Credit and Collections Essentials 2024
If you work in Credit Management and Debt Collection, you must keep on top of your professional development and knowledge to perform at your highest. On the 30th January 2024, the Chartered Institute of Credit Management hosted their annual “Credit and Collections Essentials” event.
In case you missed it, we’ve made sure to round up everything you need to know in an easy-to-navigate YouTube Video and written up a summary of the points discussed.
Without much more introduction, let’s dissect what our speakers; Luke Sculthorp FCICM, Jules Eames FCICM and Mary Delahunty MCICM(Grad) covered in this event.
4:53 - Technical Skills
10:07 - Interpersonal Skills
13:33 - Strategic Skills
16:11 - How to set personal development goals
20:18 - Personal Development Plan Template
21:41 - CICM Qualification
23:47 - CICM Training
30:00 - How others are preparing for 2024
35:16 - Top Tips for 2024
38:43 - Download the Credit and Collections Review
Mastering the Essential Skills:
Jules Eames FCICM, Resource and Content Manager at CICM, kicked off the call by looking at the Technical, Interpersonal and Strategic skill that the 2024 credit professional is going to need:
In today's financial labyrinth, a firm grip on insolvency handling, consumer duty regs, and financial analysis is your compass. Navigate complex legal frameworks like a seasoned skipper, assess financial situations with the precision of a laser, and make decisions sharper than a new suit.
Building strong bonds is more important than ever. Hone your emotional intelligence to connect with customers like a barkeep with regulars, develop persuasive negotiation skills to strike win-win deals, and be as adaptable as a possible to tailor your communication to different people. At the end of the day, people pay people and it will be the power of empathy and your interpesonal skills that get the best out of a situation.
Thinking ahead and adapting to curveballs is your secret weapon. Embrace agile working practices to dodge market wobbles like a nimble dodger, future-proof your resources and team by staying clued up on industry trends, and foster collaboration and alignment within your crew.
Charting Your Personal Development Journey:
Following from Jules’ comments, Mary Delahunty MCICM(Grad), Qualification and Apprenticeship Delivery Manager, discussed setting personal development goals, which can be very challenging for all professionals. Here are some of the key takeaways:
- Self-Awareness is Key: Start by taking a long, hard look in the mirror and owning your strengths and weaknesses. Use CICM's handy Professional Skills Audit inside CICM Knowledge Hub and Personal Development Plan to set realistic goals that'll rocket your career.
- Invest in Qualifications: Upgrade your expertise with CICM Qualifications, from Level 2, Level 3 and Level 5. Sharpen your skills and unlock new career paths by upping your professional membership.
- Explore Apprenticeship Routes: For those who learn best by doing, apprenticeship programmes offer valuable on-the-job training and funding for CICM Qualifications.
Equipping Yourself with the Right Training and Qualifications:
Together, Jules and Mary highlighted some of the ways that CICM helps Credit and Collections Professionals with their professional development, via CICM Training and CICM Qualifications.
- Choose from a variety of study methods such as Virtual Classes, Learning Support Service or self-paced independent study options for great flexibility with your learning and development.
- There is no need to settle for a one-size-fits-all approach. CICM's training can be tailored bespoke to tackle your specific needs and equip your team with the skills they need to ace their roles.
- Remember, continuous learning and development are the lifeblood of success in the ever-evolving world of credit and collections. By embracing the insights and resources offered by CICM, you can develop the skills and knowledge you need to navigate the challenges, seize the opportunities, and crack on in 2024 and beyond.
Your virtual event goody-bag
It wouldn’t be a CICM event without your virtual goody-bag to take away.
Access the slides discussed on the call, the CICM Training Brochure, The CICM personal Development Plan Template and the Credit and Collections Review of 2023, below: