In the United States, employee theft costs businesses $50 billion every year. While big stores can cover the lost profit, many small businesses don’t have the money. You can’t afford to have your staff members steal from you. However, some security upgrades might not work with your budget. Use these seven strategies to prevent theft by your employees.
1. Keep Morale High
Research shows that higher wages create fewer thefts. Employees who feel they get fair pay have less motivation to steal. When they have the respect they want, they don’t steal from their company to get back at them. If you have enough money, you can raise wages to increase employee happiness. Employers who don’t have the budget to raise wages could offer more benefits instead.
2. Complete Random Reports
Check your cash and merchandise at random times throughout the day. Make sure the numbers you see make sense. Don’t check your items and money on a set schedule. Thieves will predict a set schedule and hide their evidence. Random checks discourage stealing because employees can’t guess when you’ll do them.
3. Create an Anonymous Reporting System
Plenty of staff members notice when their coworkers steal something. However, many of them don’t say anything about it. In some cases, they worry that the thief will know they told the manager and get back at them. Other times, they don’t have the time to fill out a long report. Give your staff members an easy way to report theft that doesn’t reveal their identity.
4. Prevent Time Theft
Time theft happens when an employee gets paid for hours they don’t work. They enter the wrong working time or do recreational activities during their shifts. Keep an accurate time clock and look at work reports to see what they do at work.
5. Install Security Cameras
Place security cameras around your store and record the video. Review the recordings on a regular basis to check for theft. Try to put the cameras in places where you clearly see when theft happens. Place them near your cash register, in your backroom and other areas with valuable items. Let your employees know the security camera watches them to discourage them from stealing.
6. Track Your Inventory
Keeping accurate track your inventory will help you catch employees that may be stealing products from your shelves. An inventory management system on your Point of Sale system is the best way to maintain inventory accuracy across all of your items.
7. Invest in a Secure POS System
A point of sale (POS) system like National Retail Solutions’ POS+ records your sales and inventory using secure technology. The POS+ automatically creates daily sales reports and monitors your cashiers. You can give each of your employees their own account. The system then lets you see the sales that occur during each employee’s shift. The POS+ saves you the time and frustration that come with having to investigate daily receipts and records. Make your small business more secure by buying POS+ now or getting a quote for multiple services.
