How to Cut Down On Retail Employee Theft
One of the biggest problems which face retailers is employee theft. Believe it or not, theft by employees accounts for around half of all thefts suffered by businesses. This is such a major problem that retailers actually have to account for this and factor it into their pricing structure.
But with a little bit of time and effort, many retail businesses could cut the amount of employee theft that they face. There are some processes which need to be followed and vigilance is the key.
One of the first things that any retailer can do to protect themselves against employee theft is to carry out background checks of all potential employees. It is important that you ask anyone you interview for a position in your store, whether they object to a background check. If they are worried about anything or if they have anything to hide they will probably object and they will more than likely look for another job somewhere else.
When you do take on any new staff it is vital that you enforce your policy on theft immediately. Make sure that all staff are aware that you operate a zero tolerance policy on theft and outline the consequences for anyone caught stealing from you. This will deter staff from stealing. Carrying out spot checks on a regular basis will also act as a deterrent. Staff will be less likely to steal if you are going to be carrying out spot checks during the day instead of just at the end of the day.
Many staff who are caught stealing from their employees state that they are doing so because they feel they are not respected by their employers and that they feel they are not getting a fair wage. That is why paying your staff a decent wage is a good way to show that you do value them. Even if it is only slightly above the average wage for the business you are in, this is still something.
It is important to be aware of what is going on in your business. If employees think that you don’t have a clue about how the business is going and that you are not strict about checking the cash and balancing the books then you may just find that they view you as an easy target. Keep your eyes and ears open to ensure that you know exactly what is going on in your business.
Another way to highlight who is stealing from you is to change duties of employees on a regular basis. Mix staff around so that they are working in different positions and this may well bring to light when and where the thefts are taking place.
This advice might help you to ensure that you cut down on employee theft. You may even find that if you are vigilant and operate a strict zero tolerance policy, that you eradicate it altogether.