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In todays economic condition there has become an increasing need for small and large businesses to become conscious of ways and reasons that they might lose money Companies need quality employees effective management and cost efficient loss prevention plan to decrease the total losses endured by a company Losses in the workplace can come from many different areas such as internal theft employee theft external theft shoplifting and administrative system error The calculations of these losses over the fiscal year are known as shrinkage If a business loses a great amount of money due to shrinkage then the chances of that company flourishing in their respective market is very minimal Especially if rival companies have an effective loss prevention program in place In this essay one will see just how the use of an effective loss prevention program can help small and large businesses reduce their amount of shrinkage thus letting the businesses grow and advance One will see that shrinkage is something that employees management and owners can easily control without a large amount or time or moneyEmployee theft also known as internal theft accounts for about 30 of total losses There are a number of different ways in which internal theft can occur Possibly the most prominent form that internal theft takes on is in the form of punch clock fraud Employees tend to take advantage of the punch clock Even though repercussions of this act can and should result in termination of the employee this doesnt stop certain people Other types of internal theft are sweet hearting letting family or friends receive goods or services for free some people take advantage of the workmans compensation board by making faulty claims There are a number of ways to prevent internal theft starting with empathy and appreciation towards the employees The employer needs to respect listen understand discuss and involve employees in the company activities This is a type of prevention because if this
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