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Special Report - Where the Jobs Are - Collections & Credit Risk, July 2003

Excerpt

Credit and collections operations are playing a more prominent role in business today. Has that caused an upswing in demand for credit and collections professionals?

While hiring in the largest collection agencies has been flat, it is strong in several areas. Healthcare collections buisnesses are recruiting, as are mid-sized collections agencies, those with 50 to 200 collectors, says Jim Finocchiaro, the President of SC Riverside Inc. in Council Bluffs, Iowa.

Finding the best and the brightest is always a challenge. "It's still very difficult to find qualified mid- to upper-level managers," says Finocchiaro.

"Salary and benefits are critical but not as important as stability and the potential for growth," says Finocchiaro.

Employees also are looking for job security. "Many candidates leave jobs because their company is not doing well," says Finocchiaro. Downsizings also motivate people to leave because the remaining workers are stretched thin and asked to do more with less.

The standard offer generally gives the employee a 10% pay increase, says Finocchiaro. However, he estimates that approximately 85% of offers now include performance bonuses.

"Offers of sign-on bonuses have decreased dramatically from five years ago," says Finocchiaro. Relocation offers have also come down to earth. At one time, he points out, a prospective employer would buy a candidates' house if necessary. But now relocation offers are down 50% and typically include packaging and moving plus temporary living expenses - and nothing else.

Some candidates do not have the financial savings to make a job change. "Many candidates can't accept better positions even though they want the job," says Finocchiaro, "because they are either upside down on the house payment, or don't have the savings to put down deposits in their new city."

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