their contributions at the workplace are regarded highly. It would also be prudent for an organization to ensure that fairness is observed across the board.

Prevention of waste can be done through sensitizing employees on the need to avoid wastage of organizational resources. In that regard,...

It also makes great sense to ensure that employees are well motivated.
However, in addition to knowing how to prevent employee theft as well as fraud, one may also need to be familiar with approaches towards the detection of the same. In the opinion of Bologna and Shaw (1997), one way of detecting instances of employee fraud and/or theft is taking note of financial irregularities and errors or discrepancies. Detection in this case can also be done via intelligence gathering and observation (Bologna and Shaw, 1997).

Conclusion

In conclusion, it should be noted that the prevention of employee fraud, theft as well as waste should remain a priority for any organization that wishes to remain relevant in today's highly competitive global business environment. This is more so the case given the growing need for businesses to enhance their efficiency through cost reduction and wastage minimization.

References

Beesley, C. (2011). 6 Tips for Preventing Employee Theft and Fraud in the Workplace. Retrieved May 22, 2012, from SBA.GOV website: http://www.sba.gov/community/blogs/community-blogs/small-business-matters/6-tips-preventing-employee-theft-and-fraud-wo

Bologna, J. & Shaw, P.D. (1997). Corporate Crime Investigation. Burlington, MA: Elsevier.

Siegel, L.J. (2010). Criminology: Theories, Patterns, and Typologies (11th ed.). Belmont, CA: Cengage Learning.