Retail theft can negatively impact and decrease the long-term value of your business. According to a 2015 report by the National Retail Federation, employee theft is the leading cause of retail shrink in the United States. For businesses that are affected by this trend, such actions make up roughly 35 percent of the company’s shrink rate.
With that in mind, today we’ll show you how to prevent theft in retail without resorting to micromanaging. Learning how to stop employee theft is the first step to building trust in your business.
Signs, Dummy Cameras and Security Mirrors
Installing security devices around the facility is the most straightforward way to discourage employee theft inside your store. Signs around pricey merchandise and cash registers could serve as real-time reminders for workers who are thinking about committing theft in the workplace. When installing security cameras, make sure you have the entire facility covered, including backdoor entry and exit points. If you suspect that staff members are sneaking around the cameras, try installing dummy recording devices in random areas of the store to throw them off.
Invest in a POS System
If you’re 100 percent sure that employees are stealing from your retail business, but you don’t know exactly where it is coming from, try investing in a point-of-sale (POS) system. Computerizing your inventory management may help you uncover discrepancies in cash flow and sales. At the end of the day, the system can detect internal theft by telling you how much money is missing from your daily sales. Even if you don’t catch the act immediately, inconsistencies arising out of theft will show up in monthly reports generated by the POS.
Retail POS systems are capable of detecting complex employee theft attempts inside your store. They can be programmed to monitor employee attendance, discounts, and loyalty reward programs. It is very difficult to rig a POS without direct access to the master account. This makes such platforms a great addition to workplace security systems.
Implementing Anti-Theft Policies and Programs
Most businesses implement anti-theft guidelines only after the crime has been committed. By that time, the damage would’ve already been done and the policies would’ve failed to serve its intended purpose of preventing staff theft in retail. In order to boost employee theft prevention, anti-theft programs should be established as early as possible, so employees are aware that certain behaviors are not tolerated inside the store. Such rulings should be clearly addressed in writing at the end of the hiring process. Lastly, don’t forget to implement strict cash handling protocols in your store.
How eHopper Can Help
Doubling down on employee stealing is no easy task. With help from eHopper, you can implement a secure POS system in your retail business and stop workplace theft.
Using eHopper’s POS platform, one could track inventory, monitor payments and compile customer receipts. From a long-term perspective, the company’s system is designed to keep your store secure, so you can focus on other aspects of your business.