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A loss prevention program aims to reduce inventory or product loss in a business. Steps include employee pre-screening, a written employee policy, and a checkout counting policy. Video surveillance can also help limit loss and theft.
A loss prevention program for a business is a program implemented to reduce the loss of inventory or products in a business. For example, retail loss prevention is the procedure that the business owner undertakes to prevent the loss of products in the retail store from being stolen by customers and store employees. Fortunately, there are several steps that can be taken to implement effective loss prevention for a business from an internal and external perspective.
The primary way to create an internal loss prevention program is to institute an employee pre-screening process. For example, in an employment application, include a disclaimer alerting applicants that you will conduct a background check. A background check allows employers to search criminal records, extract a credit report, and check with an applicant’s employer background. Conducting research at this level helps identify employees who may be at increased risk of being stolen from the company.
Second, create a written employee policy as part of your loss prevention program. For example, you can write in your policy that if there is a burglary inside the store – either from the cash register or from merchandise on the floor – that lie detector or polygraph tests will be done. The policy you create may also state that you’ll need to file a report if a polygraph or video system detects a theft or the employee’s help.
Finally, if your store deals with cash registers, you need to have a checkout counting policy. For example, a manager should be responsible for tallying work with the employee as the employee walks forward and gets off the floor. This figure should be reconciled with cash register receipts to ensure that the receipt money matches the cash register receipts. Since there are several ways cashiers can steal money and keep the balance until the end of their shift, this is where a video surveillance policy helps. Using this combination of steps, you can implement a loss prevention program to limit the amount of loss and theft in your business.
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