A Bonus Plan for Collectors
A veteran of 23 years in credit work, Dorothy Siegel has spent the last nine years as credit manager of Fast Memory, Inc. She is a member of the southern California chapter of the NACM, and her specialty is reconciliation of major accounts 120 days or more past due. This "Point of View" column by Dorothy looks at how she structured a bonus system to incentivize collectors to tackle their older past due items that were oustanding because of pricing errors, duplicate shipments, incorrect purchase orders, or other disputes.
- How large the bonuses are
- What the results of the program have been
- What the risks are, but what control mechanisms she put in place to mitigate those risks
. . . (to read the remainder of this article, please log in below.)