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Loss Prevention Information - Employee Theft

Employee theft is a broad term covering a variety of crimes comitted against your store by your employees. It can be as simple as an employee pocketing merchandise, stealing cash, eating food for sale, taking office supplies, or by allowing others to steal from your store. Employee theft is also complex, covering embezzlement or check, refund, and credit card fraud. Whatever the means by which your employees are stealing from you, there is one common result: loss of inventory (shrink) and profit.

Employee theft is a particularly virulent crime for the simple reason that you are paying a thief to steal from you. Studies by loss prevention research firms have shown that employees can potentially cause more damage to your business than shoplifters. This is due to their level of trust by your business and their detailed knowledge of the security measures of your store.

Retail store employees are in a consistent position to steal from their employer. They are entrusted to handle money, goods, and customer information on a day-to-day basis. Studies conducted in 2005 have shown that employee theft in retail environments without a solid external loss prevention team can result in shrink as high as 47%. Average dollar losses per incident of employee theft can be as high as $1,800.00. Business owners unaware of the dangers of employee theft often try to implement their own loss prevention system, and inadvertantly give the thieves even more access to their business.

Dishonest employees do not fit into a single, easy-to-recognize profile. Any employee regardless of their ethnicity, economic status, age, gender, or weight is about as equal to steal from their employer. One of the main barriers against employee theft is their own individual sense of loyalty to their employer, moral guidance, and respect for the law. In an ideal world an employer would have the time and resources to know each of their employee on a personal level, and be able to determine their integrity simply through familiarity. In the real world, outsourcing your loss prevention team is one of the most effective ways of combatting employee theft.

One of the most effective ways to deter employee theft is simply the fear of getting caught. Many stores who have no loss prevention system or who have their own internal loss prevention system fall victim to employee theft due to a lack of this fear. An outsourced loss prevention team, such as what West Coast Loss Prevention can offer, ensures that your employees respect the law and your business, without bullying or intimidation. West Coast Loss Prevention agents are impartial to any workplace friendships or schemes with your employees, and can keep a watchful eye over your business.

For more information on employee theft and our methods to combat it, Contact us today — Don't Become a Statistic.

Outsourcing Loss Prevention Saves You Money - Contact West Coast Loss Prevention - The Orange County California Loss Prevention Experts
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Shoplifting is a serious problem, and it's getting worse. 2011 saw an extreme increase in shoplifting, as more criminals and customers have taken to theft. Some businesses have been hit so hard that they are forced to close their doors. Retail theft is predicted to only to get worse in the coming years, and now is the time to act. Training and implementing your own shoplift program costs money and resources that your business needs. Studies have shown that out-sourcing your shoplift program can save you over 20% on costs. West Coast Loss Prevention by Tier 1 Solutions offers you not just a return on your investment, but decades of experience in loss prevention. Let us manage your program: We do it all for you!

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