Employee theft is a challenging reality that costs the typical small retail business between 3% and 5% of its total revenue. It is often a silent drain on profits because owners are in denial, especially when the staff involved feel like family. To mitigate this risk, newsagents must implement professional processes that make theft difficult to hide.
Start by processing all end-of-shift balancing through your software. You should have a zero-tolerance policy for discrepancies in the cash drawer. Ensure that your point-of-sale system is integrated with your EFTPOS terminal to eliminate manual entry errors or “skimming”. It is also vital to have a policy that prohibits staff members from serving themselves. All employee purchases must be transacted by another staff member from the customer side of the counter.
Use the audit log in your software to monitor cancelled or deleted sales. A common theft technique involves scanning items, taking the customer’s cash, and then cancelling the sale so the transaction disappears from the daily total. By matching these logs with your security camera footage, you can identify patterns of fraud quickly.
A clean and organised counter also reduces the opportunity for theft. Prohibit personal bags at the sales counter and ensure the cash drawer is closed immediately after every transaction. Being professional in your management demonstrates to staff that you are paying attention.
Ultimately, valuing your employees and sharing accurate business performance data can help. When staff understand the real costs of running a business, they are more likely to act with integrity. A written theft policy, signed by all employees, sets a clear foundation for a culture of accountability.
newsXpress helps its members in this area of theft with a Theft Policy ready for use in-store, training on how to mitigate against theft as well as support in the experience of theft being encountered in the business. We are there for you, supporting you, helping you navigate an often emotionally charged situation.
While employee theft is awful, newsXpress can help you get through it and be better on the other side.
This is another newsXpress difference of which we are proud.
Find out more: help@newsxpress.com.au
