Regardless of the types of products they store, nearly every warehouse has experienced shrinkage due to employee theft at some time or another. But one of the best prevention tools you can use to reduce or eliminate theft from your warehouse doesn’t require the purchase of an expensive surveillance system or the adding to your payroll with the hiring of security guards. It’s your inventory system that might need the upgrade.
An accurate, frequent inventory of the products you store in your warehouse can be your best defense against employee theft. First, when your workers see your inventory being counted on a monthly, or even a weekly basis, it will put them on notice that you are paying close attention to how much of your product should be there. While some businesses will perform a physical inventory as little as once a year simply to satisfy bookkeeping requirements, a monthly or weekly inventory will help you identify and solve a theft problem more quickly.
The US equipment rental market is expected to grow 9.8% in 2014, according to a report released this week by the American Rental Association. And it is expected to increase even further, to 11.8%, in 2015.