It is no secret that the challenges associated with the collections industry have grown greatly in recent years. Today, debt collectors are faced with the challenge of trying to meet ever-changing compliance regulations. They also must deal with the (often unfair) actions of predatory law firms, as well as the pressures imposed by federal regulators. On top of all of those challenges, however, there is also the very serious challenge of hiring the right collections professionals.
Who a collection agency hires really makes all the difference. The right staff members will follow all rules related to compliance and will also be profitable. The wrong ones, however, can put the entire business at risk and potentially cause legal troubles and lawsuits. Finding and hiring the right employees is difficult enough, but once hired, these individuals have to be trained intensely in order to prepare them for following all laws and requirements and being successful in general.
Obviously, a lot of work must go into finding, hiring, and training the right people; unfortunately, a great deal of money is typically involved as well. Modern collection agencies, however, can reduce some of their hiring expenses by taking advantage of low-cost or free employment websites, which include:
Other resources do exist, and it is imperative that collection agencies look at all of their options and carefully weigh the pros and cons of each to find the “perfect fit” for their particular organization.
Once collections agencies have found candidates who could be right for the positions available, the next step is to go through the interviewing and, essentially, the “weeding out” process for potential candidates. To make this part of the process a bit more foolproof and less involved, many collections agencies are turning to human resource assessment companies, which utilize time-tested strategies to select appropriate candidates. Some outside HR companies that other debt collection agencies have had success with include:
Whether debt collection agencies make use of such resources is, of course, entirely up to them, but these resources can certainly prove helpful in reducing the time and cost associated with finding and hiring employees.
Regardless of whether such resources are used, the bottom line is that the overall success of any business, but especially a debt collection business, is largely dependent on hiring the right employees.