How a Collections Staffing Agency Can Improve Your Quality of Hire
Hiring quality employees is a challenge for every industry. But hiring collections professionals comes with unique obstacles. To succeed in their field, collections specialists must possess a wide range of technical, practical, and interpersonal skills, from knowledge of collections laws and regulations to computer proficiency to outstanding customer service skills. When organizations hire individuals who don’t meet all these qualifications, they risk massive losses in time, money, and productivity.
This is where a collections staffing agency can help. By leveraging their industry expertise and network of top collections talent, staffing agencies enable employers to hire better candidates more quickly and easily.
7 Reasons to Work with a Collections Staffing Agency
From access to a wider pool of specialized talent to improved retention rates to preserving time and money, there are plenty of reasons to work with a collections staffing agency. We explore seven of these reasons below.
Collections Staffing Agencies Have Access to a Large Pool of Talent
One of the most significant challenges in hiring is gaining access to enough qualified candidates. Ongoing talent shortages mean there are fewer candidates to go around, while online job listings often receive hundreds of applications from job seekers who don’t have the necessary experience for a collections role. Sifting through these unqualified resumes takes up time that could be spent searching for the perfect candidate.
Collections recruiters have access to a wider pool of candidates because they’re able to recruit collections specialists who are already employed and aren’t actively seeking a new job. They know how to identify these talented individuals – and how to entice them to join your organization. This means that the candidates that collections recruiters find for you are more likely to have the skills and qualifications you need than candidates you’d find on your own.
Similarly, collections recruiters pull from extensive databases of pre-screened, pre-qualified industry candidates who they’ve already built relationships with. This allows recruiters to find experienced candidates who can step into a new role quickly.
Collections Recruiters Have Specialized Industry Knowledge
The collections industry is complex, and so collections specialists need specific technical and personal skills to excel within it. More than a generalized customer support role, a collections role requires individuals to have up-to-date knowledge of collections laws and regulations, advanced critical thinking skills, and computer and digital skills. Collections specialists must also have the interpersonal qualities necessary to deal with high-stress situations, balancing compassion with tenacity and empathy with grit.
Collections recruiters have a deep understanding not only of the collections industry, but of the qualifications needed to work well within it. They work tirelessly to maintain expertise in the regulations and compliance requirements that govern collections, as well as other market trends within the industry. Collections recruiters can provide consulting on emerging skills and qualifications that prime candidates should have, and can help your organization attract more of these advanced collections candidates. The specific industry expertise that a collections staffing agency brings to the table results in higher quality candidates who can excel within the unique nuances, complications, and challenges of their role.
A Collections Staffing Agency Reduces Hiring Risks
There is always some amount of risk involved in adding a new member to your team. A candidate who impressed you during their interview may turn out to be a poor fit, causing your organization to lose money in the form of turnover costs and repeated hiring cycles. Alternatively, you might bring on several new employees during a period of growth only to find it necessary to conduct layoffs when that growth period ends. Bad hires and layoffs can bring serious costs to your organization’s finances and reputation.
You can mitigate these risks by leveraging temporary and temp-to-hire collections staffing services.
If your organization experiences busy periods or variable growth cycles that complicate hiring, temporary staffing is a smart solution. Temporary collections staffing services allow you to bring on the qualified professionals you need now without worrying about the possibility of laying them off later – you can simply discontinue the temporary staffing service when you no longer need it. Temporary collections staffing can also give you coverage for full-time team members on vacation or leave, allowing you to give your dedicated staff the time off they need without losing out on productivity.
Temp-to-hire collections staffing reduces the risk – and cost – associated with hiring the wrong person. If a collections staffing agency identifies a candidate you think might be a good fit, you can bring them on for a trial period to see how they perform on the job before making a final decision. If your new temporary employee proves to be a qualified collections specialist and terrific culture fit, you can convert them to your full-time staff at no additional cost.
Improve Retention Rates with a Collections Staffing Agency
Poor retention rates are a serious challenge for any organization, costing you money, time, productivity, and reputation. Working with a staffing collections agency not only lets you access the qualified candidates you need in the short term but can improve your employee satisfaction and overall retention in the long term.
One way a collections staffing agency can help your organization improve retention rates is through better candidate matching. Collections recruiters have specialized industry experience as well as more general expertise in identifying which candidates are best suited for a particular organization. They have access to a wider selection of both active and passive job seekers to choose from. Recruiters are also extremely skilled in communicating the expectations of a particular role to the candidates they place. All this means that the employees you gain through a collections staffing agency are more likely to be an excellent match in terms of skill, personality, and expectations, and so will remain with your organization for the long run.
Flexible collections staffing services can also help to increase retention rates. Temporary and temp-to-hire staffing services allow you to see how an employee performs on the job before determining whether they’re a good long-term fit. This provides an extra layer of security in ensuring quality hires and boosting retention.
Leverage Collections Staffing Services to Hire Faster
Traditional hiring processes take time – generally weeks, and sometimes months. And that’s not taking into account the time it takes to train and onboard new hires. If your organization has urgent staffing needs or aggressive performance goals, you may not have all that time to spare – and you may not be able to afford the loss in productivity long hiring periods can cause.
Collections recruiters leverage streamlined processes that they’ve developed over decades of experience to identify and recruit qualified candidates as quickly as possible. Many collections staffing agencies have spent years building up extensive databases of qualified talent, and can fill immediate staffing needs with pre-approved candidates.
Collections staffing services also save your organization time by allowing your HR professionals and other key team members to focus on critical tasks instead of time-consuming hiring processes.
Collections Staffing Agencies Can Provide Support and Training for New Hires
Even if you manage to identify and hire the perfect candidate for a collections role, you’ll still need to invest time and money in their training and onboarding to ensure they’ll perform well. Many collections staffing agencies can relieve this burden by providing support and training for new hires, including:
- Orientation and Onboarding: Collections staffing agencies can spearhead orientation and onboarding programs for new hires. This may include an overview of job responsibilities, company policies, and procedures.
- Skill Assessments: Collections staffing agencies can conduct skill assessments for new hires. Based on the results, the agency can provide targeted training and development programs to fill knowledge gaps and help new hires succeed within your organization.
- Coaching and Mentoring: Some collections staffing agencies provide career coaching and mentoring for the candidates they recruit. This ongoing support can help new hires feel more comfortable and confident in their roles.
- Continuing Education: It’s important that collections specialists stay up to date in their complex industry. Staffing agencies can provide continuing education and professional development opportunities to new collections hires, including online courses, conferences, and other training programs.
Reduce Hiring Costs by Using Collections Staffing Services
The traditional hiring process isn’t just time-consuming – it’s expensive. Processes like interviewing, screening, and onboarding can cost your organization thousands of dollars per new hire. When you hire using collections staffing services, the staffing agency will typically assume all costs associated with identifying and hiring new members of your team. Collections staffing agencies also typically handle payroll costs for temporary and temp-to-hire employees. Finally, a collections staffing agency helps save your organization money by reducing turnover costs through streamlined hiring and improved retention rates.
Hire Exceptional Talent with Nation’s Top Collections Staffing Agency
If your organization is struggling to access qualified collections talent, Workway can help. As one of the nation’s leading collections staffing agencies, Workway is dedicated to providing employers with the long-term or short-term staffing they need to excel. Whether you’re looking for temporary staffing or a new permanent team member, Workway’s collections staffing services can support your growth and success by delivering you quality hires. Contact our team today to learn more.