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.
You might be curious to know what friendship fraud stems from, but the main cause seems to be a strong sense of loyalty. For example, someone who has many friends might start their own firm. In order to round out the number of people employed by the firm in question, it's possible that he or she will bring on a few of their friends. This can result in serious problems later on, with fraud being just one example, which is why certain methods should be highlighted by Robert Jain Credit Suisse.
If you were curious to know how friendship fraud could be prevented, hiring practices must be taken into account. Specifically, personal connections should not be focused on nearly as much as job history, education, and useful skills in general. When these elements are taken into account, more likely than not, you will be given a better understanding of what that person has to offer. As Robert Jain Credit Suisse and other authorities can attest to, this results in better business.
As you can imagine, nepotism is one of the quickest ways for a business to go under. Reputable attorneys can tell you the same, especially when the possibility of friendship fraud exists. Of course, there are ways to combat this or even make attempts to avoid it. More than anything else, it's a matter of exercising care and being as mindful as possible. If you take the necessary steps, it's easy to imagine that this form of fraud will be a nonissue.
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.
You might be curious to know what friendship fraud stems from, but the main cause seems to be a strong sense of loyalty. For example, someone who has many friends might start their own firm. In order to round out the number of people employed by the firm in question, it's possible that he or she will bring on a few of their friends. This can result in serious problems later on, with fraud being just one example, which is why certain methods should be highlighted by Robert Jain Credit Suisse.
If you were curious to know how friendship fraud could be prevented, hiring practices must be taken into account. Specifically, personal connections should not be focused on nearly as much as job history, education, and useful skills in general. When these elements are taken into account, more likely than not, you will be given a better understanding of what that person has to offer. As Robert Jain Credit Suisse and other authorities can attest to, this results in better business.
As you can imagine, nepotism is one of the quickest ways for a business to go under. Reputable attorneys can tell you the same, especially when the possibility of friendship fraud exists. Of course, there are ways to combat this or even make attempts to avoid it. More than anything else, it's a matter of exercising care and being as mindful as possible. If you take the necessary steps, it's easy to imagine that this form of fraud will be a nonissue.
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Go to Bob Jain Credit Suisse if you would like further financial expertise courtesy of Robert Jain.. Also published at Friendship Fraud & Important Details, From Bob Jain.
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