Question

Imagine you are the owner of an upscale clothing store, like Barneys in Manhattan, which was driven out of business by a 7-percent pilferage rate. What creative solutions could you identify to reduce pilferage?

Chapter 9 - reducing employee theft - Entrepreneurship (starting and operating a small business) book

Answer 1

1. Setting up a camera surveillance system in the store will give opportunity to the employees to show that the owner is watching. It will help to monitor the workplace, and keep a eye on the places where the possible theft can take place.

2. Using the POS system, to prevent employees from asking different price from the set price to the customers, as the system will keep the track.

3. Maintaining the inventory of the stock can prevent the internal theft, also installing the security camera in the warehouse can help to monitor that area.

4. Employee pre employment checks can be beneficial so as to avoid hiring any dishonest employee. Financial problems faced by employees can lead them to carry out stealing without considering the consequences therefore it is important to wisely check their hobbies.