|
|
 |
Top Collection Agency Reveals Strategies With Collectors: Hiring, Training & Operational Tips
"When I advertise for collectors, I always include that this office uses a predictive dialer," says Bernie Donoghue, collection manager of Dun & Bradstreet's Receivables Management Service (RMS).
"A predictive dialer environment is not for everyone, and it saves a lot of wasted calls and resumes from people who won't work on a dialing system. I advertise that we have salary plus commission and that our office works a flex schedule. We hold monthly and quarterly collection contests, and we recognize an associate of the month."
Along with the predictive dialer, RMS uses a team approach to collections. The team is responsible for a gross dollar amount as well as a revenue objective on a monthly basis, and members receive a monthly bonus that is based on claim intake and recovery rate.
A typical workday begins at 8:00 a.m. with the collectors signing on to the predictive dialer. The collectors begin the day working the older claims, followed by new claims in mid-afternoon, and broken promises to pay accounts in the late afternoon. "Breaks and lunch hours are structured not to impact the productivity of the dialer," says Donoghue. "The dialer ensures that collectors will typically talk to as many as 160 debtors per day. Working commercial collection claims, the hit rate on the dialer is high. The collectors leave at 4:45 p.m., unless they are working flex hours, which are currently 10:30 a.m. to 7:30 p.m."
Collection Management Issues
Resources from leading experts on getting the most out of those involved in the collections process.
Check out CollectionForum.com's
Collection Management Issues
|
Training is crucial, particularly as it pertains to the Fair Debt Collection Practices Act (FDCPA). Mentors play an important role, too.
"Collectors start by reviewing collection videos, listening to collection audio tapes, and taking a training course on the FDCPA. The next three to five days are spent sitting with one of our more tenured associates, learning our host and dialing system. During this time, the trainee will monitor collection calls and finally take a quiz based on our host system to determine their readiness to work on their own. On a quarterly basis, we refresh the entire staff on the FDCPA, and hold training sessions as needed on new clients."
To measure results, Dun & Bradstreet scores collectors on a monthly evaluation that focuses on the quality of their work as well as the quantity. The report card also includes how many promises to pay were obtained during the month and how much revenue each individual on the team generated. Collectors are also awarded bonus points for perfect attendance. Three consecutive months below established minimum standards on the monthly evaluation warrant termination.
Editor's Note: This article originally appeared in the Credit & Collection Manager's Letter.
| |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
Here's what our members are saying ...
"What a great resource! This is the perfect place to refer our customers who have collection problems so they can improve their collections.
I figure if we can help them collect faster, they can pay us faster and order more product."
William C. Edgar, CCE
Director of Credit
Zippo Manufacturing
"I can't believe I didn't find out about your site sooner."
"It was exactly what I was looking for."
Jim P.
Hot Springs, AR
"The first item I found in your download library made my subscription worthwhile. I'm definitely renewing!"
John A.
Kerrville, TX
"Your site saved the day for me. The video tutorial helped me quickly and solve a problem I've been struggling with for a year.
Robert K.
London, UK
"I can't say enough about how valuable your site has been to our business. The articles and especially the free downloads really are great."
Victor O.
Seattle, WA
|
|
 |
|
 |
|
|
