debt collection | tips 

3 Methods of Recruiting For Debt Collection

may 4, 2022 | by Emily Faracca

At the time this blog was written, several record highs are circulating in the news cycle:

  • Record number of employment openings
  • Record high difference between open jobs and available workers
  • Record number of employees who quit their jobs

As if recruiting for debt collection wasn’t hard enough.

Unfortunately, it’s going to take more than listing your job on Indeed and waiting for the applications to flood in to get qualified applicants in the door.

Successful recruiting for debt collection will require some unconventional methods to both find, attract, and retain the right people.

The best candidates are probably not actively looking for a new job. You’ll need to get creative if you want to convince them to consider a career change.

We’ll be walking you through three methods of unconventional recruiting for debt collection:

  1. Posting on social media
  2. Regularly evaluate and invest in your software
  3. Simplifying your application process

By making small tweaks to your online presence, employee engagement and hiring operations, you can expect to see an uptick in qualified applicants over time.

Recruiting for Debt Collection 1

Recruiting Method Number One: Post On Social Media

Considering the number of jobseekers is at an all-time low, you may have to get their attention in places where they are not necessarily looking. One such place is social media.

At Arbeit, social media has always played a role in our recruiting. It’s a way for us to put our culture and comradery on display in a way that doesn’t interrupt anyone’s day.

This phenomenon has a name: Social Recruiting. 

Some organizations go so far as to believe that social recruiting is taking over traditional recruiting.

Here are a few ways you can engage in social recruiting:

  • Post about your company culture on your organization’s main channels
  • Encourage your employees to post about their wins, comradery, promotions, even happy hours! This can be a great way for potential candidates to see what it’s like to work for you firsthand.
  • Find industry groups and establish a thought leadership presence there. You’ll be able to make a lasting impression on potential employees.
  • Establish an employee referral program. This will encourage your existing employees to engage more on social media in order to capture the incentive.

You can see a common thread in all these methods – the ability to harness the experience and expertise of your existing team.

The best recruiters you have are the ones who can speak to your company culture inside and out, because they experience it every day

invest in your software for recruiting

Recruiting Method Number Two: Regularly Evaluate and Invest In Your Software

Imagine that your friend asks you for help with his lawn. He tells you that it’s extremely overgrown, with weeds and grass up to his waist, and he has nearly an acre of property.

You agree to help, and when you arrive, you expect to see a riding lawnmower, or at the very least, a pusher lawnmower.

Instead, your friend hands you a pair of scissors. He plans to cut each blade of grass individually until the entire acre of land looks as even and tamed as a golf course.

This is an extreme example of what it feels like when you expect your employees to get big jobs done with out-of-date software.

Technology in the debt collection space is continuing to evolve. With the breadth of software solutions now available, along with a steep drop in consumers who actually pick up their phone, it seems unreasonable to expect a simple phone system to accomplish the same results it used to.

If it’s been a while since you have evaluated your software, one solution to consider is an easier way for your agents to make calls at a higher volume.

Arbeit Click accomplishes this for it’s users by empowering agents to make upwards of 200 calls per hour, per agent.

Agents are able to move much more quickly through accounts and, as a result, feel empowered to do their job.

When you hear a manager say, ‘Click is up,’ our agents literally run to their desk as fast as they can because they know that’s where the money is going to come from that day. It’s almost like being back in school when the teacher says ‘it’s recess time.’ Click is fun, and it’s productive and they know they’re going to make money off of it, so they run to do it.
Paul Sims
Managing Partner, Advanced Capital Solutions

Whether it’s Arbeit Click or something else, make investments into your software so that your agents feel empowered to achieve their KPIs.

This should be top of mind as you make efforts to recruit and retain your team.

Recruiting Method Number Three: Simplify Your Application Process

If you have ever been in a position of applying for multiple jobs at one time, you might relate to this specific pain point.

Here is a typical application process:

  1. You upload your resume, a cover letter and any other relevant documents
  2. You then fill out all the same information – basic contact information, work experience, skills, etc.
  3. You are brought into an interview where you often regurgitate the same information
  4. If you make it past the first round interview, you are asked to attend a second interview, answering the same types of questions…
  5. Do you understand the frustration yet?!? 🤦‍♂️

It’s definitely understandable that you don’t want to waste time training a new hire who isn’t a good fit or is unqualified. At the same time, there are ways to make sure unqualified applicants do not slip through the cracks without upholding a redundant and tedious application process.

If it’s been a while since you’ve evaluated the effectiveness of your application process, here are some Do’s and Don’ts:

❌ DON’T ❌

  • Ask candidates to upload their resume and also require them to fill out a form asking redundant questions
  • Require multiple rounds of interviews that all ask the same questions
  • Give vague timelines and expectations

✅ DO

  • Ask either for an applicant’s resume, or for them to fill out an online form. Not both!
  • If you want to hold multiple rounds of interviews, make sure the purpose and nature of the interview is not redundant. For example, the first interview can be introductory and to assess experience, the second interview can be with a peer who can assess a culture fit.
  • Make your timelines clear up front and stick by them so the candidate is not left wondering what the status of their application is.

Recruiting for Debt Collection Is Tough, But It's Not Impossible

Maybe the problem with the way we try and recruit humans to work for us is that it’s not very human.

Remember that the seats you are trying to fill will ultimately be filled by real people. The more we can reach them in human ways, the better luck we will have attracting and retaining them.

As always, if you want to talk about recruiting in general or how software can help, you can schedule a time to meet with us below.

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