The end of the year is a perfect time for reflection. What did we do right? What did we do wrong? What can we learn from these wrongdoings? We put together a collection of our top 5 Loss Prevention blogs to aid you in this process and help you develop a plan for 2017.
According to the National Association for Shoplifting Prevention “There are approximately 27 million shoplifters (or 1 in 11 people) in our nation today. More than 10 million people have been caught shoplifting in the last five years.” With such a large portion of shoplifters going without penalty, it is easy to see the burden that is being placed on stores throughout the country.
Due to these losses, the price for security expenses has had to increase; which in turn increases the cost of goods to consumers. These may seem counterproductive to those who are stealing but not everyone who steals does so out of need. Read More
You could be spending more than $11,000 in labor costs alone that could be eliminated with the implementation of a smart safe.
Yearly Cost of Till Bleeds:
- It requires 10 minutes of a manager’s time to check the count. This results in 2 hours of lost manager time each day, due to cash counting. At an average manager pay rate, this could result in almost $10,000 per year in labor costs.
- It requires 5 minutes of a server or cashier’s time to check the count. If tills are bled every 2 hours, this results in about 1 hour of lost time among your servers and cashiers each day. At an average hourly rate, this could result in almost $1,400 per year in labor.
With a Cash Management Safe, cashiers and managers would only have to insert cash into the bill reader of the safe. A fast and accurate count for the tills would be automatic. Read More
Tony Gallo, Managing Partner of Sapphire Risk Advisory Group, has been in the business of Loss Prevention for more than 30 years. He served as a Loss Prevention Director, as well as a security consultant for retailers, restaurants, financial loaning services, and more.
We sat with Tony Gallo and asked, “What is one of the biggest threats you see for businesses trying to prevent loss?”
The answer? – Internal Theft.
This makes sense. More than 40% of inventory shrinkage is due to Internal theft, with 75% of employees having stolen from their employer at least once. The problem costs U.S. retailers more than 50 Billion dollars each year.
How can internal theft be responsible for such an enormous loss? Read More
Being in an armed robbery is a horrific experience for anyone but if it does ever happen to you it is important to know how to recognize the signs and what to do to prevent as much loss and injury as possible.
The Signs of an Armed Robbery
- Person enters on cell phone. Possibly in a group.
- Inappropriately wearing sunglasses inside.
- Inappropriate wearing of a hat or hood.
- Inappropriate dress. (ex: big coat in the summer)
- Large group enters at once (non-family).
- Carrying large bulky items. Used to distract.
- Asking unusual questions. (“When does the store close?”)
- Hand signals to individuals inside or outside of store.
- Going out of their way to not touch anything.
- Ignores you when you try to greet them.
What should you do? Read More
Employee theft is far more common than you may realize. Security experts estimate that 25 to 40 percent of all employees steal from their employers and the U.S. Department of Commerce (DOC) estimates that employee theft equals a total loss of approximately $50 billion on an annual basis nationwide.
Small businesses are believed to be particularly vulnerable to employee theft due to their infrastructure. Many small business employees have multiple responsibilities and in many cases are less managed. This provides a greater opportunity for an employee to conceal their actions. Read More
Written by: Heather Haney