Cultural Innovation in Credit & Collections: Pipe Dream or Possibility?

The sleeping giants are out there: innovators charting a new course for us, profitable firms shifting the unfavorable perception of our industry.

What kind of innovation am I speaking of?  Not the latest and greatest products or processes. We may have top end technology and training modules, metrics and SOP’s, but these things only make us more efficient money generators.

I’m speaking of cultural innovation in our companies, value based, inspirational leadership that will move us beyond making a dollar; transformational leadership that mobilizes employees to work toward a vision larger and loftier than a paycheck.  To me, that looks like companies who create opportunities for staff to develop and expand their reach.  It’s companies that commit to great causes and see them through – companies that give and have fun doing it.  The winds are changing and “What’s in it for me?” isn’t working anymore.  So how can we get there?

First, we have to care about this – really; nothing worse than faking it.  Our struggle comes from old paradigms.  Industry history has as its foundation, a slippery slope of self-interest – we only make money if we collect money.  We eat when we get paid and it’s easy to see how we wind up coloring outside the lines and settling in the gray to make a living.

There’s a tendency to manage by metrics, rules, and pressure.  So many calls per day – phone time – dollars posted per hour, etc.  Miss too many and you’re out the door so without balance this gives rise to hitting the targets at any cost. This is a high pressure, high stress way to make a living that leaves little room for caring about anything loftier than making it past another close out.

We must be productive. But consider the possibility of infusing a broader, more sensitive view of the ripple effect of our work?  And not just at the employee level, but starting with management and owners.  Do we demonstrate caring, relate the vision and light the way within our companies and without?  I’m sure some will argue that leaving emotion or thoughtfulness at the door is essential to success in collections.  And it’s true that many companies have done well financially without it.  But has public perception shifted, are the employees fulfilled and happy?

Our community is tarnished by the lopsided press and maybe collectively our community can pledge to change it. The idea is much larger than this post – just hoping to start the discussion.

As an Operations VP and business consultant, Deanna brings a unique perspective to commercial agency management due to her hands on experience in just about every area.  She’s done sales and business development, client services and complaint resolution, marketing and website development. Learn more at www.genesismgmtgroup.com