Using Employee Feedback to help with Loss Prevention

As many retailers know, feedback can be a powerful tool. You could make an argument that feedback should be one of the tools that every retailer should be using. But what makes feedback so special? When done properly it gives you a great idea of how you are doing, how you are perceived, and how things need to change to make your stores a better place to shop and work. That "and" is important here, because obtaining feedback from employees as well as customers can go a long way in improving your bottom line, and can even help prevent fraud and other losses over time.

We live in a world now where most employers are trying to develop a unique culture for their company. One of the easiest ways to start developing your culture is to ask your employees what they want out of their experience, and what they expect from you. Allowing them to have a say in how the culture develops will make them feel closer to the organization, which not only builds employee loyalty but improves attitudes. Having input on culture can also help to improve your hiring process. When you know how your employees feel you have a much better idea of who will fit best in the culture you have created.

This combination of feedback and culture can have a great effect on loss prevention. For one, when employees are happier they tend to stay away from participating in fraudulent activities. It's simple psychology that any organizational behavior scholar will agree with. Also, when employees feel a greater connection to their employer - like when they are part of the culture building process mentioned above - they are more inclined to point out when someone else is committing fraud in order to protect the organization that they are invested in.

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