In today’s day an age, many businesses have high employee turnover. This makes it incredibly hard for managers to build relationships with their team, and often results in employees stealing from their business of employment.
Many low wage employees feel as though they are entitled to some of the product the store carries because they feel that since they are being under compensated, they should be able to take which ever products they want. Many will rationalize this in ways such as they are marketing the product for the store by wearing it.
Employees not only steal merchandise but also food, cash, credit card or check fraud. This all results in a substantial loss of profit for the company which will prohibit growth and may even cause the business to go under.
Dishonest employees come in all genders, ethnicity, backgrounds and levels of education. In a 2005 study employee theft was responsible for over 47% of store shrinkage and accounted for more than 17.6 billion dollars per year. Another study found that per employee loses on average are $1,762.00 compared to a shoplifter who would steal $265.40.
Preventing theft should be a main concern for any business for both customers and employees. With the technology available today, there are many systems you can implement that will deter employee theft, thus increasing profit.
Some of these technologies are video surveillance systems, Managed Access control for inventory, Burglar Alarm Systems and RFID merchandise tags.
For more information, please call 781-595-0000.
The world is a dangerous place, make your world safe!