Employee theft is still a serious concern among retailers, and it’s critical that retail store owners and managers should include this into overall plans. Millions of dollars are lost each day to theft in the retail environment, and the number is expected to increase if retailers fail to act and provide pro-active solutions against theft in the retail environment.
And while some forms of theft in retail come in small packages like a piece of pen or a pack of candies, all these can accumulate in a year to create an impact on the company’s bottom-line. When faced with these prospects, retailers have no choice but to initiate some strategies or invest in tools that can help stop retail store theft on its tracks.
Run Background Checks On Retail Store Applicants
All potential hires should go through the usual Human Resources procedures including drug test and background checking. Employees with drug addictions and gambling backgrounds are at a higher risk of theft to sustain their wants. Pay attention to their past behavior and records, and use these when assessing employee capabilities and competence.
Install CCTV Cameras And Direct It Towards POS Terminals And Cash Drawers
Employees become bold in their efforts to steal and work beyond their job functions when no one is looking or monitoring their actions. Theft and pilferage will be lessened if there’s a video surveillance camera system that’s installed in the retail store. Cameras should be strategically placed in store, with cameras focused on the Point of Sale (POS) terminals and cash registers, the stock rooms, store entrance and exit.
POS Systems As Theft-deterrent Tool In Retail
You can further boost your protection against theft by investing in business tools and software like a POS system. A solid POS system may not immediately come to mind as an anti-theft system, but it can work in a retailer’s favor when it comes to tracking and monitoring transactions and activities. With a POS system in place, all orders are entered in the system and will be tracked in real time. It’s easier to match up the existing inventory and actual sales since transactions are updated in real time.
There’s no need to worry about ‘missing cash’ in the cash register since a POS system allows convenient tracking of cash drawers any time of the day. A POS tool can double as your retail store’s ‘timekeeper’- it can keep records on the employees that handled the terminals, at what time and for how many hours. And in some software systems, retail store owners can override an authority to work for overtime hours.
Appropriate actions against theft and pilferage are necessary in keeping your retail business protected. And the use of a POS system and other retail solutions can help put you a few steps ahead of retail store theft and pilferage.