In the collections and recovery operation environment, effective personnel management is not just a competitive advantage, but a strategic priority for forward-thinking collections departments.
Collections professionals are the front-line ambassadors of the brand to customers and they dictate success or failure to collect on a day-to-day basis. Manage them well and, all other things being equal, you’ll see a direct improvement in profitability, NPL levels, and customer satisfaction. Manage them poorly and even serious improvements in your business lines and technology won’t produce positive results.
But how do you manage collections teams effectively? Where do you even start learning how to improve collections team management?
This guide is designed to help. It covers the three elements you need to manage collections teams effectively and how to implement them:
1. Centralized Communication— A central system and single authority to instruct and guide collections staff.
2. Capacity Planning— A process to forecast collections staff workload.
3. Proper Incentives — A system to fairly and effectively motivate and retain staff.
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