How Businesses Can Prevent Fraud Fraud is a severe issue that could take down a company, no matter its size. According to research by the Association of Certified Fraud Examiners (ACFE), businesses lose an estimated 5% of their annual revenue.

What is business fraud?
Business fraud happens when a person or a company commits dishonest and illegal acts that result in a financial gain for that person or organization. Business fraud can often be covered and appear to be a legitimate business interaction.
Because fraud is such a grand problem – so much so that it could even lead to the critical failure of an otherwise healthy business – it’s important to combat it vigorously. Research published in Harvard Business Review (HBR) suggests that employees are in the best position to fight fraud.

What are the different types of business fraud?
Here are five major types of business fraud that could negatively affect your business:

Identity theft: A fraudster could steal the identity of your business and access your credit. Fraudsters may obtain access to your federal tax ID or financial statements. They could take this information directly from your computer.

Payroll fraud: This may be more common with a smaller business, but it can happen at companies of all sizes. Workers may ask for paycheck advances and not pay them back. They may also lie about hours they worked or have co-workers clock in and out for them. Utilizing a payroll service that lets you approve everyone’s time before they are paid may help to prevent payroll fraud.

Fake money: Your business may receive phony money. There is more counterfeit money in circulation than you probably realize. It would help if you learned how to recognize fake money so you can refuse to accept it.

Returns: If your business deals with consumer goods, you may have customers buy items, use them, and return them even though there is nothing wrong with them. Requiring a receipt and having strict return policies may help to limit return fraud.

Workers’ compensation: A business owner is required by law to purchase worker’s compensation. This insurance pays your employees if they get injured while at work. Companies should stay on top of safety and what happens in your place of employment to help prevent this type of fraud. You should also ensure that if an employee states they were hurt at work, the injury actually happened there.

Why Team Members Work Better When They Care For Each Other

When workers work in groups, companies thrive when members focus more on how they can benefit others and not just themselves, according to research published in the journal Academy of Management. This type of behavior is defined as prosocial motivation, which highlights the social viewpoint of work by emphasizing individual concerns about how their actions can affect others’ well-being. According to the study, prosocially motivated people are described as givers concerned primarily with contributing benefits to others rather than calculating personal returns.

The research was based on 67 teams from six companies and a lab study with 124 student teams at the University of Notre Dame. The study revealed that when staff members looked out for the well-being of others, employees were less likely to leave their teams voluntarily.

The highest level of team effectiveness was performed when team motivation to benefit others, and the interdependence of tasks among team members was both high,” Hu said.
The study’s authors said the study should encourage companies to build teams with employees who keep others’ best interests in mind.

Management attention should be directed toward enhancing motivation to help others, as teamwork is a coordinated action, and showing concern for others may bring about smoother interactions and more effective cooperation within the team,” Hu said.

Based on the research, Hu advised organizations to look at the types of teams they have. Some teams don’t require employees to work together closely. For these teams, Hu suggested administrators increase interaction within the group, add employees who are highly motivated to benefit others, and take a more active role in leading by example.
Hu said teams previously filled with employees focused on others’ well-being could improve their team performance by establishing a higher level of interaction and coordination among members.”
Tips for motivating staff members to work together
Any employer knows that motivation is the key to group productivity, individual performance, and a happy workplace. So, how do you motivate your employees? Here are some easy ways to ensure your employees receive the motivation they crave.

Make the workplace attractive. Employees don’t want to spend their time in a dingy, dull space. Having a well-lit, functional, and aesthetically pleasing environment will make work much more pleasant. Make sure employees have access to updated, working equipment. Keeping the space clean and attractive, this will make the environment more enjoyable and, in turn, motivate employees.

Be honest, respectful, and supportive. Employees don’t want to work in an environment where they aren’t respected. The easiest ways to motivate your workers are, to be honest, supportive, and considerate and to have a clear open communication. If employees know that their employer respects and supports them, they will be more loyal to the business.

Offer awards. To keep employees motivated, consider starting an incentive program. It doesn’t have to be monetary; it could be something as simple as a gift card or an employee-of-the-month day off with pay. When employees are rewarded for their hard work, they are more likely to do a good job and perform more efficiently.

Offer room to improve. If the business is growing, a great motivator is to offer your employees room to grow within the company. Not only is the money portion appealing, but employees will also feel respected for their work.

Give positive feedback. Everyone wants to know that they are doing a great job, so don’t hesitate to hand out positive feedback. This includes feedback that customers have given you about an employee. Letting your staff know that they made a customer happy will make them feel good and provide them with the motivation to continue doing their best.

Recognize accomplishments. Sometimes, all staff members want is a little credit for doing a good job. If you have an employee who has been working overtime or has gone out of their way to help their co-workers, don’t delay to praise them. It’s not about merely being recognized; when employees feel appreciated, it pushes them to continue working hard and helping others.

How Working From Home Increases Productivity

Many workers and business owners alike have been working from home for years. Due to the recent pandemic COVID-19 outbreak, most companies and their workers are following suit, raising the subject: Is this working arrangement a productive one?

A 2019 survey by Airtasker says yes. Researchers surveyed 1,004 full-time workers throughout the U.S. about their productivity, their commutes and other aspects of their lives. Among that group were 505 people who worked remotely. The study found that working from home not only helps employees by eliminating their daily commutes, it also increases productivity and leads to a healthier lifestyle. It’s a win-win circumstance that workers relish for its versatility – but often at the cost of their work-life balance.

To help your team stay focused and efficient during this work-from-home phase while combating stress and maintaining work-life balance, here are some tips to help you out.

Take A Break

The most efficient way for remote employees to stay productive, according to the Airtasker survey, was to take breaks (37%). The study found that office workers took shorter breaks than remote workers, though longer breaks have been shown to increase productivity.

Follow A Schedule

The second most popular way employees stay productive at home is having set work hours (33%). Urge employees to sustain the same schedule they did when they went into the office. Following a system will help your workers feel more structured and efficient, and it will help keep their attention directed.

Keep A To-do List

The Airtasker study also exposed that 30% of remote employees reported that keeping a to-do list helped their productivity. Inspire employees to write down what they wish to accomplish each day, so they are not jumping from assignment to assignment. Now that you and your team are working remotely, communication is critical. Set daily or weekly meetings where you and your team discuss and prioritize projects, including deadlines, so you can stay on track.

Lastly, as a business, examine using video conferencing to get your employees together at least once a week, so they still feel like they’re part of the team. [Read the following recommendations of the best video conferencing services of 2020.]

#Facts

According to one study, remote employees work 1.4 more days per month compared to their office-based counterparts, resulting in more than 120 additional hours per year.

29% of remote employees said they struggle with work-life balance, and 31% said they have needed to take a day off for their mental health.

For more information on payment devices and apps to manage your staff visit us at btrpay.com

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