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Agencies Share Data on Compensation Plans, Tracking Performance

Nearly 60% of collection agencies expect the size of their staffs to grow in 2018. More than 25% of those companies expect the number of employees to increase by at least 10% this year. Such an increase in staff, coupled with an increasingly compliant-focused environment, could put a significant strain on the training, retention, and operations of collectors in 2018.

AccountsRecovery.net, in conjunction with DAKCS Software Systems, conducted a survey of collection agency professionals during March and April of 2018. Survey respondents were asked a number of questions related to employee training, compensation, and performance. The objective of the survey is to provide insights into how agencies are currently staffed, how they are compensating their staffs, including frontline collectors as well as support staff, how employees are trained, and how important job advancement is to an employee.

For example, more than half of the survey’s respondents use salary and commission when compensating employees, compared with only 2% who pay commission only and 2% who pay via salary only. The majority of support staff, meanwhile, are paid on an hourly basis. Nearly 8% of agencies always pay a commission, regardless of circumstances, according to the survey. Collectors who do not meet their quota was the most common reason why a commission would not get paid.

Copies of the survey results can be accessed by clicking here. AccountsRecovery.net is hosting a webinar tomorrow with a panel of ARM industry experts to discuss the survey results and how agencies can maximize employee productivity while minimizing employee turnover.

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