Workplace Theft Strategies

 

One of the most disturbing facts about the retail industry is that shrinkage leads to heavy losses in a business that’s already seeing a decline. In 2009, retailers in the US lost about $40 billion dollars to shrinkage. But, the encouraging fact is that shrinkage can be effectively managed, and many retailers all over the world have countered the issue by breaking it down into smaller, more manageable units. If theft is one of the causes that lead to retail losses for a particular business, Workplace Theft Strategies have to be implemented in a timely and systematic manner.

Of course customer theft is the major contributor to shrinkage due to theft in the retail industry but the extent of employee theft cannot be overlooked either. If Work Place Theft is one of the issues that crops up in retailers’ analysis of shrinkage causes damaging their business, one shouldn’t feel defeated. In fact it can be looked at as an opportunity to divert attention and energy to a problem that can be solved and can save retailers huge costs.

Steps of countering the problem of Workplace Theft

The first step in countering the problem of Work Place Theft is paying heed to signs that it might be occurring in one store, warehouse or premises. There are some definite indicators that point towards employee theft in an organization:

• If retailers notice an employee keeping away from work with any excuse during a general audit or a regular oversight process.
• If employees strongly resist verification of financial records.
• It is often seen that deviant employees constantly monitor movements of managers and security personnel in the store.
• They often make uncalled for enquiries about management’s retail loss prevention strategies or are disgruntled with their superiors. They might be keen to voice their issues regarding company’s policies and generally find reasons to complain.
• If retailers start seeing discrepancies in records and variances just prior to public holidays.
• If employees resist taking part in meetings meant to address theft issues and pertain to staff integrity.

If retailers see the signs of Workplace Theft in their environment, it’s time to take action without any delay. Many retailers have seen the benefits of hiring professional companies that can help tackle the issue for them. However if retailers want to deal with the problem head on, they can do well by knowing more about some of the effective strategies that can help eliminate theft at work place.

Some of the Workplace Theft Strategies that hit the spot and address the core problem are:

• Pre-employment screening is the first step in hiring employees with a sense of integrity. That’s why the screening process has to be thorough and an interview in the presence of loss prevention professionals isn’t a bad idea. Retailers have to take temporary agencies cautiously knowing well that they do not always conduct necessary checks for candidates.
• Security tactics can only help retailers to a certain extent, the way to go about it is loss prevention. It can only be achieved by taking employees into confidence. Making employees a part of loss prevention strategies has shown significantly better results in getting over the issue of theft at work.
• The importance of technology cannot be denied and although retailers might incur costs by installing equipment like CCTV cameras there are many long term benefits.
• Training employees to handle this prickly issue at work is a necessary exercise.
• Retailers need to have stringent policies and regulations to deter employees for indulging in such acts. Regular financial checks and audits have to be maintained.

A combination of technology, involvement of employees and tough policies form the backbone of Workplace Theft Strategies that can do away with this perpetual threat to the retail industry.