ACA International research, in partnership with Kaulkin Ginsberg, reflects new trends in ARM industry employment for women and people of color. Editor’s note: This article is available for members only.
New trends in accounts receivable management (ARM) industry employment reflect an increasingly diverse workforce as more women and people from various racial and ethnic backgrounds have started jobs as bill collectors in recent years.
In fact, the majority of bill and account collectors are female and more likely to be people of color than their peers in other industries, according to new research from ACA International in partnership with Kaulkin Ginsberg. Black and Hispanic workers have much higher rates of representation at collection agencies than they do in the general workforce, making up 24% and 16% of total bill collectors in 2019, respectively. Bill collectors work with consumers to recover overdue payments and make up roughly 73% of total collections industry employment.
“ACA International is committed to working with its growing membership and is excited to see the ARM industry is becoming increasingly diverse and providing employment opportunities for women and people of color,” said ACA CEO Mark Neeb. “Many of our members have worked their way up in the industry from the role of debt collector to compliance and operations professionals all the way to management and owner positions. A career in the ARM industry presents many opportunities for advancement and different career paths.”
The debt collection industry is quite diverse in terms of racial demographics as well. Overall, racial and ethnic minorities make up around 42% of total bill collectors. By comparison, those minorities comprise 36% of the total workforce.
Women make up a high percentage of collection agents when compared to the workforce as a whole.
According to 2020 data provided by Bureau of Labor Statistics’ Current Population Survey, which studies trends in the labor force, 66% of bill and account collectors identified as female. In contrast, women made up just 47% of total workers.
The report is available as a resource to members as part of ACA’s commitment to advancing the industry through advocacy, research and education.
View the complete report here.