White Papers - Industries

How to Use Recognition and Incentives to Shape a Risk-Conscious Culture

For retailers, managing risks, specifically inventory shrinkage, is an age-old and very costly problem. According to the 2006 National Retail Security Survey (NRSS) published by the University of Florida, the U.S. retail industry lost more than $40.5 billion in 2006 due to shrinkage. The retailers surveyed attributed 47 percent of their shrinkage - approximately $19 billion in losses - specifically to employee theft. The ability of retailers to prevent - or at least, significantly reduce - the amount of loss related to safety or shrink issues relies greatly on their ability to positively influence the personal decisions and habits of their associates.

In fact, most retailers will find greater success connecting with and educating associates by designing programs that foster a sense of excitement around supporting safety and shrink initiatives. Staff motivation is fundamental to any training and awareness program - and this is where recognition and incentive programs come into play. This whitepaper provides guidance on how to establish recognition and incentive programs and outlines the different types of these programs, among other topics. 

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