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Top 3 Worst Business Trends for Loss Prevention

Posted on 8/19/14 10:00 AM

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.

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Topics: loss prevention awareness, policy development, loss prevention, employee awareness, policies and procedures, customer service, Compliance, Training