3 Ideas Management In The Collections Industry Should Remember To Maximize Profit Part Three
In part one of my three part series, I mentioned that despite the fact that debt is rising, Americans don’t have the capacity to pay it back, and that even though the collections industry is booming, getting debtors to pay up has become more and more difficult. 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 although as I mentioned in part two, while introducing innovative and new talent is key, making sure that you keep the best performers at your agency who are already there is crucial. These are the people 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. Consider increasing hourly wages or commissions for a few of your best employees, or at least let your winners know you appreciate them 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 as if they are appreciated, and your new hires see that great work gets noticed, every person is happier and more productive. A happier person makes a happier, more motivated collection agent, 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 midst of a tumultuous time period full of huge changes taking place all around it. If you don’t believe me, see how much one little bill, the CARD act has changed everything. In my opinion, the most successful debt collection companies 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’. Mallory Megan works for Rapid Recovery Solution and writes articles on commercial collection agencies. |