Loss Prevention Manager Salary
Job Description for Loss Prevention Manager
The main role of the loss prevention manager is to ensure profits by preventing losses that occur through internal or external theft, fraud, accident, or abuse; it is often referred to as "shrink." Loss prevention managers are must constantly be on watch for shrink. 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.Read More...
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. They must also maintain confidentiality, have great attention to detail, and have excellent analytical skills.
While it is often not required, experience conducting legal or ethical investigations is often beneficial or preferred for loss prevention manager positions. Most loss prevention managers work in the retail sectors, and experience in that area is frequently beneficial or preferred.In terms of education, a bachelor's degree in criminal justice or a related field is preferred; however, a bachelor's degree in another field or relevant experience may be acceptable in lieu of formal education.
Loss Prevention Manager Tasks
- Audit sites to ensure inventory is processed, handled, and monitored appropriately, and document any errors or failures.
- Develop policies and train staff in loss prevention, reduce shrinkage, and use tagging and/or report mechanisms.
- Investigate, log, and resolve alleged and actual theft, violations of policy, and compliance concerns.
- Coordinate and communicate with management and governmental agencies to act appropriately and legally.
Common Career Paths for Loss Prevention Manager
While not commonly seen, Loss Prevention Managers who transition into a Director of Loss Prevention position may see a rise in pay. The median salary for Directors of Loss Prevention is $75K per year. A common career progression for a Loss Prevention Manager is to become a Regional Manager of Loss Prevention or a District Loss Prevention Investigator. Compared to Loss Prevention Managers, the first group earns $26K more on average, and the second group earns $6K more.
Loss Prevention Manager Job Listings
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Popular Employer Salaries for Loss Prevention Manager
Many Loss Prevention Managers can be found at Sears Holdings Corporation, Lowe's Companies, Inc, Kmart Corporation, Lowe's Home Improvement Inc., and Macy's, Inc., firms that are at the top of the field. JCPenney offers the largest salaries in town — $54K on average. Those in search of high salaries should also consider Macy's, Inc., Sears Holdings Corporation, and Lowe's Companies, Inc, top-paying firms where Loss Prevention Managers rake in a comfortable $47K, $46K, or $43K, respectively.
Kmart Corporation seems to offer the smallest paychecks with a median salary of only $35K. The pay range is quite narrow, too; compensation generally sits between $24K and $59K. Employees at Lowe's Home Improvement Inc., Target Corporation, and Kohl's Department Stores Inc can also expect below-average earnings of $41K, $41K, and $42K.
Popular Skills for Loss Prevention Manager
Loss Prevention Managers report using a pretty varied skill set on the job. Most notably, facility with Investigations, Security Policies and Procedures, and Inventory Management are correlated to pay that is significantly above average, leading to increases of 55 percent, 28 percent, and 12 percent, respectively. Skills that pay less than market rate include Investigation. For most people, competency in Safety Compliance indicates knowledge of Inventory Control.
Pay by Experience Level for Loss Prevention Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Loss Prevention Managers, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Folks with fewer than five years of experience take home $40K on average, and those who have worked for five to 10 years see a bigger median salary of $45K. After working for 10 to 20 years, Loss Prevention Managers make a median salary of $51K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $52K.