Heather Wilson of Marcum. Employee Embezzlement in Times of COVID-19
With the second surge of cases now spiking and economic pressures mounting on people and businesses, business owners should anticipate a potential increase in employee embezzlement. It is a preventable, but all-too-common, occurrence in times of financial stress.
December 22, 2020 at 11:43 AM
8 minute read
At the onset of the pandemic nine months ago, no one believed we would still be here at the end of 2020. With the second surge of cases now spiking and economic pressures mounting on people and businesses, business owners should anticipate a potential increase in employee embezzlement. It is a preventable, but all-too-common, occurrence in times of financial stress.
Financial Stress Resulting From COVID
The pandemic has had a major impact on the U.S. economy and its workforce. In response, businesses are tightening their financial belts by reducing employee compensation and overall staffing levels. Between April and September, the U.S. unemployment rate ranged from a low of 7.9% to a high of 14.7%, according to the U.S. Bureau of Labor Statistics. These layoffs have occurred across the board, from multibillion dollar companies such as Walt Disney, Boeing and ExxonMobil, to smaller businesses including professional services firms and many mom and pop shops. This crisis has triggered tremendous financial stress on a large portion of the population.
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