In part one of my three part series, I wrote that although debt is rising, Americans don't have the money to pay it back, and although the collections industry is booming, getting debtors to pay up has become increasingly harder and harder. In part one I mentioned networking, and staying "teched up." In part two I wrote about finding the perfect new candidates to add to your agency, and training all of your agents in empathy, which studies have shown increases the probability of getting paid.
And even though I stressed in part two that bringing in new and innovative talent is imperative, maintaining the best performers at your company who are already there is crucial. These are the workers who have already proven themselves to you, come in for long hours, worked hard to earn their paycheck, and consistently deliver to you out of loyalty and their own motivation and work drive. Do not alienate these people as they are your best asset.
Think about raising hourly wages or commissions for some of your best workers, or at least let your winners know every once in a while with a pat on the back or some lunch. A number of agencies have begun to experiment with work from home programs to accommodate to meet discrepancies between life and work. It might be worth looking into these programs as a reward for your best employees.
When people feel appreciated, and your new hires see that good work goes noticed, everyone is happier and more productive. A happier person makes a happier, more motivated debt collector, which in turn makes a happier, more motivated debtor, which in turn means collections for you and a commission check for your employee.
As a financially based industry, the collections industry is in the middle of a tumultuous era full of staggering changes surrounding it. If you do not believe me, look at how much one little bill, the CARD act has changed everything. In my opinion, the most successful agencies are going to be the resilient ones, the adaptable ones, the creative ones that can adjust to the changes and roll with the punches. Welcome to the Wild West, collections industry. The times, they are a changin'.
And even though I stressed in part two that bringing in new and innovative talent is imperative, maintaining the best performers at your company who are already there is crucial. These are the workers who have already proven themselves to you, come in for long hours, worked hard to earn their paycheck, and consistently deliver to you out of loyalty and their own motivation and work drive. Do not alienate these people as they are your best asset.
Think about raising hourly wages or commissions for some of your best workers, or at least let your winners know every once in a while with a pat on the back or some lunch. A number of agencies have begun to experiment with work from home programs to accommodate to meet discrepancies between life and work. It might be worth looking into these programs as a reward for your best employees.
When people feel appreciated, and your new hires see that good work goes noticed, everyone is happier and more productive. A happier person makes a happier, more motivated debt collector, which in turn makes a happier, more motivated debtor, which in turn means collections for you and a commission check for your employee.
As a financially based industry, the collections industry is in the middle of a tumultuous era full of staggering changes surrounding it. If you do not believe me, look at how much one little bill, the CARD act has changed everything. In my opinion, the most successful agencies are going to be the resilient ones, the adaptable ones, the creative ones that can adjust to the changes and roll with the punches. Welcome to the Wild West, collections industry. The times, they are a changin'.
About the Author:
Mallory Megan works for Rapid Recovery Solution and writes articles on new york collection agencies.
