Good Background Screening Programs Limit Employee Theft
August 1, 2008
Security Director News is reporting that the U.S. Shrink rate has dropped to the lowest level in 17 years. (In financial accounting the term inventory shrinkage [sometimes truncated to shrink] is the loss of products between point of manufacture or purchase from supplier and point of sale.) Why you may ask? Today organization’s put a priority on security! Years ago programs such as access control, security systems, network security and employee background checks was unheard of. Today it’s the rule rather than the exception.
ORLANDO, Fla.–With talk of the growing risk of organized retail crime, active shooters and data breaches getting prime spotlight at this year’s National Retail Federation’s Loss Prevention Conference & Exhibition, the news that inventory shrinkage as a percentage of sales fell to its lowest level in 17 years in 2007 was warmly welcomed.
The shrink rate of 1.424 percent represents a 9.3-percent decline from the 2006 results of the National Retail Security Survey, said Dr. Richard Hollinger, professor of criminology, law and society at the University of Florida and author of the report. This figure marked a six-year downward trend and is also the lowest rate in the history of the NRSS.
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