Create a 7 pages page paper that discusses preventing employee theft in retail. This new aspect has threatened to derail the business progress of many companies, with competitor firms easily finding ways to fix the subject firms using such secrets.
Based on various statistics, as brought out by Walsh (2000), approximately 75% of employees have at one time or another been involved in employee theft, with a vast majority of the group had perpetrated the act multiple times. This, he notes, stems from mistreatment of an employee by the firm, a prospect that creates an urge of retaliation among the employees. In addition, the problem of employee theft has been proposed to result from the underpayment of the workers. In some cases though, the employees are encouraged into adopting the vice due to lack of stringent regulatory and punitive measures. Indeed, the theft cases may hold long-standing effects on the economy and to the employees at personal levels. As such, it is often instrumental for appropriate response procedures to be adapted to withstand such cases. For instance, many firms have often been encouraged into adopting stringent regulations which, nevertheless, impact negatively on business performance. Therefore, it is notable that the measures adopted so far have been less effective considering the increase in incidences of theft and consequent collapses and insolvencies among many traditional firms.
This study is based on various objectives around which the aspect of employee theft revolves. Firstly, the study seeks to determine the internal and external business factors that precipitate employee theft. The study also seeks to determine the probable impacts of the theft cases to social and economic setups within and without the firm, and the implications of such business factors to the economy of the UK. In addition, the study seeks to ascertain what globalization and technological advancement in business administration mean to employee theft. Further, the study is focused on unearthing the roles played by cases of employee theft in the recovery of the UK from the 2009 global economic crisis.