In most small and medium sized companies the accounts receivable clerk was recruited from the accounting department and got the job by accident. If you were to ask these credit clerks if they enjoy their work – most would answer with a resounding NO! Employee turnover in this position is extremely high.
Low Job Engagement = Big Problems
If you check out the help wanted ads they are chock-full of employers looking for credit and collection personnel. We regularly see advertisements for the same companies every month. Turnover in any employee position is expensive; however, the turnover of credit and collection staff can be exponentially more expensive if not caught and corrected right away. You need top quality staff who enjoy their jobs, especially if they are managing one of your largest assets – your accounts receivable!
Untrained Staff Managing Your Largest Asset
So how do you attract and retain quality credit & collection staff? It all starts with your advertisement. Workopolis, Monster, and Career-Builder are popular help wanted sites. Firms like Robert Half and Mercer Bradley can help you with recruiting as well. Increasingly sites like Craigslist and Kijiji have become excellent sites to post your advertisements. Your advertisement is critical. Be specific about the job expectations. Post the salary or the hourly wage. Let people know exactly what they can expect. Pre-qualify candidates to make sure they possess the qualities of top credit and collection professionals. There are several pre-employment tests that can be administered to help you short-list candidates for this specific position.
An Ounce of Prevention vs. Pound of Cure
Once you have posted your advertisement, pre-qualified your candidates, and given thoughtful consideration to the job requirements – you are ready to make an employment offer. Attracting and retaining the right credit and collection personnel is critical to your firm’s financial success. Don’t leave it to chance otherwise you can expect the same results with your accounts receivables.
Need Help? No Time?
If you know you need help with your accounts receivable, we can help you draft an advertisement, test candidates and provide you with a short-list of people that want to work in credit and collections.
Call us today at 1-866-266-0117 for a free consultation and don’t leave your financial results to chance.