According to 2008 survey, employees were responsible for 44 percent of thefts. This also added up to $15.9 billion in retail losses. Did you know employees managed to steal more than shoplifters? A survey showed employees stole so much that it resulted in $12.7 billion in loss. However, retail stores can help cut down on shinkage by curbing employee theft.
Use an auditing system
How can you be certain that employees aren’t stealing from a cash till if they handle a cash drawer or they aren’t helping themselves to a refund they aren’t entitled to? It isn’t a secret that employees in customer service have stolen money from a customer service desk. However, one way to curb theft is to audit employees who regularly handle money on a regular basis. Random audits, performed by cash office employees and customer service managers, are designed to keep theft and retail losses down.
Install security cameras in inconspicuous areas
By installing security cameras, this will give retail companies’ eyes to see when theft occurs in their stores. It should also serve as a deterrent not to steal. By having a theft policy and making employees sign an agreement against stealing, this can help enforce stiff penalties for stealing merchandise.
Pay employees a fair wage
Did you know that employees are less likely to steal from their job when they feel satisfied with what they are being paid and they also feel they have value in their employment position? Employees who feel they are being taken advantage of may be more likely to steal.
Install a time clock
Did you know one of the ways that employees steal from employers may not necessarily be in material goods? Some employees may think nothing of asking bosses to pay them for time that they did not work or not clock in on time after lunch. Some employees may think they are entitled to a longer lunch break. Installing a time clock keeps employees from falsifying their timesheets. It also may make it easier for some businesses to pay their employees, especially when there are hundreds of employees in the company.
Ask for proof
if an employee makes a purchase. By making employees show their receipts for purchases, this will cut down on employees walking out the door with unpaid purchases. Did you know that theft can have an affect on a company’s inventory results at the end of a fiscal year? This is all the more reason why retail industry heads want to rein in losses from thefts. Asking for receipts also helps keep employees honest and accountable for their purchases.
Rotate two or more employees in positions of importance
By rotating employees, this keeps one employee from having access to all the important information. Employees, who handle the company’s finances, should work in team of two or more. By having more than one employee handling sensitive information, this takes the temptation off an employee to steal and provides a check to keep employees in a sensitive position honest.