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» Loss Prevention Consultants New York

Shrinkage

Prevent & Investigate

Loss prevention in the retail industry is concerned with disappearance of merchandise and currency. Most retail establishments take a physical inventory annually, while some do it semiannually. When the count is completed, the difference between the actual inventory on hand and what it should be according to purchase and sales records is called shrinkage. The Causes of shrinkage are recognized as employee theft, shoplifting, and paperwork error. Other reasons for business losses, such as robbery, burglary, and vandalism, are separate problems. Shoplifting and internal theft are actually untold numbers of separate incidents of larceny adding up to billions of dollars of losses which are not listed in crime reports, except for the relatively few cases where arrests are made. Even though shoplifting is more often publicized than employee theft, security experts are of the opinion that the in-house thief is responsible for at least 50% of the shrinkage.

Internal Theft

Did you Know: 50% of shrinkage in NYC and elsewhere is the result of Employee Theft, according to expert estimates.

The retail industry attracts many unskilled people who work for minimum wages. Whatever the motivation, a fair percentage of workers succumb to temptation and steal. Many of these employees can be persuaded or prevented from stealing. Positive programs of employee relations built around fair compensation. The only way to reach some employees is through a highly visible security program and a rigid company policy of prosecuting any employee caught stealing.

Facts About Employee Theft

• The FBI calls employee theft “the fastest growing crime in America”.
• The U.S. Chamber of Commerce estimates that 75% of employee steal from their workplace and do so repeatedly.
• 1/3 of all U.S. corporate bankruptcies are caused directly by employee theft.
• The Boston Globe and the Denver Post recently reported that U.S. companies lose nearly $400 billion per year in lost productivity due to “time theft”.
• The American Society of Employees estimate that 20% of every dollar earned by a U.S. company is lost to employee theft.

We at Gold Shield Elite offer the following NYC Loss Prevention services:

• PRE-EMPLOYMENT SCREENING »

  Pre-Employment Investigations/ Background checks are very important and highly recommended. A conviction itself is an absolute bar to employment.\

• Periodic quality control operations to ensure security protocol is being adhered to.
• Analysis of physical security importance to loss prevention especially when new construction or major renovation is being considered.

Our Loss Prevention Analysis

Areas of review include where the most loss is coming from along with preventative measures. Most immediate areas of theft come from the following areas:

Polygraphs - Retailing is one industry that uses polygraph to a significant extent for investigating suspected crimes. We at Gold Shield Elite use a world renowned polygrapher, seen on many TV shows and used on several prominent national court cases. Schedule your polygraph test today, call Gold Shield Elite Investigations today at 845-561-GSEI or Toll Free at 1-888-213-8881.

• Cashier theft.
• Merchandise stacking - packages, boxes, bags of merchandise may be left in various places to be later taken away by a friend of the employee.
• Stockrooms - employees find remote areas to hide merchandise on person.
• Employee entrances.
• Receiving and shipping areas