Guest Column
Employee Theft: Eliminate The Opportunity
Click Here To Download:•Guest Series Part 1: Employee Theft: Eliminate The Opportunity
By Dave Lunn, Sales & Marketing Director, Tellermate Group
The fact that retail employees are responsible for the largest percentage of cash loss whether due to theft or error is well documented. The 2010 National Retail Security Survey, as conducted by Dr. Richard Hollinger, professor of criminology at the University of Florida (with support from the NRF and ADT), chalked up 43% of retail losses to employee theft and 14.5% to admin istrative errors, for combined losses totaling $19.3 billion. The National Shrink Survey from LP consultancy Jack L. Hayes International perennially reveals that dishonest employees steal nearly 7 times more than shoplifters, averaging more than $700 per apprehended associate. Retailers lose anywhere from 1% to 5% of sales to employee theft and error, and much of that loss is attributed to theft of cash at several points in the cash handling cycle.
There are several steps a retailer can take to curb cash losses. Understanding why employees steal is an important part of removing their opportunity to do so, and their reasons are many...
Click Here To Download:•Guest Series Part 1: Employee Theft: Eliminate The Opportunity
