Quick Answer: What Is Excel Shrinkage?

How can we reduce shrinkage in BPO?

Here are four tips to handle shrinkage and blunt its negative impacts.Track it.

To track schedule adherence, many call centers deploy employee tracking applications that let users log in and out as they start and end their shift, respectively.

Monitor absenteeism.Keep employees engaged.

Reward productive agents..

What are the 3 main causes of shrink?

Let’s take a look at the four main causes of inventory shrinkage:Shoplifting,Return fraud,Employee theft, and.Administrative error.

How is shrinkage percentage calculated?

Divide the amount of shrinkage by the original size to find the shrinkage rate. In the example, divide 2 by 8 to get 0.25. Multiply the shrinkage rate by 100 to find the shrinkage as a percentage. In the example, multiply 0.25 by 100 to get 25 percent.

How we can control shrinkage in our store?

Understanding how shrinkage happens in retail stores is the first step in reducing and preventing it.Shoplifting. … Employee Theft. … Administrative Errors. … Fraud. … Operational Loss. … Implement Checks and Balances. … Install Obvious Surveillance and Anti-Theft Signage. … Use Anti-Shoplifting Devices: Security Tags.More items…•

How can you prevent shrinkage?

Here are some simple steps you can take to prevent retail inventory shrinkage from putting a dent in your business’s bottom line.Hire carefully. … Crack down on theft. … Rethink your store layout. … Be proactive about fraud prevention. … Avoid costly administrative errors.

How do you calculate shrink in Excel?

You can calculate retail shrinkage in Excel by dividing the value of goods lost to shrinkage by the total value of goods that are supposed to be in the inventory.

How do you find shrinkage?

Shrinkage figures can be calculated by:Beginning Inventory + Purchases − (Sales + Adjustments) = Booked (Invoiced) Inventory.Booked Inventory − Physical Counted Inventory = Shrinkage.Shrinkage/Total Sales x 100 = Shrinkage Percent.

What is WFM shrinkage?

Call center shrinkage is the number of agents actively taking calls divided by the number of agents who are not available for any reason. Those reasons can include: External Shrinkage Factors: Holidays & vacations.

What is KPI in BPO?

Introduction to Key Performance Indicators (KPIs) Key performance indicators is the term for a type of performance metric used to evaluate how a company is progressing towards their business goals. It is one of the efforts businesses use to measure productivity using trackable numbers.

How do you control shrinkage and attrition?

Top Tips for Improving Contact Centre ShrinkageFactor shrinkage into your staffing requirements. … Avoid inflating the base staffing figure by the shrinkage percentage. … Track unexplained absences closely to maximise productivity. … Forecast down to 15- or 30-minute intervals. … Don’t just write down 10% and keep your fingers crossed. … Don’t flat line shrinkage across the year.More items…•

What is the formula of attrition in BPO?

In order to calculate the attrition rate, you just take the number of attritions (or employees who left the company), divided by the average number of employees, and then multiplied by 10. For example, if you had 47 agents leave in a year, with an average of 340 employees, your attrition rate would be 13.82%.

What is employee shrinkage?

What Is Shrinkage? Shrinkage is the loss of inventory that can be attributed to factors such as employee theft, shoplifting, administrative error, vendor fraud, damage, and cashier error.

What is attrition and shrinkage?

Shrinkage is a term that is broadly defined as the percentage of time that scheduled agents are not available to handle customer interactions. … Attrition is a component of contact center shrinkage.

What are the 3 types of shrink?

There are three main sources of inventory shrinkage in retail:Shoplifting. The number one source of shrinkage for a retail business is, perhaps unsurprisingly theft by consumers themselves. … Internal/employee theft. … Paperwork errors.