To maximize profit, it is important to reduce and avoid shrinkage. In the 2006 National Retail Security Survey, the retail sectors have an annual shrinkage of 1.57%. They are shrinkage from employee theft which accounts the highest percentage. Other losses are due to shoplifting, vendor error, administrative error, and unknown errors made. The smaller retailers are the ones who are usually affected with a bigger percentage of shrinkages monthly and annually, that is why jobs and loss prevention careers are created.
There are many loss prevention careers and different kinds of investigations made. Some are investigations on stolen credit cards. Some retailers are not strict in checking credit cards to minimize time spent in the casher. Retailers are not responsible for the use of stolen cards, unless they have overridden the PIN and accept the signature of the customer.
Check Fraud is also one of the investigations made in loss prevention. Some would write a check that is made to look like a real check. This is made by expert in forgery. It is not a real document, has no value and not tied to a real bank account.
The retail loss prevention is increasingly involved in investigations and so with other loss prevention careers. Some of the areas that have to be included in the investigations are price matching, reduction of service fees, protection agreements, overriding of the PLU prices and many more.
To reduce and prevent loss preventions, Closed Circuit Television or CCTV is put up in stores. Through this, the investigator can see and record the incident. Some of the retailers use a floor man to follow and apprehend the suspects seen in the CCTV camera.
There are loss prevention careers and jobs in different industries. It could be in retail stores, hotels and many more. Loss prevention managers protect the products and merchandise of a store where he works. He studies the employees, customers and watches everyone coming in and out especially those who are suspicious. If he saw someone committing a crime, he can apprehend the suspect and turn him over to authorities for further investigations. A loss prevention manager knows how to analyze a certain situation and can determine if something is going on. They should possess analytic skill and must be a good communicator to better interact with the staff and interview suspects.
In any loss prevention careers, such as those working in malls, department stores, jewelry shops, grocery store, etc., most of the duties and time spent by employees here are studying and monitoring the security monitors in the office. Some are assigned in the floor to watch and patrol the area. They also search for records in the computers.
Loss prevention careers are mostly compensated in the range from $437,400 to $73,600 annually. They only require high school diploma but regional retail loss prevention managers should have a bachelor’s degree. Their average salary is much higher.
Records of the US Chamber of Commerce shows that employee theft costs employers almost $40 billion every year, therefore, it is a challenge that loss prevention managers have to face and other loss prevention careers and jobs in different areas. There are many loss prevention careers posted in different websites and job search sites. If you are interested in this kind of career it is possible and easy to find a job in loss prevention.
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