For businesses like restaurants, entertainment venues, holiday retailers and more, seasonal demand fluctuations can act as a main driver for many major business decisions. More often than not, that can also impact labor, requiring businesses to take on seasonal or temporary workers -often bringing an increased likelihood of employee theft with it.
Whether you’ve dealt with employee theft by seasonal workers before or are considering hiring seasonal workers for the first time, one tool can significantly reduce the risk of fraud by temporary workers in your seasonal business: POS analytics.
By matching the POS system to an intelligent analytics system, business owners can more accurately and efficiently identify, prove, and stop employee theft before the damage hits the bottom line.
A Perennial Problem with Seasonal Workers
Keeping an eye on all young, temporary, or seasonal employees can be difficult to impossible, especially in the busy season.
According to a recent survey by the National Retail Foundation, over one-third of all inventory shrink in 2018 can be attributed to employee theft – and seasonal employees are certainly no exception.
That’s because seasonal employees often step in during the busiest times of the year, often for low wages, and may work long hours – a combination which may lead seasonal employees to feel undervalued. This can become a potent combination, and may be responsible for the spike in employee theft often attributed to these seasonal worker windows.
In most instances, seasonal employee theft will be concentrated around your POS system, where common fraud methods like sweethearting can be stealthily put in play in order to appear as though an item has been rung up before being bagged. Often requiring the cooperation of the shopper, sweethearting is one of the main forms of retail theft methods employed by seasonal and other workers.
For businesses dependant on hiring seasonal workers, this hit to the bottom line could spell serious trouble – but adding an intelligent POS analytics system may be the solution.
Putting POS Analytics To Use For Your Bottom Line
In the battle against employee theft by seasonal or temporary workers, stopping theft at the POS often runs into two major obstacles:
- Obtaining proof of the theft with verifiable evidence, and
- Connecting each instance of theft to a POS transaction (and, therefore, an employee)
And while keeping a close watch on individual acts of theft may be difficult, the real challenge is getting out ahead of employee theft before it becomes entrenched. That takes a firm, in-depth understanding of not just individual acts, but long-term trends – data typically not available to the average business owner working with a simple POS.
Enter, POS analytics: the best solution to helping business owners identify employee theft patterns as they deviate from statistical norms. With advanced POS monitoring connected to an intelligent POS analytics system, businesses can keep a close watch on all data coming through a POS system – all transactions, all items rung, and all money put into (or taken out of) the register – from one simple interface.
By integrating the POS system with intelligent analytics, businesses are able to better identify loss vectors from seasonal or temporary employees from all angles. Whether that leads to the removal or discipline of one individual employee or systemic changes to your seasonal labor system, this technology may be key to reducing employee theft and keeping your seasonal business free from the financial burden of employee POS theft.
Stop The Loss and Secure Your POS from Seasonal Employee Fraud
Regardless of why your seasonal employees may be tempted to steal, employee theft by temporary workers remains a potent problem in many industries – often compounding existing issues with employee theft that can do serious damage to your bottom line.
Rather than allowing seasonal employee theft to continue year after year, businesses should consider stopping theft where it is most likely to occur: at the POS. By integrating advanced POS analytics with real-time video surveillance and POS monitoring, business owners stand a much better chance of catching theft before it does real harm to your profit margin.
If you’re ready to make the leap into theft prevention, eConnect can help. Our POSConnect suite is designed with retail, entertainment, amusement, and food service businesses in mind, and is designed to accurately and efficiently monitor your POS system for irregularities and potential instances of theft. By combining real-time video with smart analytics, POSConnect allows business owners to compare POS events against statistical norms and create a clear, verifiable evidence trails in the event that corrective action must be taken.
Our POSConnect Suite features three helpful tools for keeping a close watch on all angles of your business, from monitoring transactions at the POS to keeping a close watch on who is actually coming in and out of your business:
- POSConnect synchronizes video and POS transactional data to identify outlier employee behavior, employee theft and operational anomalies. POSConnect also now includes CheckScore, our AI-driven check scoring system designed to quickly and efficiently identify high-risk checks and which employees are responsible for them.
- LiveAnalyst puts a team of skilled data analysts at your disposal to provide expert analytics and intensive training for your team.
- eCounter provides optical recognition technology and advanced analytics to closely monitor visitor counts, estimate wait times and potential revenue, optimize operations and staffing, and improve the guest experience in real time.
If you’re a business owner dealing with seasonal employees, you know the damage employee theft can cause during the most crucial busy periods. Don’t let POS fraud eat into your profits – get in touch today and see what eConnect can do to stop that temporary employee theft without holding up your workflow.