Along with finding out the reasons that shrink may be occurring, they must constantly create and implement security and safety procedures that will reduce losses for the company. Since theft includes stolen items and robberies, the loss prevention mangers needs to work closely with upper management in the store and with law enforcement in the area. Since a lot of the job is about communication, the loss prevention manager is expected to communicate efficiently to be able to effectively conduct reviews with management, police, and employees. In addition, they also must be a team player, able to work with different personality types, assertive, able to work with discretion, and professional.
An Introduction to Loss Prevention Loss Prevention The following information is provided to educate those unfamiliar with the concept of loss prevention across the retail industry.
The information below is by no means Loss prevention cover letter and is provided solely as an introduction to loss prevention. For more detailed information and specific recommendations and support for your loss prevention needs, contact LP Innovations.
The term retail can be applied to any industry or segment, including food service or food retail What is Loss Prevention? Loss Prevention is the concept of establishing policies, procedures and business practice to prevent the loss of inventory or monies in a retail environment.
Developing a program around this concept will help you to reduce the opportunities that these losses can occur and more specifically, work to prevent the loss rather than solely be reactive to them after they occur.
Why does a retailer need to understand loss prevention? When a retailer experiences a loss, they are losing direct, to the bottom line profitability. Lost inventory requires replenishment at a cost to the retailer and lost monies cannot be replaced. The cost of these losses goes direct to the bottom line of a retail balance sheet causing lost profits.
Profits that could have been used for new inventory, new store openings, employee benefits, increased earnings or improved EBIDTA. Why do you need a loss prevention function?
Like any other part of your business a loss prevention function or established program helps make the business better. You have business functions around sales, marketing, human resources and more - why wouldn't you have a business function around the protection of inventory and the prevention of losing it?
The size of your loss prevention function, department or program depends on your business - the number of locations, what you are selling and the potential threats, risks and concerns facing your business.
Having an established function that includes program elements and resources to establish, implement and monitor loss will make your business more profitable and less susceptible to certain losses.
How do losses occur? Most losses occur in three categories; internal theft, external theft and through errors. Here are some brief descriptions of each category: Internal Employee Theft is the largest contributor to loss for most retailers, regardless of size or segment. Although some may wonder why employee theft would be the largest category of loss, hands down, every survey, study and comparison across segments has shown time and time again that those who steal from a business the most are employees.
Employee theft occurs through many different methods. From simple merchandise theft to collusion with friends or other store employees, inventory losses by employees can easily deplete your profits and the merchandise available for sale to customers.
The point of sale register brings with it many other forms of employee theft.
Simply removing money from the till to elaborate "conversion frauds" that include refund, void or discount thefts, point of sale theft can often cause a "double-dip effect" where you lose money and inventory simultaneously through a single incident.
External Theft is often caused by shoplifting, break-ins, robberies or other acts by outside sources. Although it does not cause as much loss overall compared to internal theft, shoplifting and external theft most certain causes a substantial amount of loss annually to the retail industry.
Controlling external theft requires a commitment to educating your employees on good customer service, awareness to the signs of a potential loss and how to best protect the store and inventory against external loss.
This requires the establishment of procedures and training in areas such as; shoplifting prevention, robbery awareness, safety and how to handle various situations dealing with people. What security measurements you have in place within your retail location can also greatly assist you in your efforts against external loss although not always.
The gray heading at the top highlights investigation, security, surveillance and loss prevention. The headline emphasizes 25 years of experience in the field. The summary uses dashed lines to highlight qualifications such as corporate security, loss prevention and surveillance. Job Types Loss Prevention Most businesses that possess an inventory of goods in a warehouse or retail environment devote significant resources to a Loss Prevention (LP) department. Loss Prevention professionals are committed to reducing inventory shrinkage and preventing retail larceny by both customers and employees. I am currently seeking a position as a Loss Prevention Manager with your company, Bon-Ton Stores Inc. I have the proper certification in Loss Prevention as well as many years of on the job training in my last position in the hospitality field.
The last major area of caused loss in the retail environment is through Errors. Ironically, most of the errors seen in retail are employee-caused, thereby making a retailer's employee perhaps the highest contributor to the business loss every year! Errors can occur anywhere - from checking in shipments, to ringing on the register to transferring merchandise.
These errors can include the inaccurate counting of merchandise to the improper discounting or accounting of a sale or tender. Simple mistakes caused over and over again have resulted in thousands of dollars lost to a single retail establishment. How do I know if I may have a loss prevention problem?Spot and avoid scams and unfair, deceptive, and fraudulent business practices with tips from the FTC, America’s consumer protection agency.
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