Employee Theft Unveiled Pt. 2: Delving Deeper

Introducing the second part of our exploration into the world of employee theft, where we delve deeper into the deceptive practices that can go unnoticed in businesses of all sizes. Employee theft takes various forms, from subtle tactics that affect cash registers and inventory counts to more brazen theft of products and funds. In this section, we shine a light on these practices and explore the impact they have on businesses. Discover how employee theft can extend to areas like product theft, blunt theft, and even "short ringing," all of which can accumulate into significant financial losses over time. We'll also discuss the multifaceted approach required to combat this issue, including the role of robust inventory tracking, strategic security measures, and employee training. And keep an eye out for how Infra Motion Labs' innovative AI solutions can assist in tracking and reducing these losses without the need for additional human work hours. Join us as we uncover the world of employee theft and explore the measures that can safeguard your business's integrity and profitability.

??Product theft

A more direct and apparent form of theft, product theft is self-explanatory. The complication comes in when employees are asked to explain their theft. It's very easy for a fast-food worker to see a box of fries or a latte as a small "perk" that doesn't hurt anyone, but these small items can add up. Product theft is the internal version of shoplifting, and you can use the same tools to spot employees stealing inventory.

Of course, you may also encounter the more brazen employee thieves who steal larger inventory items where no justification could be possible. Try as they might to excuse it, no one really believes their company owes them a free big screen TV or a new pair of shoes. Worse still is if you're dealing with a thief who's turning a profit on their theft: taking multiple items and selling them online or to friends for a profit.

???Blunt theft

Direct and impactful, blunt theft occurs when an employee takes cash directly from the register. There could be several motivating factors for blunt theft, but a good place to begin your investigation is with staff members who have been vocal about feeling underpaid, under-appreciated, or taken for granted.

Depending on your store's cash handling procedures, it could take a while to figure out who is stealing from the till, especially in an environment where multiple staff have to access the same register repeatedly throughout the day.

??Short ring

Your bartender makes a Cosmopolitan that sells for $10 but rings it in as a Screwdriver that sells for $5 and pockets the difference. Your cashier charges customers for the latest smartphone that's priced at $800 but rings it in as a budget flip phone worth $200 and pockets the extra money. This crafty scheme can go unnoticed until your inventory shows inconsistencies, and by year-end, it can lead to thousands of dollars.

Efforts to combat employee theft require a multi-faceted approach, including robust inventory tracking, well-placed security measures, and employee training. While some cases might go undetected for a while, the cumulative effect of such theft can be significant, making it imperative for businesses to address and mitigate this issue. Infra Motion Labs offers AI solutions that can help track without the need for any additional human work hours. Our AI surveillance system can help you build transparency and trust between you and workers. With our technology, you can have confidence that your employees are on the same page with you, ensuring that your business is in capable and trustworthy hands.