How To Prevent Theft In Your Business
Every business wants to do all it can to stay safe, crime-free and prevent theft. Employee theft is a serious problem in most retail establishments. In fact, theft from dishonest employees can account for almost two-thirds of loss in a store. The higher a store’s loss, the less profit a business can enjoy. This causes the costs of the theft to be passed on to the customers. Therefore it is obvious that every business needs to prevent theft.
If a company wants to ensure profits, they must take positive steps in stopping theft. The average percentage for theft varies for each business. It depends on what is being sold and the mark up of the product as well as the desirability of the product. For example, a store that sells high-ticket items such as computers, stereos, and televisions will have higher rate of loss than an establishment that sells paper goods such as envelopes, and copy paper.
One goal of every business should be finding effective methods that prevent theft. Your most important front line to prevent theft is honest employees. An employee with integrity is worth his or her weight in gold. This does not mean however that effective theft deterrents and tracking down dishonesty are unnecessary. Employees need to know that you will take any actions necessary to prevent theft.
Before your hire an employee, screen them carefully to ensure you are maintaining the integrity of the business. Go ahead and check the prospective hire’s background; do a credit check, look into personality screening and psychological testing. This can prove to be most helpful to prevent theft. When you have hired someone, don’t assign him or her highly sensitive tasks until you are sure you can trust them. Hiring a dishonest employee can affect a business for many years so being choosy about employees is not a personal preference it is a necessity if you wish to prevent theft.
Remove the temptation to steal in the first place. If you provide uniforms for employees, consider assigning uniforms without pockets. Make sure only a select few know the combination to the safe. Install cameras over the cash register to ensure the honesty of the cashiers. You may think these are expenses you cannot afford but it they will pay for themselves by helping you to prevent theft.
You also must set the tone for honesty in your business by example. How can you expect your employees to be honest when you are dishonest? Be sure to be fair in all your dealing with employees, customers and vendors. Employees will also greatly appreciate your efforts.
Set clear, reasonable rules and expectations for your employees. Provide incentives for the employees to follow the rules and prevent theft. Reward those whose job performance is outstanding. No one likes to work hard without notice of his or her efforts. This will go a long way to prevent theft.