Ten years ago, the average person could manage his or her reputation simply by burning all the copies of the high school year book and by avoiding too many drinks at the holiday office party. Today, it’s not just that our lives are expose on several social media platforms…it’s that we volunteer these tidbits of our fame and fortune so freely. Perhaps for most—but not all—over the age of 30, we use a certain amount of discretion and common sense before we click “post.” Unfortunately this is not always the case for the Millennials and we may be witnessing an entire generation that later in life hires Web Reputation services the way Baby Boomers hired 401k financial planners. To that point, it might be helpful for public schools to eliminate guidance counselors and replace them with public relations advisors.
Social Media “information” has taken turns down avenues we don’t completely understand and many professionals remain uncertain not only as to “how to” evaluate that information, but if they should even consider it. And while that large ship of Case Law, slowly turns to advance upon the questions and concerns, the real world moves at a much quicker pace. But its not all misty gray as there are places we can turn to get an idea of the direction.Read More
I hate to begin a post with “back in the day,” but…back in the day, retailers had the technological advantage over dishonest employees. We had our cameras, our recording devices, and keen powers of observation to detect potential dishonesty. Mostly we could watch them a lot easier than they could watch us. I still recall training store managers to look for certain signs that today seem laughable. Suggestions such as to observe for “counters” at the cash register. Counters were any thing, like paperclips, pennies and the such, used to keep track of how much money the dishonest cashier had accumulated in the drawer from false refunds etc. Even watching for “customers” who wait to approach a specific cashier isn’t as easy as it once was. Smart Phones have changed the game.Read More
Topics: loss prevention awareness
Author Eric Hoffer wrote, “In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.” Darwinism and strict theories on evolution may not always work when examining living organisms, but survival of the fittest appears a solid principle in business. History demonstrates that business practices evolve both on the macro and the micro level.Read More
Topics: loss prevention
As a consultant and loss prevention service provider, I’ve had the opportunity to listen to a full spectrum of opinions on employee theft. Few, if any, business practitioners take issue with the fact that employees steal and most agree it is the biggest challenge facing companies.Read More
Topics: employee theft
1. Training Reduction - We live in an economy where cost cutting conversations have become more common than improvement discussions—unless of course you consider cost cuts as an improvement. Training departments and programs have moved from a staple to a luxury. But in saving the time and costs, we often sacrifice those hard-earned dollars we work so hard to earn. Industry experts estimate that nearly 15% of all losses are the result of error. Those estimates are becoming difficult to defend in an environment where companies loath spending any money on educating employees. The real problem is that without a solid foundation and the certainty that all the ships are moving in the right direction, the causes of our loss and declining profits become a large gray area. And the little mistakes can really add up. Transfers and shipments can be mis-processed, incorrect prices are rung through the register, waste or damages are mis-handled, and improper procedures open the door for breaches to our merchandise and money protection standards. Really, the only way to know the difference between an employee who doesn’t know versus one who doesn’t care is to ensure each has received the proper training and guidance on how to do things right.Read More
A core principle of an effective loss prevention program is the tenet to “hire right.” We can avoid many potential losses when we employ associates with the right experience, skills, and attitudes. One character traits ties that all together nicely - integrity. The importance of integrity and its usefulness as a differentiator becomes clear when we consider hiring a candidate. Consider candidate A who has a great amount of experience in banking, has a strong skill set that includes understanding of procedures, and loves working with money. Sounds perfect unless candidate A is actually acquired his experience, skills, and money-loving attitude as a bank robber.
Obviously, not all integrity issues can be determined with a criminal background check as most candidates will not, in fact, have ever committed a crime. Most of what we can learn about integrity and personal responsibility in advance of actually hiring is limited. For many years, companies relied on credit checks. The details of an individual’s credit report could often shine a light on the more irresponsible candidates. And although, 60% of companies still report using credit checks at some level of employment screening, in the post 2008 world, the reliability of such reports requires a bit more depth of review.Read More
Topics: Candidate Screening
Protecting Your Program From Loss and Liability
Gift cards have become the perfect gift for many consumers over the past couple of years. When not certain what to buy someone for birthday, holidays or any special occasion, a gift card from their favorite retailer is a great choice. For retailers, a gift card purchase ensures the holder will eventually purchase merchandise from their store, securing future sales. Gift Cards have quickly become a growing sales opportunity for retailers of all sizes.
One area that retailers may have not been properly prepared for was the fraud associated with gift cards. With gift cards becoming more popular, retailers are seeing and reporting more incidents of gift card fraud.
Gift Card fraud has occurred in all types of retailers, big and small. Grocery and retail. These frauds can occur in any retailer offering gift cards and stored value solutions. The retailers it will affect the least are those who built strong programs to protect their gift cards.Read More
Topics: Gift Card Fraud
Deeper Analysis May Reveal Necessary Shifts in Target Programs
As the end of most retailers' fiscal year approaches, physical inventories will soon be scheduled, and year-end (or half year) inventory results calculated. Once completed, retailers will look to evaluate their results to determine how profitable both individual retail locations and their company as a whole were against inventory losses.Read More