Retail Executive

NOV/DEC 2017

Retail Executive is the trusted advisor to top retail executives from the industry’s most profitable retailers. We help retail executives succeed in their job role and grow their business via exclusive, actionable, peer-driven content.

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Page 39 of 47

Stressing LP Advocacy, Awareness, And Accountability To The C-Suite The only way to reduce shrink and keep people safe is to attain advocacy from the top down. A Q & A W I T H M I K E K E E N A N Managing Director, Retail Loss Prevention, TAL Global response suggesting that we need not be there because we have better things to do. However, that's the wrong response. Not attending these meetings puts LP in a re- active position, when we need to be proactive. If LP is included in business conversations from the start, we can build in the controls to prevent all sorts of problems. Every company has good, solid receiving procedures — counting every carton it receives at the store, for ex- ample. But without accountability for loss, consider the store manager who says, "You know what? We don't have time. We don't have the payroll. Just take the mer- chandise and accept it." Well, if you start having short- age in that store, you would naturally start focusing all of your efforts in the store because you assume it is re- ceiving all of the product allocated to it and, therefore, that the loss is occurring at the store level. However, due RETAIL EXECUTIVE: What is an LP advocate, and how can the C-suite ensure that every employee be- comes an LP advocate? KEENAN: I believe that a well-run store equates to low shortage. By making every associate part of the C-suite's strategies, stores will be operated better, and people will be safer. That's why C-suite leaders must understand why it's important to emphasize loss prevention. That's done by building loss prevention into the com- pany's operating policies and procedures. Therefore, when employees are trained properly from the begin- ning, they're trained in the components of loss preven- tion. Employees don't need to conduct loss prevention investigations. They really just have to be aggressive about following the company's policies and procedures. I advise the C-suite to include loss prevention when it's creating policies and procedures. Then, together, we can build in the loss prevention controls from the very start. Retailers must maximize their resources. One of the ways to do that is to include loss prevention in all as- pects of the business, because if that's done, there is go- ing to be, in my opinion, better profitability. If retailers can control loss — if they can maintain compliance with the approaches set forth by the business, and they can keep people safe — they will add to the overall profitabil- ity of the company. For example, when it's time to create a new receiving procedure, a committee is created to revise the exist- ing policy. Invite loss prevention to these meetings. But traditionally, when asked to be included, LP receives a I advise the C-suite to include loss prevention when it's creating policies and procedures. Then, together, we can build in the loss prevention controls from the very start. LP has evolved over the years to become a critical component of the entire organization. Here, Keenan provides reasons why senior leadership teams must work closely with LP to lower shrink, increase profitability, and keep people safe. ADVOCACY Customer Engagement By M. Keenan STRESSING LP ADVOCACY, AWARENESS, AND ACCOUNTABILITY TO THE C-SUITE RETAILEXECUTIVE.COM NOVEMBER/DECEMBER 2017 38

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