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Coaching Managers on Loss Prevention Strategy

Posted by Brad Wright on May 26, 2015 7:00:00 AM

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Loss Prevention from the Top Down: Coaching Managers on Loss Prevention Strategy

Because of employee theft, poor operational consistency and uneven training, a lot of the blame for inventory loss, whether it’s from theft or mismanagement, often falls on the lowest employees in a human resources chain. However, management is often equally to blame because their priorities aren’t in the right order. Here are some ideas to get your managers more focused on loss prevention.

Teach managers to use the technology.

Sometimes the blame for loss prevention can come from upper management, where a true investment in loss prevention strategies and technology has never been fully realized. A truly robust loss prevention strategy includes a modern video surveillance and analytics system to give managers the right tools to monitor employees, operational security, and procedural integrity. A video surveillance system can be a complex product to deploy and operate, however, so management should invest time in having managers properly trained on how to work with a video surveillance system as well as how to analyze existing data for better retail operations. Video surveillance and analytics can not only provide a base level of security but it can also help managers identify unusual transactions, better plan the customer experience, evaluate promotions and sales, and provide much better training to sales employees.

Coach managers how to develop genuine relationships with employees.

While advanced technology can be a boon to loss prevention strategy, human insight is also another good indicator of a manager’s ability to lead. Yes, loss prevention can be a harrowing experience for employees who feel they may be under a cloud of scrutiny but a manager with an ability to develop genuine relationships with employees will not only have a much better sense of their loyalty and honesty but will also become someone that lower-level employees may trust if they feel they need to come forward with information that concerns inventory loss.

Encourage managers to use innovative ideas to teach employees about loss prevention.

One of the most important elements of a dynamic loss prevention strategy is creating awareness of loss prevention and the impact of inventory loss or shrinkage by engaging employees, so it’s important to encourage managers to make this theme part of their regular communication with employees. Encourage managers to share loss statistics, as well as the potential consequences of inventory loss, such as a reduction in hours for all staff. It’s easy to encourage managers to set up contests or incentives to reward employees who think of ways to reduce shrinkage, which also creates positive enforcement for employees instead of the usual negative connotations of loss prevention. Encourage managers to teach employees to engage each other in role play to prove that they understand the company’s policies towards discounts or refunds so that when faced with the real thing, employees know how to do the right thing.

Employee awareness of loss prevention strategy and managerial oversight of loss prevention systems and technologies are keys to running a successful operation. By giving some advance thought to training managers and offering innovative solutions to augment your loss prevention strategy, you should be well on your way to running a more efficient, profitable operation with a  positive working environment.

Topics: Loss Prevention

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Envysion is a leading provider of cloud-based video driven business intelligence that helps companies deliver on their brand promise. At Envysion, we marry operational, financial and employee metrics together with video and sophisticated analytics and make it easy-to-use and accessible, offering visibility into every store…every location…every day…from anywhere.

Brad Wright

Brad Wright

Senior Account Executive, Envysion

Brad is responsible for helping Envysion’s wireless customers understand the best ways to use video based business intelligence to combat losses. In his time at Envysion he has dedicated himself to researching and consulting with wireless dealers to understand the drivers behind how they lose money. Brad’s background as a customer relations manager for Avnet and GE and a VP of Business development for several startup companies lends a unique perspective on how to manage customers and employees, so that the companies best interests are top of mind. Brad played varsity lacrosse and earned his Bachelors in Psychology from Bucknell University.

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