Residential and commercial electronic security services provider Vector Security recently announced that auto parts retailer Pep Boys would be utilizing its Loss Prevention Foundation scholarship program.
According to a statement, Pep Boys will use the Loss Prevention Qualified program to help educate employees that were recently appointed to the newly created position of margin control specialist. The LPF scholarship program, which has been in existence since 2009, awards individuals with LP Qualified and LP Certified program scholarships each year.
"This is one of those unique opportunities to cross train store managers and associates to better understand the value of preventing losses as a tool to preserve profits in a financial environment where every dollar saved goes right to the bottom line," Michael Grady, executive vice president of Vector Security said in a statement.
According to Gene Smith, president of the Loss Prevention Foundation, this new use for the LPF program indicates the educational materials are multi-faceted.
"The LP Qualified training program combines both loss prevention and good business operation educational criteria to help create a well-balanced LP staff member," he said. "But in Pep Boys’ case, the coursework allowed them to expand the value of the LPQ, by allowing them to take people from the store management side and help prepare them for a new position that centers on profit preservation. In fact, everyone in retail management, no matter their position, is ultimately involved in preserving profits."