Did you know that 75% of employees have stolen at least once from their employer? Learn more in the new article "The Battle to be a Profitable Restaurant: How to Deal with Employee Theft" by Robert A. Benson, Manager - Restaurant Operations that appears in the newest issue of KROST Quarterly.
"Most restaurant operators are engaged in a battle to protect margins from increasing labor costs, food prices, new tax laws that adversely impact sales, and the added cost of delivery (driven by increased demand), just to name a few. Most of these examples are areas that are beyond an operator’s control. However, there are opportunities when operating a restaurant, to win the margins battle.
One area to manage, which may seem insignificant, but is a silent killer in business, is employee theft. The amount in the restaurant business stolen by employees is about $6 billion dollars annually. The percent of annual revenues lost to theft or fraud is 7%. Believe it or not, 75% of employees have stolen at least once from an employer and 35% have stolen at least twice.
With these kinds of statistics, it is not only extremely important to be vigilant with all employees, but..."
Click below to read more on Employee Theft
Enjoy this and other exclusive content from KROST.
KROST Quarterly is a digital publication that highlights some of the hot topics in the accounting and finance industry. Volume 2, Issue 2 covers hospitality trends and news including California sales tax compliance, employee theft, data breaches, Wage Order 7, trends in restaurant technology, and more.