Learn About Being a Loss Prevention Manager
Get Info on Compensation, Responsibilities and Qualifications
The job description of a retail Loss Prevention Manager specifies that the primary function of a Loss Prevention Manager is to protect company assets and improves profitability by developing and implementing security and safety programs for employees and customers. The Loss Prevention career path in retailing is growing because the Loss Prevention field is expanding rapidly in retailing throughout the world.
Loss Prevention is a growing field within the U.S. retail industry and in 2015 40% of loss prevention executives in the largest U.S. retail companies said that their loss prevention budget is growing year over year. That's according to the most recent annual National Retail Security Survey conducted by the National Retail Federation (NRF), the need for loss prevention in the U.S. retail industry is substantial already and getting more significant every year.
In 2014 the total estimated amount of inventory lost to internal and external shrinkage was $44 billion. The breakdown of the source of retail "shrinkage" is:
- Shoplifting (38%)
- Employee and internal theft (34.5%)
- Administrative and paperwork errors (16.5%)
- Vendor fraud and/or errors (6.8%)
- Unknown source of shrinkage losses (6.1%)
When it comes to loss prevention budgets, nearly 2 in 5 of loss prevention executives surveyed say their budget for 2015 increased over last year.These Loss Prevention statistics reveal the need for retail Los Prevention Managers: But even though the need for Loss Prevention is growing, Loss Prevention management is a specialized retail career path. As such, is generally not an ordinary rung on the retail corporate ladder that is accessible to any entry level retail employee.
What follows is a job description for a Loss Prevention Manager, including the compensation, responsibilities, and qualification associated with a Loss Prevention Manager job. After reviewing the Loss Prevention Manager job description, click the links at the end of this job profile to review more retail industry job descriptions.
Key Responsibilities of a Loss Prevention Manager
Loss prevention managers are responsible for minimizing the financial losses of a retail operation related to theft, vandalism, accident, and injury. This position requires the ability to develop ways to detect safety issues and security violations and to put programs in place to prevent repeat occurrences.
Anyone working as a Loss Prevention Manager is expected to communicate effectively and work cooperatively with store and law enforcement personnel. Loss prevention managers must work with discretion and professionalism, and maintain confidentiality at all times.
Internal Focus for Loss Prevention Managers
The internal focus of Loss Prevention Managers includes cash handling theft, inventory control, facilities and equipment damage, security access violations, fraud, and a variety of audits of employee activities. Effectively implementing and managing loss prevention processes and programs is an essential part of preventing the growing problem of employee and internal theft in some of the largest retail operations.
External Focus for Loss Prevention Managers
Shoplifting, vandalism, counterfeiting, robbery, burglary, and store safety are the primary areas of external focus.
Experience Required for Loss Prevention Managers
Retail sales or operations experience is helpful but is not always required. Attention to detail, acute observation, and analytical skills are essential. A loss prevention manager should have demonstrated success in a position of authority. Experience conducting legal or ethical investigations is desirable and sometimes required. Computer and word processing proficiency is also required.
Education Requirements and Recommendations for Loss Prevention Managers
A bachelor’s degree in criminal justice is preferred, although other 4-year degrees or no degree at all may be acceptable with demonstrated success in other retail security positions.
Compensation for Retail Loss Prevention Managers
There is a wide salary range of $38,000 - $84,000 for loss prevention managers The size and sales volume of the retail operation is a key factor used in determining the compensation. Loss prevention managers generally receive full benefits packages, which often include merchandise discounts.