On the surface, it seems easy enough to hire someone who's close to you. After all, you know them on a personal level and it's possible that you view them as hard workers as well. Even though this might seem like a good idea, it might be all that's needed for the case known as friendship fraud to rear its ugly head. For those who are unfamiliar with this particular type of fraud, here are a few key details that Bob Jain can tell you about.
As Bob Jain can tell you, friendship fraud is a unique situation. Essentially, it occurs when a hire - usually brought on due to personal connections alone - acts in a way that negatively impacts the company as a whole. This might be a financial problem, whether it's in relation to payroll or something else entirely, but it can also influence other areas of business. In any event, this is a serious problem that must be addressed by all business owners.
One of the reasons why friendship fraud occurs is due to a sense of loyalty that one party feels toward another. For example, if two people have been friends for quite some time, it's possible that the child of one party might want to work for the company that the other has ownership of. When this happens, the aforementioned sense of loyalty can be something of a negative trait. As a matter of fact, it's why methods of prevention must be covered by the likes of Robert Jain Credit Suisse.
One of the ways to keep friendship fraud at bay - and this might go without saying - is by hiring based on skill. Instead of focusing so much on personal connections and the like, place more emphasis on the skill set and prior job history that an applicant has. When you do so, you have a better comprehension of what they can bring to the table. Your company will benefit from this strategy in long run, as names like Robert Jain Credit Suisse can support as well.
Simply put, no business is going to succeed if there is nepotism to be seen. There's a high probability of friendship fraud, as any attorney can tell you, and understanding how it can be prevented in the long term is nothing short of vital. For this reason, you should stay knowledgeable of this activity, ensuring that you exercise care along the way. By doing so, you can rest easy knowing that your business will stay active in the long term.
As Bob Jain can tell you, friendship fraud is a unique situation. Essentially, it occurs when a hire - usually brought on due to personal connections alone - acts in a way that negatively impacts the company as a whole. This might be a financial problem, whether it's in relation to payroll or something else entirely, but it can also influence other areas of business. In any event, this is a serious problem that must be addressed by all business owners.
One of the reasons why friendship fraud occurs is due to a sense of loyalty that one party feels toward another. For example, if two people have been friends for quite some time, it's possible that the child of one party might want to work for the company that the other has ownership of. When this happens, the aforementioned sense of loyalty can be something of a negative trait. As a matter of fact, it's why methods of prevention must be covered by the likes of Robert Jain Credit Suisse.
One of the ways to keep friendship fraud at bay - and this might go without saying - is by hiring based on skill. Instead of focusing so much on personal connections and the like, place more emphasis on the skill set and prior job history that an applicant has. When you do so, you have a better comprehension of what they can bring to the table. Your company will benefit from this strategy in long run, as names like Robert Jain Credit Suisse can support as well.
Simply put, no business is going to succeed if there is nepotism to be seen. There's a high probability of friendship fraud, as any attorney can tell you, and understanding how it can be prevented in the long term is nothing short of vital. For this reason, you should stay knowledgeable of this activity, ensuring that you exercise care along the way. By doing so, you can rest easy knowing that your business will stay active in the long term.
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