{"id":3730,"date":"2019-09-02T15:54:42","date_gmt":"2019-09-02T13:54:42","guid":{"rendered":"http:\/\/jarltech.blog\/?p=3730"},"modified":"2021-10-25T17:36:25","modified_gmt":"2021-10-25T15:36:25","slug":"5-ways-to-reduce-employee-theft","status":"publish","type":"post","link":"https:\/\/jarltech.blog\/en\/featured\/5-ways-to-reduce-employee-theft","title":{"rendered":"5 ways to reduce employee theft"},"content":{"rendered":"

There are a myriad of ways employees steal from their employers, but a few stand out. Take labor fraud, for example. Recent studies have uncovered high levels of \u00bbtime theft\u00ab, with more than 30 percent of employees admitting to fraudulently claiming more hours than they worked. Other significant sources of theft occur at the POS terminal, including fraudulent discounts, overrides, line item voids, suspended transactions, and refunds outside of allowable transaction thresholds.<\/p>\n

For restaurants, an industry that survives on razor thin margins, the impact of employee theft can be devastating. To put the problem in perspective, a retailer that earns a profit margin of 5 percent would have to sell \u20ac2,000 in merchandise to make up for every \u20ac100 stolen by an employee.<\/p>\n

<\/p>\n

Motivation + Opportunity = Theft<\/h3>\n

Much of the theft attributable to employees is opportunistic. Employers inadvertently provide the means to steal and even encourage theft when there aren\u2019t adequate controls established for labor reporting and POS transactions. The opportunity is reflected in risk-reward calculations employees often make when they consider whether or not to steal. Essentially the three-pronged rationale used is:<\/p>\n

    \n
  • I\u2019m worth more than you are paying me and am entitled to what I am taking.<\/li>\n
  • If you leave the door unlocked, you must not care if I rob you.<\/li>\n
  • Everyone else steals so there is little chance that I will be caught.<\/li>\n<\/ul>\n

    Prevention is the Best Approach<\/h3>\n

    There is a widely recognized series of steps necessary to address internal theft. They range from prevention and awareness to investigation and prosecution. It is also widely known is that prevention is the best strategy to reduce employee theft. Deterrence, rather than detection and prosecution, is a much more cost-effective and manageable means to deal with theft. As they say, \u00bbYou can\u2019t prosecute your way out of a shrinkage problem.\u00ab<\/p>\n

    Biometrics \u2013 The Path to Prevention<\/h3>\n

    Traditional access controls, such as passwords, PINs and swipe cards, have been ineffective in preventing labor and transactional fraud; they are too easy to share and steal. Although analytics can flag suspicious transaction patterns, without secure credentials irrefutably tying employees to transactions, excuses such as \u00bbSomeone must have stolen my password\u00ab stymie prosecution.<\/p>\n

    Biometrics provide a viable method for putting a dent in employee theft. Adapting a \u00bbSituational Crime Prevention\u00ab framework in conjunction with the use of biometrics offers not only theft prevention benefits but also provides an irrefutable audit trail that counters commonly used excuses during investigation and prosecution.<\/p>\n

    <\/div>

    <\/p>\n

    5 Ways Biometrics Reduces Employee Theft<\/h3>\n

    In 2003 Ron Clarke, of Cornish & Clarke, developed an array of situational crime prevention techniques. He arranged his techniques into five categories. Integrating biometrics into this model results in a promising approach to dealing with internal theft:<\/p>\n

      \n
    1. Increase the effort <\/strong>\u2013 Target hardening   <\/strong>
      \nThis category includes locks and physical barriers and biometrics play a key role. Employees must be present to clock-in and manager must approve transaction overrides and discounts.<\/li>\n
    2. Increase the risks of detection<\/strong>\u2013 Guardianship and surveillance
      \nManager oversight and audit trails are instrumental in thwarting internal theft. Ensuring that managers are present to authorize transactions and that there is an irrefutable audit trail tying employees to their actions make fraud detection a certainty.<\/li>\n
    3. Reduce the reward<\/strong>\u2013 Target removal
      \nBecause biometrics ensure that individuals comply with financial transaction protocols, it removes the opportunity to steal, unlike passwords and PINs.<\/li>\n
    4. Reduce provocations<\/strong>\u2013 Neutralize peer pressure
      \nBiometrics remove the temptation to steal and eliminates peer pressure to do so. Employee behavior is changed, and work culture dramatically improves without the ever-present provocation to commit fraud.<\/li>\n
    5. Remove excuses<\/strong>\u2013 Set rules and enforce compliance
      \nWith biometrics, transaction threshold policies can be<\/u> set with the certainty that they will be followed. Since employees can\u2019t use their manager\u2019s credentials to void a transaction, policies are naturally enforced, and compliance assured.<\/li>\n<\/ol>\n

      Summary<\/h3>\n

      For QSR restaurant owners struggling to compete in today\u2019s ultra-competitive market, reducing profit loss due to employee theft is crucial for their financial well-being, but traditional approaches have not been adequate to the task. Biometrics at the POS holds great promise for finally stopping the hemorrhaging of profits due to employee theft.<\/p>\n

      \"\"<\/p>\n

      <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"

      There are a myriad of ways employees steal from their employers, but a few stand out. Take labor fraud, for example. 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