Your employees are one of the biggest assets of your business. Without them, it would be difficult to carry out your day to day tasks and build your business. You've built a relationship with and given them your trust, so it may surprise you to know that employee theft is a major component of retail theft. In 2008, 19% of all reported theft was due to internal incidents. Beyond the loss of profit, internal theft can significantly affect your relationship with your employees and the morale in the workplace. So what can you do to prevent it?
Establish and maintain good hiring practices
- Check employee references – it is the most effective way to learn about the employee before hiring them. Make sure that you check with multiple sources.
- Perform a background check – services such as BackCheck™ makes it easy for you to check for criminal records, and help you reduce employee theft.
Implement cash and inventory control measures
- Control access and authority to process refunds – prevent employees from processing false refunds. Your POS device can be set to have a limit on the dollar amount of the refund, or to require the use of an Admin Card.
- Monitor inventory counts – inventory control measures can help you reduce theft, and also minimize carrying excess stock on hand.
- Communicate policy with your employees – ensure that your employees know and follow proper procedures.
With these steps in mind, not only will you reduce employee theft, but also hire employees that will reduce customer theft.
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This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.
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