A news article from the University of Florida shows that employee theft tops the list of what businesses call “inventory shrinkage.” Employee theft beat out shoplifting as the primary reason for business inventory losses. It goes on to state that businesses lose nearly $26 billion each year due to inventory shrinkage.
“Employee theft was at the highest levels that we have seen in the eight years we have conducted this survey,” said Richard C. Hollinger, director of the University of Florida’s Security Research Project, which conducts the survey. “While the average shoplifting incident costs the retailer $212.68, an employee theft averages $1,058.20 per incident.”
What does inventory shrinkage have to do with safes? Well, not many safes are large enough to store inventory, with the exception of businesses such as jewelers, coin collectors, etc.
What safes CAN do is protect their business cash. This is one of the many reasons a depository safe is valuable. These safes make it possible for employees to deposit cash without needing to know the combination to the safe. These safes have a small slot in the front or top of the safe where employees can deposit cash and coin. They help protect cash not only from the burglar outside the business, but they also help protect cash from internal employee related theft.
You can also purchase an audit trail lock with the depository safe. For those that do have a combination such as managers, you can track who was getting in the safe and at what time. The depository safe and audit trail lock together eliminate a large percentage of employee rated theft of your daily deposits.
For more information on depository safes, please give one of our safe experts a call at 800-207-2259. We can help determine what size you need and what lock to install on the safe.
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