3 Ways To Improve Productivity Without Hiring
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Hiring is really hard. If you’re reading this blog post, you don’t need us to tell you that.
Across industries, organizations are struggling to find and retain talent.
Just because this is happening, however, does not mean your productivity has to suffer. Neither do your liquidation rates.
We spoke to Sam Galbo of Advanced Capital Solutions to understand how his agency has improved productivity over time, even though the size of his team has largely stayed the same.
Even though we are living through “one of the toughest times to be in collections,” as Sam says, there are still ways to maximize your team’s potential (without causing burnout.)
Keep reading to learn:
💥 Why hiring can be so challenging for the debt collection industry
🚀 3 ways to improve your productivity without hiring any more people
💻 Software that can boost productivity right away
Watch or read more about our conversation with Sam to solve your hiring problem (without hiring.)
The Hiring Problem in Debt Collection (And Everywhere)
Having trouble hiring is not new for debt collection agency owners. As the industry fights to repair its reputation and attract talent, a nationwide labor shortage has added insult to injury.
Sam’s agency knows the feeling all too well. He shares how getting applications and interviewees in the door is hard enough.
Now, applicants have much higher expectations of what a potential employer can offer them, whether or not they bring collection experience to the table.
Sam has seen this affect morale over time as well. Hires who are new to the industry will leave before the 6-month mark, feeling defeated by the difficulty of the job, before they can really hit their stride.
It’s frustrating for both parties, and it doesn’t look like it’s going away anytime soon.
3 Ways To Improve Productivity Without Hiring
Sam has been in the industry for 15 years and doesn’t shy away from experimenting with new technology. As a result, his agency has been an innovator in debt collection strategy and maintained successful outcomes, even when his workforce has been less stable.
Sam recommends three main ways to keep your existing workforce engaged.
Giving your team options to work from home or have flexible hours can give your agency a major competitive advantage.
Because Sam trusts his core team, he allows them the flexibility to work from home.
Gallup reported that the preference to work from home is not going away anytime soon. 91 percent of the surveyed workforce said they would prefer a hybrid/remote option over returning to the office full time.
Talk to your agents about what set-up they prefer. Talk to your vendors to explore remote set-up options.
You might find that your agents become more engaged and productive, and you may also recruit talent outside of your immediate community.
Within the safe harbors of regulation, Sam’s team has never shied away from the innovations in the industry over the last 15 years.
Sam has introduced email, texting, and an online portal for consumers that have kept his conversion rates steady, despite a smaller team.
Despite contact rates dropping slightly, Sam and his team sees consistent conversion rates because he meets consumers where they prefer to be met.
If you are still on the fence about trying different methods of communication, we recommend you start with one new channel and monitor your contact rates and conversion rates closely.
Sam and his team use an in-house collection software that integrates with all of their communication channels.
Automation has two main benefits:
- It saves your agents from any time spent on manual data entry
- It saves you from hiring someone to oversee operations
Sam attributes his team’s productivity to their ability to focus on work that matters most, and let automated systems take care of the rest.
Sam and his team have been able to keep conversion rates steady, even as they struggle to hire.
Zoom out of your day-to-day operations and see if there are ways you can provide flexibility, bring in new software to engage consumers, and automate your systems.
You may find that you can stop spending so much time trying to hire, and invest all your energy into your core team’s success.
This information does not, and is not intended to, constitute legal advice; and may not be used as legal advice. Instead, all information is for general informational purposes only.