Growth economy boosts demand for credit professionals.(selected topic)(Report)

Economic growth is driving strong demand for credit and collections professionals. Across the country, recruiters report that companies are expanding their teams to support revenue growth and capitalize on new business opportunities.

While hiring activity may have been tentative in recent years as the economy regained footing, many businesses now seem intent on adding full-time personnel--that is, if they can find qualified professionals. Talent shortages in various credit roles and experience levels have made recruiting increasingly difficult.

In response to the competitive employment market, companies may need to review their compensation and benefits to ensure they meet or exceed what others in the marketplace are offering. And with strong hiring occurring across many different industries, companies should benchmark their compensation with firms outside their industry who are competing for the same limited supply of skilled credit and collections professionals.

The 2007 Salary Guide from Robert Half International projected an average national increase in base compensation of 3.8% this year, although those with the most in-demand qualifications are seeing larger-than-average increases. Professionals who have earned designations such as the Credit Business Associate (CBA), Credit Business Fellow (CBF) and Certified Credit Executive (CCE) also may be able to command a salary premium.

Although competition for highly skilled professionals remains intense across many functional areas, credit and collections has become a hiring focus. As businesses pursue new markets and customers, they have become even more aware of the valuable role these individuals play in helping companies select the right customers to do business with, set proper credit limits and enforce payment terms.

Positions in Demand

Businesses are hiring credit and collections professionals at all levels and positions, especially credit analysts, credit/collections managers or supervisors and credit/ collections clerks. The strong demand for credit/collections clerks may even be contributing to higher-than-average salary increases for many positions at this level. Credit/collections clerks can expect average salary increases of: