CM July and August 2018

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EDITOR’S COLUMN Pays your money, takes your choice Sean Feast Managing Editor ONE of the trickiest problems facing debt collection agencies in recent times has been how to recognise and reward their collections staff. And by ‘recognition’ I mean, of course, money, for as much as the new generation of Millennials might harp on about job satisfaction being more important than cold, hard lucre, they will soon discover with a mortgage to pay and children to bring up that bean bags, meeting pods and a fridge fully stocked with Fever Tree tonic isn't all it’s cracked up to be! The Financial Conduct Authority consulted on the issue of remuneration, and the industry perhaps wondered why they bothered. All they really seemed to say was that they had ruled nothing in or out when it came to incentivising staff and that any incentives needed to be balanced by monitoring and identifying trends or patterns in individual agent’s behaviour (see article page 21). The landscape for collections has changed dramatically in the last decade or so, and examples of poor practice are now few and far between. Those that do make the headlines are often historic. It is true that financial incentives can lead to wrong behaviours – one only has to think of PPI to know this is true – and some agencies have removed the concept of an additional financial reward altogether in favour of a higher basic salary coupled with additional holidays, vouchers or other such goodwill gestures. But there is still a worrying disconnect, in my opinion, between what the clients (like the banks) say and what they do, when it comes to measuring performance. Sure, they talk a good fight about high compliance and QA scores, and low numbers of complaints, but the ultimate measure is still how much of the customers’ money has the agency managed to recover. They even publish league tables to show how each of the agencies are performing against their peers. It is hardly surprising, therefore, that agencies have, in the past, adopted a similar mindset. They are, after all, in the business of collecting money. And that is the point I am trying to make. Agencies should indeed look at creative ways of recognising and rewarding their staff to meet the needs of a modern generation of client and customer, but they must also recognise that in the end, whatever they do, money talks. The Recognised Standard / www.cicm.com / July/August 2018 / PAGE 4
The Recognised Standard / www.cicm.com / July/August 2018 / PAGE 5
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CM July and August 2018

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