A new survey shows that 40% of employees have, or know a colleague who has, purchased a personal item, service or good that was outside of company policy – a 5% year-over-year increase.
Oversight’s 2020 Spend Insight Report saw employees purchase gifts, drinks and dinners, including one respondent who admitted to expensing an engagement ring.
Oversight, a spend management and risk mitigation provider, continues to see new employee spending behaviors and patterns during the COVID-19 pandemic that translate into escalated risk, says one executive.
Organizations should be aware of the potential for increased personal purchases that get expensed as business purchases, especially during these strained economic conditions, he advised.