The benefits of training the credit and collections team
A business is only as good as the team behind it. So, it’s worth investing in your company’s most important asset – its people. Training is proven to empower individuals, enhance in-house knowledge, upskill and modernise productivity and boost your organisation’s profile to create a high-performing team.
In today’s Credit Management and Collections industry, teams are faced with new challenges. Training gives your team the tools needed to tackle those challenges successfully.
“Employees value training opportunities just as much, if not more, than their employers and 87% of millennials believe learning and development in the workplace is important.”
Further Statistics like these, can prove the value of employee training. In this blog, we’ll dive into how training credit and collections teams is also important and beneficial for your organisation’s output.
Increased performance and productivity across the organisation
Training allows your team the space they need to consider and adopt best practice approaches and effective techniques. Application of new, smarter ways of working can help refine processes and reduce inefficiencies. And as teams work together to adopt their training, their performance is given a surge of energy, that boosts results.
Improved engagement and retention amongst your employees
If you invest in your people’s professional development, they are likely to show greater commitment to your organisation.
In many industries, including credit and collections, personal development and training toward are an expectation of employees. Potential recruits to your team will look for tangible investment into their learning and may be deterred if it isn’t there. Consequently, ensure that professional development is part of the recruitment strategy.
A continuous upskill programme allows you to create a high-performing team of competent credit and debt professionals. People who are confident in their abilities and are capable of making informed decisions that benefit your organisation’s cashflow and manage its risk exposure.
Crafting an innovative culture with the credit and collections team
When your team is encouraged to expand their knowledge, skills and behaviours, they develop a forward-thinking approach to problems. Organisations that prioritise their team’s learning can help them foster an innovative mindset.
A business with a culture of innovation can create a powerful set of people, dedicated to their mission, values, and growth targets.
Why is training important in Credit Management and Collections?
For standalone Credit and Collections organisations, credit is the purpose of the business. Fail to train the people working here, and your business fails.
Additionally, organisations who offer credit as a facility for their product or service, it can be easy for the credit function to get lost among the other departments. However, it is one that is vitally important. Credit Management protects your business’s investment in its credit customers and manages the risks this poses. Collections and Recoveries ensures prompt and effective return on that investment in the form of paid invoices and bills.
With such a large responsibility on the shoulders of your credit and collections professionals, it is worth investing in the best training available.
Ultimately, if you are thinking about your options and training for your teams, then explore the credit management and collections training that we have available here at CICM. We can help make your greatest asset work for you.