Internal Theft Can Take Various Forms
Under ringing sales and keeping the difference, false merchandise transfers and capturing funds from payment of fake invoices are all ways that employees can divert business funds away from your business.
Of course, your merchandise is also at risk as it is highly transportable and liquid.
Jewelers Mutual recommends the following to ensure your business does not fall victim to an internal theft loss:
Require all candidates to complete a signed job application, request permission to conduct a background check and take the time to conduct them! Check all references and if you’re pressed for time, consider using a staffing agency.
Monitor all associates who handle merchandise, engage in financial transactions or have access to computer systems or financial records. Let them know that you are checking their work, but don’t treat them with disrespect or an air of suspicion. Long-term employees can be susceptible to temptation and should be subject to the same checks and balances as everyone else.
Rotate Your Staffing Schedule
Don’t always schedule the same employees to work together. If you mix it up, you make it harder for potential thieves to team up.
Only select employees should have access to vaults, safes and display cases—and only when they need it. Limit the number of individuals that have access to your highest value items and consider necessitating a minimum of two individuals to be present when accessing these items.
Reconcile Your Sales Daily
Check your receipts daily and price merchandise by stamp or machine, not by hand. Allow only authorized employees to price merchandise to avoid intentional under pricing.
Properly maintained and designed video systems can have a major impact on preventing theft. If there is a case of missing merchandise, they can also help you determine who’s at fault.