From Collector: Close the Revolving Door
How to address the challenge of workforce recruitment when the unemployment rate is low.
6/14/2019 9:00 AM
Nationwide unemployment has been hovering near the 4 percent mark for nearly two years—it hit 3.6 percent in April, the lowest since 1969—and more than 3.3 million workers have been voluntarily leaving their jobs monthly, according to recent Bureau of Labor Statistics data.
Employees are in demand and have options.
This competitive employment environment may be amplified for collection agencies, reports Communications Consultant Tim Dressen in the June issue.
Speaking with consumers who have payment problems all day can be stressful, and the pressure of meeting daily and weekly goals can be daunting.
Accounts receivable management companies face the challenge of keeping good employees engaged and motivated to not only stick around, but to also continue performing at a high level.
Employee engagement takes an ongoing, focused effort that goes beyond one or two annual employee appreciation events and routine collection contests.
Because the unemployment rate is low, filling open positions is especially challenging. Collection managers may be tempted to hire anyone willing to do the job, but that strategy results in employees who aren’t well-suited for the work, make harmful errors and ultimately quit or get fired within a year.
This revolving door effect is costly and lowers morale among high-producing, valued employees. Extra care should be taken to hire employees who are well-suited for both the skills and attitude needed to collect, Dressen reports.
ACA members Patty Genovay, RJ Reilly, Angela Tooze and Lisa True shared their insights on hiring, training and recruitment strategies with Dressen.
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