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In 2013-2014 the US shrink rate decreased by 2 basis points to 1.48% of the regions sales. The total shrink stood at $42 billion. North america recorded the highest shrink rate in the world as it has the highest concentration of retail stores and significantly lower retail loss prevention spends than other regions under consideration. In 2013-2014 dishonest employees' theft increased to 42.9%. Dishonest and fraudulent employees were responsible for $18.01 billion of shrink. Key reasons for dishonest employee theft include the mismanagement of sales reducing activities events, ineffective pre-employment screening, a diminishing focus on training and development of assistant and store managers, coupled with the lack of management stability with the store.
Shoplifting is the second-largest source of retail shrink in the US. In 2013-2014 it accounted for 37.4% (15.70 billion) of shrink, up from 34% in the previous year. Flawed or lack of a sound product protection strategy, ease in selling stolen merchandise, and deployment of fewer employees on the sales floor for servicing customers and reduction in social stigma are the major reasons contributing to the growth of shoplifting in the US. (LP Magazine The Global Retail Theft Barometer Ernie Deyle Jan 19, 2015)
In some cases employees start off honest then through a change in circumstances, pressure, and sometimes addictions employees begin to steal from their employer costing them millions of dollars. L&T Investigations also specializes in Assets Protection. We have the ability to monitor employee activity, place undercover investigators on the inside and make detentions. L&T also conducts general surveillance services for both the public and private sector and electronic bug sweeping and hidden camera detection.