You select your employees very carefully. You vet them thoroughly before you hire them. They don’t have any criminal records and they seem like upstanding citizens. Unfortunately, regardless of the pre-hiring steps you take to curb employee theft, it can still occur at your business. In fact, the instances of internal theft have been rising steadily in Canada and the US.
You cannot watch your employees and your cash at all times, so you should be taking steps to cut down employee theft. You should be protecting your business and your money to the best of your ability. Here are five steps you can take to reduce instances of employee theft from occurring at your business.
Automated Cash Systems
Allowing your employees to handle your cash manually is risky business. Every dollar coming through your doors should be counted and recorded so you know exactly how much cash you should have on hand at all times. This eliminates many opportunities for dishonest employees to steal from you. Automating your cash registers helps you keep track of your money so every transaction is accounted for. Coin and note recycling solutions increase accuracy, add security and reduce labour costs.
Bill and Coin Counters
Bill and coin counters are great investments. The equipment takes care of counting your end-of-day cash so your employees have fewer opportunities to steal from you. Cash counters are accurate, quick, and automated, so you can ensure that every nickel you have is counted and recorded properly. Taking your workers out of the counting process can eliminate instances of internal theft.
The Buddy System
Employee theft is far more rampant when employees are left alone. They are more likely to steal from you if no one is around to catch them. So, implement a buddy system within your company. Whenever floats have to be counted at the start or end of shifts, make sure two people are there so you always have a witness. And when voids or refunds must be processed, this procedure should be done with a buddy. Make sure that you rotate your buddy system—don’t let the same two people work together at the same time. You want to avoid close friends from witnessing each other’s transactions.
Watch from Afar
Since you can’t be at your store every minute of every day, set up some security cameras that record the movements of your employees when they are around cash registers or in the vault. This will deter internal theft since the risk of being caught is much too high. Review the video daily and limit access to the surveillance systems to as few managers as possible so you can ensure that no one is tampering with your equipment.
Make Your Employees Accountable for Their Actions
When you have sloppy cash handling procedures, you’re setting yourself up for theft. When workers are sharing floats and sharing cash registers, it’s easier for them to steal and not be caught. Implement a policy where all employees are responsible for their own day’s float and register, so that if anything goes missing, you’ll know who’s accountable.
You Can Cut Down Shrinkage
As the business owner, it’s your responsibility to cut down employee theft so you can keep more of your own money in your pockets. Shrinkage can drastically affect your bottom line as well as your cost of goods for your customers. To curb internal theft, automate your cash registers or invest in bill and coin counters, set up a buddy system, install surveillance cameras, and make all of your employees accountable for their own actions.