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Ideas on how to avoid staff burnout in the credit department. (Selected Topic).
The credit department is under fire. Economic concerns, accounting anxieties, and profit worries are damaging more than DSO--they're affecting attitudes and creating uncertainty for each member in your department. After all, the credit department is the ace when it comes to forecasting economic weather. Our "collection barometers" put us on the front lines of any pending economic storm.
Yet, even in any season, the credit department will always be under fire. If we don't understand that, then we don't belong in the credit arena. But staying on fire so that our staff doesn't burn out is of vital concern. Here are some tips on how to keep your staff red-hot:
Re-Kindle the Fire
1. Periodically rotate accounts among collectors.
* This can avoid a possible "assignment rut" and create a fresh perspective to customer issues. In turn, a different approach may lead to resolution of issues/disputes and stimulate customer response.
* Rotation can create a "new start" mind-set attitude that fires motivation.
* Over-familiarity with accounts is avoided, which can contribute to ineffectiveness and affect objectivity.
- Strategic staffing and your credit department.
- Magazine article from: Business Credit Messmer, Max March 1, 1997 700+ words
...of staffing your credit department. Assess the Situation...time it takes each credit department employee to perform...Let's assume your credit department has five employees...vacations, and any appropriate correlation you can...
- High-level temporaries: adding value to your credit department.
- Magazine article from: Business Credit Messmer, Max July 1, 1996 700+ words
...Johnson runs the credit department at a large company...pressures on the credit department. Until last year...and expertise in credit department operations and management...Supervise others where appropriate. * Make staffing...
- Taming the Chargeback: Beast: It takes teamwork to control chargebacks. The...
- Magazine article from: Collections & Credit Risk Butler, Jessica September 1, 2002 700+ words
...controllable errors cause many of the chargebacks. The credit department is usually responsible for resolving deductions, but it...customer, it should be documented and forwarded to the appropriate accounting personnel. When the deduction comes in, it...
- Is your credit department the next company dinosaur? (how to survive a...
- Magazine article from: Business Credit Snyder, Henry June 1, 1994 700+ words
...getting wake-up calls from customers, from competitors and from within. . . . The old ways of doing business aren't appropriate for the future. Traditional markets have become global for many industries and margins have eroded as companies endeavor...
- Key financial ratios for the credit department.(SELECTED TOPIC)
- Magazine article from: Business Credit Dennis, Michael November 1, 2006 700+ words
...make informed decisions about whether to extend credit to customers, how much credit to extend, and what terms of sale are appropriate. Liquidity Ratios These ratios indicate the ease of turning current assets into cash. Liquidity refers to a company's...
- How the Credit Department adds value to your company. (Best Article...
- Magazine article from: Business Credit McCourt, Tamara June 1, 2002 700+ words
To understand fully how the Credit Department adds value to your company, you must first understand what the Credit Department does. That's easy, you say--the Credit Department just processes credit applications and makes a few collection...
- Soothe the itch when starting from scratch: NACM can make starting a new credit...
- Magazine article from: Business Credit June 1, 2005 700+ words
Structuring a new credit department is no easy undertaking. A...the task of creating a new credit department, a whole new score of challenges...sales department, about the credit department's function and policies...
- The credit department thrives at T. Talbott Bond. (T. Talbott Bond Co.)...
- Magazine article from: Business Credit Owings, Julie A. January 1, 1992 700+ words
...Harry, is executive vice president. Credit Department Is Vital The credit department is a vital part of The Bond Company because...He is responsible for managing the credit department and orchestrates the collection of all...
Source: HighBeam Research, Ideas on how to avoid staff burnout in the credit department....