Jan:Feb 2017 Credit Management magazine

More documents

Recommendations

Info

SOAPBOX CHALLENGE KNOWING YOUR WORTH SOAPBOX challenge Karen Young is disappointed with credit professionals not knowing their market worth. I recently met with a young credit professional who, when asked what their salary expectations were, didn’t have the faintest idea what they thought prospective employers should be paying them. This isn’t the first time my questions about salary have been met with puzzled expressions. Equally, I have regular discussions with employers who want to hire very experienced and highly skilled credit professionals but are unrealistic about how much they can pay them – Champagne tastes on a lemonade budget so to speak. Each year, key industry spokespeople talk of how the demand for credit professionals shows no sign of diminishing. Everybody knows how demand drives competitive salaries. If you want the top talent in your team then you need to be offering competitive salaries and if you are that top talent you need to know what you should be negotiating for. Quite frankly, there is no excuse for not knowing what you’re worth as a credit professional, or if you’re a hiring manager knowing what you should be paying your team. I appreciate that, as a nation, we are not always comfortable talking about our salaries or asking for pay rises. However, there is a huge disadvantage for credit professionals in not knowing the market rate. Good salaries will very rarely fall in our laps. Knowing the market is the number one rule when negotiating a starting salary. Credit professionals should research the market to understand what employers are offering others at their level of experience and location. There are lots of ways you can find out your value. Use online salary guides, like the one we produce, and search for similar jobs advertised online to help you gauge your potential earnings. Don’t forget that recruiters can offer advice, I receive emails and phone calls regularly from senior credit professionals asking what the market rate is for certain positions, many of whom I have worked with for several years. There’s nothing wrong with checking in with a recruiter to find out what the market is doing. If you’ve been with your employer for a long time your salary might have fallen behind market rate – there’s no harm in checking that you’re getting what you’re worth. Likewise, as a hiring manager, being in the dark on what you should be paying your team could see you lose out to your competitors in the fight for talent. You will also miss the chance of hiring the best credit professionals because of not keeping up to date with the numbers. If you know you are offering a salary at market rate then don’t be shy about mentioning this during the interview process. Time and time again hiring mangers fall short when it comes to selling their role to prospective employees. The company is fantastic, you’re offering a decent salary and a competitive benefits package and know there are career development opportunities within the role – so tell them. Ask one of your best team members to meet with the candidate so they can hear how good it is to work for you first hand. If your company nurtures its people and recognises their top talent than you should be highlighting this as much as possible. As the demand for credit professionals remains high, it is the employers who can demonstrate that they pay market or above market rate and demonstrate career development opportunities, who stand the best chance of attracting top talent to their credit team. We should all look to gain meaning, confidence and satisfaction from our work, but of course, salary matters. Ultimately, the only person who can fight for the salary you deserve is you. So don’t stay in the dark, go and find out what you and your team are worth. Karen Young is Director at Hays Credit Management. 52 January / February 2017 www.cicm. The recognised standard
FORTHCOMING EVENTS Full list of events can be found on our website: www.cicm.com/events CICM EVENTS 1 FEBRUARY CICM WEST MIDLANDS BRANCH – ANNUAL GENERAL MEETING AND QUIZ BIRMINGHAM The CICM West Midlands Branch is pleased to invite you to its forthcoming Annual general Meeting and Quiz Night. Full details to follow. Time: AGM 18:15 Quiz and buffet at 18:30 CONTACT : To book, email westmidlandsbranch@cicm.com VENUE : BODEGA BAR & CANTINA, 12 BENNETTS HILL, BIRMINGHAM B2 5RS 7 FEBRUARY CICM BRITISH CREDIT AWARDS 2017 LONDON Now in its 5th year the event continues to grow and 2017 will once again, see the credit industry's leading figures gather to celebrate the very best performers. The annual CICM British Credit Awards is the recognised standard in the credit and collections industry and it's always a fabulous, glittering occasion. So make sure you get your entries in early, book your tables early, and join us for a fabulous night of celebration, entertainment and networking CONTACT : Table Booking Enquiries: Natasha Witter - Delegate Sales Executive T: 0207 316 9176 E: Natasha.Witter@incisivemedia.com VENUE : LANCASTER LONDON HOTEL, LANCASTER TERRACE, LONDON, W2 2TY 13 FEBRUARY CICM NORTH EAST BRANCH – ANNUAL GENERAL MEETING NEWCASTLE The North East England Branch is holding an AGM at 18.15 The venue is to be confirmed – Newcastle City centre (Further details will be communicated via the CICM website (Branch events) as soon as possible. The AGM will be preceded by our Guest Speaker Adrian Storrie (Chartered Accountant and former IP) of adelearning, who will present on (tbc…) CONTACT : Please email northeastbranch@cicm.com to register your interest! VENUE : TBC 15 FEBRUARY CICM THAMES VALLEY BRANCH – ANNUAL GENERAL MEETING AND PRESENTATIONS READING Join us for breakfast with views over Sonning Golf Course Following refreshments and the formal business of the AGM (including the election of the branch committee**) CONTACT : Number will be limited, so book early by email to thamesvalleybranch@cicm.com VENUE : SONNING GOLF CLUB, DUFFIELD ROAD, READING, RG4 6GJ 16 FEBRUARY CICM BEST PRACTICE AND NETWORKING EVENT BRACKNELL Details to be conformed CONTACT : TBC VENUE : TBC 23 FEBRUARY CICM EAST MIDLANDS BRANCH – BREAKFAST BRIEFING (2 CPD HOURS) COALVILLE Breakfast will be served at 08:00, presentations at 08:30, approximate finish 11:00. LAST YEAR’S EVENT PROVED VERY POPULAR, SO BOOK YOUR PLACES EARLY! Once you turn into the head office there will be signs pointing you in the direction of the car parking allocated for this event. You must reverse park your car due to health and safety and then head to the main entrance of the building where you will be greeted at reception. Please arrive with enough time to be registered and given a health and safety briefing at reception before the 08:00 start (allow 15/20 minutes if possible). CONTACT : E: eastmidlandsbranch@cicm.com VENUE : AGGREGATE INDUSTRIES, BARDON MILL, COALVILLE, LE67 1TL 22 MARCH CICM LONDON BRANCH – ANNUAL GENERAL MEETING LONDON Details to follow CONTACT : Details to follow VENUE : TBC TRAINING DAYS 2 FEBRUARY NEGOTIATING AND INFLUENCING SKILLS VENUE : LONDON 6 FEBRUARY CICM WEBINAR - CREDIT MANAGEMENT IN A NUTSHELL VENUE : ONLINE 21 FEBRUARY ESSENTIAL TELEPHONE COLLECTION TECHNIQUES VENUE : LONDON 22 FEBRUARY INTRODUCTION TO CREDIT RISK ASSESSMENT VENUE : LONDON 23 FEBRUARY CREDIT RISK ANALYSIS VENUE : LONDON 23 FEBRUARY DEVELOP YOUR CREDIT CONTROL SKILLS VENUE : LONDON 8 MARCH COLLECTING WITH CONFIDENCE VENUE : LONDON 8 MARCH WORKING WITH COMPANY ACCOUNTS VENUE : LONDON 16 MARCH ADVANCED CREDIT RISK VENUE : LONDON 16 MARCH DEBT RECOVERY THROUGH THE COURTS VENUE : LONDON OTHER EVENTS 31 JANUARY 3RD ANTI-MONEY LAUNDERING, FINANCIAL CRIME AND SANCTIONS FORUM LONDON The Premier Event for Financial Crime and Sanctions Professionals. CONTACT : https://finance.knect365.com/aml-financialcrime-and-sanctions-forum/ VENUE : TBC 9 FEBRUARY FORUMS INTERNATIONAL – SENIOR MANAGEMENT CREDIT FORUM (SMF) STRATFORD UPON AVON Senior Management Credit Forum (SMF) CONTACT : Email smf@forumsinternational.co.uk VENUE : STRATFORD MANOR, STRATFORD UPON AVON 16 FEBRUARY FORUMS INTERNATIONAL – PHARMACEUTICALS & MEDICAL DEVICES CREDIT FORUM (PMF) STRATFORD UPON AVON CONTACT : Email pmf@forumsinternational.co.uk VENUE : STRATFORD MANOR, STRATFORD UPON AVON 22 FEBRUARY FORUMS INTERNATIONAL – EXPORT/ INTERNATIONAL CREDIT FORUM (ECF & ICF) LONDON CONTACT : Email ecf@forumsinternational.co.uk VENUE : MARSH, LONDON 9-10 MARCH FORUMS INTERNATIONAL – INTERNATIONAL TELECOMS RISK FORUM (ITRF) POLAND CONTACT : Email: itrf@forumsinternational.co.uk VENUE : WARSAW, POLAND 15 MARCH FORUMS INTERNATIONAL – FRAUD AND CYBERCRIME FORUM (FCF) BIRMINGHAM CONTACT : Email: darren.hodder@fraudconsulting.co.uk VENUE : BIRMINGHAM 16 MARCH 9TH UTILITY WEEK CONSUMER DEBT CONFERENCE BIRMINGHAM The 9th Utility Week Consumer Debt Conference is taking place on 16 March 2017. This event, chaired by CICM Chief Executive Philip King, will address developing approaches in debt strategies in the utilities sector, driven by fresh technology, regulation and mounting competition. Experts will also give insight into the next hurdles they face as they continue the mission to eliminate bad debt. Confirmed speakers include: British Gas, Ofgem, Ofwat, First Utility, Npower and Southern Water amongst others. Please note that CICM members are entitled to a 15 percent discount on registration fees. Quote the promotional code PARTNER15 during online registration to benefit from this rate. CONTACT : To register, visit http://events.utilityweek.co.uk/ debt/ VENUE : HOLIDAY INN BIRMINGHAM, CITY CENTRE, SMALLBROOK QUEENSWAY, BIRMINGHAM, B5 4EW 16 MARCH FORUMS INTERNATIONAL – BUSINESS & OFFICE SUPPLIES CREDIT FORUM (BSF) LONDON CONTACT : Email: bsf@forumsinternational.co.uk VENUE : MOORE STEPHENS, 150 ALDERSGATE, LONDON, www.cicm.com EC1A January 4AB / February 2017 53
Page 1 and 2: CREDIT MANAGEMENT THE CICM MAGAZINE
Page 3 and 4: CONTENTS JAN/FEB2017 www.cicm.com R
Page 5 and 6: Our working capital solutions are f
Page 7 and 8: PSR TAKES STEP TOWARDS WHOLESALE CH
Page 9 and 10: News in Numbers - provided by the M
Page 11 and 12: INSOLVENCY RULE OF LAW David Kerr M
Page 13 and 14: CONSUMER CREDIT FIT FOR PURPOSE Hea
Page 15 and 16: CONSUMER CREDIT Changes to accounti
Page 17 and 18: The recognised standard www.cicm.co
Page 19 and 20: ASK THE EXPERTS UNMASKING FRAUD Dav
Page 21 and 22: While not out of pocket, I had to s
Page 23 and 24: focus their efforts to release more
Page 25 and 26: *PORE SINUMET A BLAST IN TIME Sean
Page 27 and 28: Sam Hall The recognised standard ww
Page 29 and 30: TRADE TALK WHAT’S IN STORE? Lesle
Page 31 and 32: NEWS IN BRIEF > ARE COMMODITIES ON
Page 33 and 34: continues on page 34 > The recognis
Page 35 and 36: www.portfoliocreditcontrol.com oc r
Page 37 and 38: coming to the realisation that they
Page 39 and 40: Credit professionals may be gratefu
Page 41 and 42: BE ONE CLICK AWAY FROM OUR WEBSITE
Page 43 and 44: tland +1.6 East Midlands Wales th d
Page 45 and 46: OPINION BEEN THERE, DONE THAT? In t
Page 47 and 48: CICM Learning Partnerships LOOKING
Page 49 and 50: THE CICM MAGAZINE FOR CONSUMER AND
Page 51: The Recognised Standard For further
Page 55 and 56: NEW CICM MEMBERS THE INSTITUTE WELC
Page 57 and 58: CREDIT CONTROLLERS MANAGE YOUR OWN
Page 59 and 60: Cr£ditWho? CICM Directory of Servi
Page 61 and 62: Cr£ditWho? CICM Directory of Servi
Page 63 and 64: MONTHLY PRIZE CROSSWORD CREDIT CONU

Jan:Feb 2017 Credit Management magazine

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?