- January 24, 2019
- Posted by: Phillip W. Duff
- Category: Uncategorized
I have been helping agencies and debt buyers open their own office in Jamaica for the last few years and one of the first questions I am ask about the staff is can they actually collect? The answer is that the staff in Montego Bay, Jamaica can actually collect just as well as your US staff and maybe better. My experience is that overall a group of 20 collectors in the US and a similar group in Jamaica will collect the same amount of money overall. Just as in the US out of 20 people there will be top collectors, the middle group and a few that underperform, it is the same in Jamaica.
The biggest difference is the middle and low level staff are much more receptive to training in Jamaica than in the USA. Jamaicans are also much more appreciative for the opportunity and therefore want to make sure their employer is profitable so they can provide more opportunity to its staff. They want to learn and be promoted but do not expect to just be promoted with the same skill level they entered the door with. The Jamaican staff are always looking for ways to learn and be worth more to their employer not just obtain higher wages but higher skill levels.
So let’s talk about Labor costs in Jamaica verses the cost in the USA. The median US debt collector hourly wage is $18.10 USD according to the US Dept. of Labor. The median BPO call centre worker hourly wage with bonuses in Jamaica is $4.37 USD as reported by the Jamaican Government. So median wages in the US are 400% higher than in the Caribbean.
As a consultant to the ARM industry for the last 20 years I can tell you a more important stat is the cost per seat calculation. You can do your own calculation here https://www.lighthouseconsultinginc.com/cps/ for your personal Cost per seat but I will tell you that the median cost per seat in the US is about $30.00 hourly. This includes all the cost to run the business from payroll to rent. The same all in cost with the program offered by Lighthouse Consulting Jamaica is just $10 hourly which is just one third of the cost in the US.
It has been my experience that the Jamaican debt collectors can collect between 80-105% of their counterparts in the US. This is why so many US companies have set up shop in Jamaica. If you are interested in doing the same contact me to discuss the opportunity.
Phillip W. Duff