I know, I know… it’s a sensitive topic. But shrinkage is a problem that affects up to 95% all businesses, and it hurts everyone (business owners, employees, customers). It eats into profits, it drives wages down and it pushes prices up.

 

In fact, a 2020 report by the Association of Certified Fraud Examiners (ACFE) found that “the typical organisation loses 5% of its revenues to fraud each year”, and that capital has to be recovered somewhere.

 

But it’s not just the direct loss of profits. The threat of shrinkage has wider negative effects on your business and culture. It can create an atmosphere of suspicion and distrust, encourage micromanagement from employers, and lead to poor staff relations. All of which hinders you from getting the best out of your employees and creating a positive working environment.

 

A real solution to shrinkage

 

Shrinkage comes in many forms, and it can be cash or inventory that is lost. But focusing on cash (which is where we can help), there are two primary sources: cashier error and employee theft.

 

Theft can be hard to bring up with your employees. Nobody wants to feel like they are pointing the finger at hard-working staff. Your staff don’t want to live in an atmosphere of suspicion and micro-management. But according to the US Chamber of Commerce, 75% of employees admit to having stolen from their employer at least once, and it’s not something most business owners can ignore.

 

Glory’s cash automation solutions don’t act as surveillance on your employees – they remove the temptation of theft altogether. By taking the payment and dispensing change, our POS-integrated cash recyclers mean cashiers don’t need to touch the cash at all during purchase (which also benefits the customer experience by shortening transaction times and reducing queuing).

 

By combining with our back-office solutions, it’s even possible to create a full “closed loop” system, giving ultimate security as no one has contact with the cash as it moves through your business, all the way from the POS to the bank (with the added bonus of huge time savings compared to manual cash handling and reconciliation).

 

And it’s not just cash theft that is solved with these solutions. Errors are virtually eliminated, as well as the risk of taking in counterfeit notes.

 

Don’t just take my word for it – read our case study with Henderson Retail in Northern Ireland, where they achieved 100% accuracy in their cash handling, and also saved 2-3 hours of staff time per day to be redeployed to enhance the customer experience, all with Glory solutions.

 

It’s time to keep the money you’ve earned.

 

Learn more about this and the other ways our cash automation solutions can maximise profits in your retail business in our ebook.