Slash the Secret Cost of Retail Turnover: High Rekeying Costs

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Stop Rekeying & Start Saving with Traka’s Key Management Solutions

No one likes high turnover, and no one likes finding out the secret cost of that turnover: rekeying their locks. If you don’t believe us, just ask retailers.

High turnover has been a problem in the retail industry for years. In 2016, a survey found that the turnover rate of hourly retail employees was at a staggering 65%. Many concerns about employee turnover in retail are obvious: onboarding and training costs, errors during a training period, and the overall negative impact on productivity.

While it’s difficult to avoid expenses like onboarding and training errors, rekeying is one cost you shouldn’t have to worry about. Read on to learn why.

The Risk of Rekeying in Retail

Rekeying can happen for a lot of reasons. The short version is that in retail a lot of keys exchange hands pretty frequently. That combined with high employee turnover means an increased amount of lost or stolen keys, which can:

  • Risk Your Retailer’s Security
  • Cost You Time & Money to Replace
  • Negatively Impact Productivity

This isn’t just a product of a former employee refusing to return a key, either. Some employees can just be forgetful. The average American spends 2.5 days a year just looking for valuables like keys, after all. The more employee turnover you have in a year, the more opportunities there are for keys to go missing.

How Small Losses Add Up: The Costs of Rekeying

The actual rekeying of a lock isn’t expensive. What makes it expensive is the number of keys that need to be distributed for that lock. A front door with five keys can easily cost about $200 to rekey. That amount seems small, until you realize most retailers aren’t just one store: they’re a company that makes up hundreds or thousands of stores.

In other words, while rekeying for one store might be $200, rekeying for a hundred stores could translate to $20,000 lost.

Now imagine you have 1,000 stores, and a 65% turnover rate. You start to see how the small losses add up!

The Answer: Intelligent Key Management

You can prevent escalating rekeying costs with Traka’s key management solutions. What makes Traka different from the competition is our commitment to an integrated approach that provides you with accountability and transparency over your operations.

Solutions like our iFob system and intelligent key cabinets create full visibility over key use with:

  • Unique User Authentication
  • Individualized Key Access
  • Enhanced Key Management
  • 24/7 Full Audit Trail of Key Use
  • “Late” Key Text & Email Alerts
  • Remote System Management

Access to a key cabinet can be set by a variety of parameters, including the individual user and their frequency of use allowed for a particular key, down to the hour and day of the week. Instead of allowing employees to go home with keys, they can be stored in a key cabinet at the end of a shift to ensure they’re only accessed when strictly necessary.

In addition, the problem of “forgetting” to return a key is eliminated when alerts go out reminding managers that their key hasn’t been placed in the cabinet by closing hours. When employees know their individual key use is being monitored 24/7, there’s a visible increase in accountability.

With centralized key management, you’re not only saving your retailer money—you’re gaining full control over your operations.

Want to manage more than just your keys?

Ask about our asset management solutions and learn how our intelligent locker systems can keep your price scanners, printers, cash and other sensitive items secure.

 

Ready to Secure Your Retailer With Traka?

Change the way you approach key and asset management by contacting us today.