How to Save a Retail Business by Cutting Employee Theft

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How to Save a Retail Business by Cutting Employee Theft

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By : Robert Howard 29 or more times read

Submitted 2011-07-18 04:28:18

Retail bodies claim than employee theft can cost a retail business between 2% and 5% of sales turnover each year. Further, they say that close to 80% of employee theft goes undetected.

Theft by employees can be as simple as taking cash from the business through to a complex fraud which still results in the taking of cash but through a layer of processes designed to hide the illegal action.

Stopping employee theft takes time and discipline. The key is to understand more about employee theft, how, why and when.

Employees can and do steal from retail businesses in a variety of ways. Often, such theft goes undetected because of poor or unmonitored business processes.

The best way to cut employee theft or fraud is to commit to a consistent approach to theft management

Ask prospective employees if they object to a police check. Those with something to hide will let you know they have found a job elsewhere.
Implement zero tolerance for abuse of systems. For example, ensure that every item sold is scanned.
Implement zero tolerance for an end of shift discrepancy of, say, $5.00 or more. Once employees know you will be fierce about this sales will be more accurate.
Reduce manual eftpos transactions - connect your eftpos terminal to your point of sale.
Change responsibilities - sometimes changing who handles money can uncover fraudulent behavior.
Change your timing. Habits are what allow people to think they can get away with theft.
Modify your counter policies No customer refunds without owner or manager approval; No credits without management approval; No employee bags at the counter - these can hide things; No jackets or cardigans with pockets - these can hide things; No calculators with memories - I have seen these used to record how much cash in the register is theirs; Track every sale by employees - using a card with an employee barcode and making it harder for an employee to use the system as someone else.
Track all cash movements from the sale through to your bank account. Many retailers do not do this and open themselves to blatant and regular theft. Employees do it because they know they can get away with it.

Cutting employee theft can be achieved in any retail business with vigilance.

A small time investment in developing and following processes will find you with more money in your bank account.

The pay back for all economically connected with the business is considerable, certainly worth the investment.

Author Resource:- submit article has been writing articles online for nearly 2 years now. Not only does this author specialize in Retail Business
You can also check out her latest website about :
wholesale gift distributorsWhich reviews and lists the best
Skulls Wholesale

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<!DOCTYPE HTML PUBLIC '-//W3C//DTD HTML 4.01 Transitional//EN' 'http://www.w3.org/TR/html4/loose.dtd'>; <html><head><title>Article2008.com | How to Save a Retail Business by Cutting Employee Theft</title></head><body><h3>How to Save a Retail Business by Cutting Employee Theft</h3> By: Robert Howard Retail bodies claim than employee theft can cost a retail business between 2% and 5% of sales turnover each year. Further, they say that close to 80% of employee theft goes undetected. Theft by employees can be as simple as taking cash from the business through to a complex fraud which still results in the taking of cash but through a layer of processes designed to hide the illegal action. Stopping employee theft takes time and discipline. The key is to understand more about employee theft, how, why and when. Employees can and do steal from retail businesses in a variety of ways. Often, such theft goes undetected because of poor or unmonitored business processes. The best way to cut employee theft or fraud is to commit to a consistent approach to theft management <pre><code>Ask prospective employees if they object to a police check. Those with something to hide will let you know they have found a job elsewhere. Implement zero tolerance for abuse of systems. For example, ensure that every item sold is scanned. Implement zero tolerance for an end of shift discrepancy of, say, $5.00 or more. Once employees know you will be fierce about this sales will be more accurate. Reduce manual eftpos transactions - connect your eftpos terminal to your point of sale. Change responsibilities - sometimes changing who handles money can uncover fraudulent behavior. Change your timing. Habits are what allow people to think they can get away with theft. Modify your counter policies No customer refunds without owner or manager approval; No credits without management approval; No employee bags at the counter - these can hide things; No jackets or cardigans with pockets - these can hide things; No calculators with memories - I have seen these used to record how much cash in the register is theirs; Track every sale by employees - using a card with an employee barcode and making it harder for an employee to use the system as someone else. Track all cash movements from the sale through to your bank account. Many retailers do not do this and open themselves to blatant and regular theft. Employees do it because they know they can get away with it. </pre></code> Cutting employee theft can be achieved in any retail business with vigilance. A small time investment in developing and following processes will find you with more money in your bank account. The pay back for all economically connected with the business is considerable, certainly worth the investment. Author Resource:-> submit article has been writing articles online for nearly 2 years now. Not only does this author specialize in Retail Business You can also check out her latest website about : <a href="http://www.worldbuyers.com/">wholesale gift distributors</a>Which reviews and lists the best <a href="http://www.worldbuyers.com/Cat-24-1-39/Skulls.htm">Skulls Wholesale</a> Article From <a href='http://article2008.com/'>Article2008.com</a> </body></html>

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