You spent years and years trying to teach that collector to produce more dollars. Now all your client wants is more compliance. The KPI’s or key performance indicators that the client’s are looking for has changed dramatically over the last five years. The only KPI that matters anymore is compliance. But you still know you have to collect money to make money as it is a contingency-based industry. So how do you teach your employees to still produce collections but focus on compliance?
Here are three suggestions of how you can turn your top producers into your top compliance super staff.
- This is the most important one but the one most people have forgotten. Reward only the behavior you want to happen! We have been paying our collectors based upon liquidation rates, gross collections, number of payment arrangements, expediency of payments, and rewarding many other behaviors for many years. Now we need to begin to reward them for compliant and compassionate actions that result in collections.
- Start over! Don’t take your current collectors and turn them into compliance machines hire new staff and create new as training standards that teach them from day one to be compliant and compassionate collectors.
- Get buy-in from the staff. Teacher staff to use social media to their advantage. Have them join collector groups on insideARM.com, Credit and Collection News, and LinkedIn. As they begin the understand the industry from a higher level they will understand why compliance is so important. As they read articles on these websites and have the opportunity to respond and ask questions they will begin to understand the industry and have buy-in to the changes.
So often my clients are to blame for the situation they are in. They complain their collectors are not able to get the job done, whatever the job may be yet they spend no efforts to train or develop or reward the behaviors they are looking for. They continue to reward behaviors that are outside the realm of the job and continue to complain about the results.
You must make efforts to change your behavior as a manager or owner in order to change the behavior of your staff. If you need assistance creating a new culture within your organization Lighthouse Consulting has solutions.