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Shrink: Causes, Controls, and Responsibilities

Shrink is defined as the loss of store merchandise and/or money due to theft or inaccurate valuation of store inventory (inventory is defined as merchandise in the store intended for sale.)
There are four main types of shrink: internal shrink, external shrink, process and paperwork, and outside vendor.
Internal shrink is any shrink caused by store employee theft.
External shrink is any shrink caused by non-employee theft.
Outside Vendor theft is shrink caused by vendors/suppliers who service the store.
Process and paperwok is shrink caused by mistakes in physical inventory or how the inventory is valued.
The entire store team, including Managers, Pharmacists, Assistant Managers, Shift Supervisors, and Crew Members are responsible to watch for shrink, catch it, and stop it.
Internal shrink baseline practices are bag checks, register monitoring, employee discount and purchase monitoring, use of lockers, and cash management controls.
External shrink baseline practices are customer service, proper handling of refunds, EAS tags (security tags) on all applicable merchandise, check and charge verification, empty package monitoring, and controlled access to both the pharmacy and backroom.
Only authorized mgt. personnel are allowed to check-in or check-out a vendor/supplier.
Store Process and paperwork baseline practices include checking in all deliveries, processing damages for store credit, and recording price discrepancies.

AB
Internal ShrinkMost Common Type of Shrink (43%)
External Shrink#2 Type of Shrink (31%)
Outside Vendor Shrink#3 Type of Shrink (18%)
Process and Paperwork#4 Type of Shrink (8%)
Bag ChecksInternal Shrink Baseline Practice
Employee PurchasesInternal Shrink Baseline Practice
Employee DiscountsInternal Shrink Baseline Practice
Register MonitoringInternal Shrink Baseline Practice
Empty PackagesExternal Shrink Baseline Practice
Customer ServiceExternal Shrink Baseline Practice
Check and Charge VerificationExternal Shrink Baseline Practice
Authorized Check-in and Check-outOutside Vendor Practice
Price DiscrepanciesStore Process and Paperwork
DamagesStore Process and Paperwork
Use of EAS TagsExternal Shrink Baseline Practice
Cash Management ControlsInternal Shrink Baseline Practice
RefundsExternal Shrink Baseline Practice
Controlled Backroom AccessExternal Shrink Baseline Practice
Check In DeliveriesStore Process and Paperwork
Responsible For Controlling ShrinkEntire Store Team


seth broidy

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