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Debt Collection 101: Episode 60 – Effective Employee Retention Strategies in Debt Collection

Best Advice For Employee Retention

Collections is known for being a tough industry, and a huge challenge for any agency is finding good employee recruitment and employee retention strategies. In today’s episode, we’re joined by Jeff DiMatteo, Owner/Partner at American Profit Recovery, Inc to discuss how he gets and keeps good people.

Welcome Back

  • Create a home for employees where employees enjoy coming to work. It’s a tough industry to be in but if you can make them enjoy coming to work that’s half the battle.
  • Have an open floor and open door policy where employees feel free to communicate and have management to talk to. It shows that their opinion means something.
  • Focus on helping not only your clients but helping consumers. If your collectors and collection associates go into it with mind frame, then it goes a long way to retaining your employees.
  • Make sure to spell out what collectors will be doing day to day in job interviews. This job just isn’t for everyone.
  • Use referrals as a source of employees. When people get referred in, they know what they’re coming into. Debt collection’s tough, and they know what to expect.
  • One of the most important qualities to succeed as a collector is patience, empathy, and listening skills. Our industry’s gone a long way in the past 5,10, 15 years from more telling people they need to pay now to more of a customer service approach. Make sure collectors understand this.
  • At career fairs, you have to have the same energy at the fair that candidates are going to expect at work. That’s going to attract people to your booth and make them excited to work for you.
  • As a way to improve employee engagement, run contests, have employee appreciation week, run surveys and have one-on-ones to make sure everyone is happy.
  • If people see you’re out there doing good things in the community and good things with your employees on social media, consumers will be more likely to put their guard down for your company.

Looking for more educational information? Check out these Debt Collection 101 episodes covering Debt Collection Recruitment Strategies and Keeping Collectors Motivated in the Workplace.

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Emily Faracca

Emily is the content creator at Arbeit. She is an aspiring gardener, enjoys bike rides through her neighborhood, and is a big fan of a good cocktail. As much as she loves her hometown of Buffalo, N.Y., she absolutely loves to travel, and at the top of her bucket list is a trip to Sicily, where she still has living relatives.

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