![]() Hayes International consulting firm, found that on a per-person basis, dishonest employees steal approximately 5.7 times the amount stolen by shoplifters. This study showed employee theft continuing to increase significantly from the previous year.Īnother study, the 15th annual Retail Theft Survey conducted by Jack L. The largest percentage of loss, 48 percent, comes not from shoplifting or individuals external to the organization, but from theft from the organizations’ own employees. The 2002 National Retail Security Survey, published by the Center for Studies in Criminology and Law at the University of Florida, reported an average retail shrink rate of 1.70 percent of total annual sales, or an approximately $31.3 billion annual loss to retailers. In 1995, it was clear that it was a problem for Best Buy, as well. Retail shrink, or loss of inventory due to shoplifting, employee theft and vendor theft, and administrative errors, is a significant problem of retailers across the country. ![]() The results have been excellent.ĭid we change the rules of the game because we thought it would be fun to play a different way? No, we changed the way we were playing because we wanted to stay in the game. Not only did we teach our defense how to play offense and vice versa, but we also combined the two historically opposing groups and created a new team with a broader role and a larger goal-serve the customer and add value to the organization. In most companies, the defensive team is called “loss prevention” and the offensive team, “merchandising and sales.”Īt Best Buy loss prevention, we changed the rules of the game. Certainly nothing is more discouraging to a team than to gain hard-earned points through offense, only to lose the game by giving away points that should have been protected by a solid defense. Winning in business, as in sports, requires both offensive and defensive skills and strategies.
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