Looking for a credit and collections clerk or manager? Before starting your search, get a sense of the competition out there. According to Burning Glass, a labor-insights provider, there have been 10,709 job postings for both credit and collections clerks and managers in the past 12 months. So while these aren't the most competitive roles to be recruiting right now, you still want to be in a position to bring the right person on your team.
First, here's a handy checklist for finding a credit and collections clerk or manager:1. see where your hiring process could be improved for efficiency 2. put together a competitive compensation package 3. understand what the top skills are for these roles 4. craft an eye-catching and engaging job description 5. analyze industry trends and how they'll impact your hiring 6. identify the best channels to source talent
Want some help working through these steps? Below are tips and insights for each of the checklist tasks. Let's dig in.
1. speed up your hiring process
"That's the way we've always done it" is a poor reason to resist change of any kind, but it's especially true in regard to hiring processes. Lengthy hiring cycles strain existing employees and risk important work falling through the cracks. And when it comes to credit and collections roles, which greatly impact your organization's financial health by maintaining the integrity of your client accounts, timeliness is everything.
So as a first step, examine your current hiring process using the diagram below to find out where "the way you've always done it" can be improved.
2. develop a competitive compensation package
While there are many factors that determine the attractiveness of a job offer, a competitive salary is a guaranteed attention grabber. But what constitutes "competitive" for clerks will be different for managers, and level of experience makes a difference, too. For a refresher on what salary demands are for these roles, Randstad's 2019 Salary Guide is an excellent source for getting nationwide averages. Here are the averages for credit and collections positions at the clerk and manager level, broken down by level of seniority:
credit and collections clerk
$32,093 – $37,119
$38,347 – $44,353
$44,048 – $50,947
credit and collections manager
$80,884 – $96,994
$92,606 – $111,050
$106,707 – $127,960
In addition to title and experience, a competitive salary can also vary greatly by region. For a more detailed look at up-to-date salary data in your specific area, check out our salary calculator.
3. identify the top skills for credit and collections clerks/managers
The responsibilities of credit and collections clerks and managers can vary widely from company to company, so it's especially important to nail down exactly what it is you need in terms of skills and experience.
Of course, the right person must be able to keep customers and account managers happy by keeping accurate financial records. But beyond that, you'll need to have a discussion with appropriate parties — think business and hiring managers as well as team leaders — to come up with a list of necessary items (or "must-haves") — such as expert customer service and billing and invoicing experience — and ideal items (or "nice-to-haves") — like financial risk management skills or in-depth portfolio and project management experience.
Listed below are the most requested skills for credit and collections positions across the nation, based on the past 12 months of job postings:
4. write an eye-catching job description
A good job description is like a welcome mat, inviting prospects in to consider all you have to offer and to imagine working for you. Here are a few tips for making sure your welcome mat gets the job done.
drive candidate interest by speaking to your company's culture and shared values.
These three pointers should set you off in the right direction, but if you're looking for more advice, refer to our guide to writing highly effective job descriptions.
5. brush up on the latest industry trends
Your company and its hiring needs don't exist in a vacuum. Whatever is going on in the industry at large will impact your recruitment efforts. Let's take a look at a few trends happening in the accounting and finance industry to see how they will influence the roles of credit and collections clerk and manager.
Despite advancements in technology that streamline actual collections, the responsibilities that credit and collections roles have in investigating potential risk of new suppliers and customers continues to be crucial.
The top three industries hiring credit and collections clerks and managers are: finance, insurance and real estate. Employers in these industries, therefore, should anticipate even higher competition for top talent.
The highest demand for credit and collections roles this past year was found in California, Texas and New York. So if you're in one of these states, you'll need to focus on distinguishing your offer from the pack during any talent hunt.
Learn more about what's impacting the industry and gain valuable insights in our 2019 guide to hiring trends in the accounting and finance industry.
6. choose your channels to find candidates
So, where are you actually going to find this talent you need? Who or what do you turn to to get the word out? While there are loads of options available — such as networking events, employee referrals, job fairs — not all yield the same crop. And when it comes to recruiting, by and large, you reap what you sow.
And what you're able to sow can vary greatly from company to company: everything from workforce size, recruiting budgets and specific hiring needs can influence how much you're able to diversify the approach you take. To expand your efforts, consider using a staffing firm, whose mission it is to find you the right fit for your company, not someone else's.
Moreover, when you're looking for someone who will be determining the creditworthiness of potential and current clients — a responsibility that certainly shapes your company's reputation and bottom line — having access to a staffing partner's prescreened and vetted talent, in addition to their industry experts ready to save the day, eliminates a whole lot of risk.