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Every year, businesses lose billions of dollars worth of stock and assets due to theft and errors. These include internal losses associated with employee theft, skimming, larceny and external losses due to shoplifting, organized retail crime, and so on. With proper loss prevention measures, companies can reduce their losses drastically and create a sense of safety within the premises.
Loss prevention officers can help you minimize the incidents of theft while allowing you to remain ahead of the techniques and trends used by criminals. They employ a variety of strategies to prevent people from stealing from your business. Depending on your needs, you can hire uniformed or plainclothes officers, working full-time or part-time to rove the premises. They can observe and monitor employee and customer actions, and document and report on any suspicious activities.
Loss prevention officers can operate in a variety of environments, including:
With their training and experience, they are able to understand many common tricks used by thieves and criminals, as well as:
Here are the main reasons to hire loss prevention officers:
Obviously, the primary objective of any loss prevention strategy is to prevent loss using dedicated resources—in this case, the hired loss prevention officers. These professionals use their training to prevent loss, reduce shrink, and grow overall profitability using dedicated resources and customized controls (proper policies and procedures). They target areas of the business that incur a loss, such as shoplifting, safety, cash control, inventory control, point of sale, employee theft, and so on.
Various strategies can be utilized to effectively deter and prevent theft and losses, such as:
Losses from theft and shoplifting can quickly run a retail business to the ground, whether it is an independent store or retail chain. Hiring skilled and experienced loss prevention officers can help to identify potential shoplifters and thieves, stopping crimes even before they occur. But in some cases, the criminal activities are meticulously planned and involve multiple people. Loss prevention officers can conduct follow-up investigations to reveal the roots of the crime, catch all the people involved, and prevent similar crimes in the future.
Some businesses hire loss prevention officers to assist in training their employees on security matters, or simply to develop a security-conscious environment. This can be achieved in various ways, including the evaluation of camera placement on the premises, security tagging, and making recommendations where loopholes exist in the security measures. The loss prevention officers may also collaborate with your store personnel to create better policies and procedures that will help to minimize theft. With their training and expertise, the officers can help to alleviate much of the stress that comes with running a storefront by introducing measures to prevent theft from both shoplifters and dishonest employees.
When it comes to preventing losses in your business, the officers that you hire will have to work with your employees to achieve success. As such, any loss prevention strategy also aims at training the staff on various theft prevention techniques, as well as what and where to focus on for anything that might cause the store to lose money or inventory. Moreover, as the loss prevention officers develop preventative measures through controls, policy, and procedures, the workforce will also be educated and become aware of these loss prevention measures. The education should be viewed as part of the overall business, rather than a branch of operations that is utilized by specific personnel. This must be in all risk areas, including store and field management. To assess the understanding of employees, some of the staff may be included in meetings, store audits, or other discussions together with the loss prevention officers, to make it a thorough endeavour for the entire organization.
Through the expertise of loss prevention officers, you can significantly reduce the vulnerability of your business to different kinds of loss. By protecting your profits and assets, you can enjoy a great return on your investment in security. For more information on how loss prevention officers can help reduce the incidents of theft, contact us here.