Collection Compensation Strategies: Get the Most out of Collectors

• Overview

Motivating and compensating your collectors is crucial for a continuously effective and compliant business.

Being a debt collector can be difficult for the average person. Not many children dreamed of becoming a professional debt collector. That does not mean that agencies cannot make this a dream career. The industry has many standards to meet, now more than ever in our history. Regulations, procedures and expectations can burn your collector out. Motivating and compensating your collectors is crucial for a continuously effective and compliant business and keeping your well trained collectors around for the long haul. Learn multiple ways to achieve this goal. See what works best for your business model.

This topic will help you identify how to review and improve your compensation structure for your collection staff and recognize new and creative ways to motivate staff. Gain a better understanding of how to discuss changes with your staff to get them on board and excited to work for your agency.

Authors

Agenda

What Does Your Collector Think When They Hear Compensation?

• Learn to Think Like a Collector

• Learn What Keeps Them Around for the Long Haul

• Learn What Keeps Them Compliant While Remaining Effective

Compensation - Pay Me

• Is It All About That Base? There Are Many Ways to Set This up

• Commission and Bonuses

• What Other Monetary Rewards and How Are They Earned? Think Compliance

Benefits

• What Should Your Package Include

• Let's Get Creative

• How to Avoid Too Many Expectations

Motivation

• All Employers Have Benefit Packages, What Else Motivates an Employee

• Daily Motivation Techniques

• Other Motivating Ideas