and Employee Theft
A Comprehensive Guide for Big Chain Stores to Enhance Operations, Boost Security, and Maximize Profits.
Companies that invest in fraud prevention tend to spend 42% less money on fraud response.
Shrinkage is something that all retailers face. Even the most seasoned business owners will encounter shoplifting, employee theft, and inventory loss for reasons out of their control. In fact, according to the National Retail Federation (NRF), shoplifting and external theft make up 36.5% of shrink, while employee and internal theft make up 30%. Theft aside, 6.8% of shrinkage is reported as unknown, further proving that inventory loss can happen without a solid explanation. While completely eliminating shrinkage is impossible, there are steps you can take to minimize employee theft and shoplifting. In this guide, we’ll cover everything you need to do to prevent theft — and keep your money in your business.
Training Your Team
The first step in preventing theft is making sure your employees are completely up to speed. If you haven’t trained your team on internal and external shoplifting, now is the time to start.Dealing With Shoplifters
Before diving in, keep in mind that the main job of your retail associates is not to detain shoplifters. In a retail environment, it’s completely normal to train your team on how to handle shoplifting, but remember that your priority is making sure they’re safe.