Employee Retention
The US job market’s last two years were chaotic. Tens of millions of people lost their jobs in the first half of 2020, thousands more turned their living rooms into conference rooms. A year of solitude in quarantine seemed to have led many to reconsider, reevaluate, and reprioritize; people are newly empowered to be more selective and strategic about their employers. Now that unemployment rates are sitting at 3.6% again – the lowest level since the start of the pandemic – standing out as an attractive employer means getting creative.
Our leaders at Professional Credit got creative right away. Chief Operating Officer Carl Christensen, who oversees our collections floor, considered employee health and compensation structure for inspiration to rejuvenate his team. He said he wanted to help his team of collectors feel more connected to, and inspired by, their work.
“It’s been kind of a multifaceted approach,” Christensen said.
“Right away, we raised our starting wage to pay better than our competition. Prior to the Covid shutdown and downsize, we were paying collectors commissions. While coming through Covid, it didn’t seem like a good idea to incentivize behavior that might be (overworking). So we got rid of the commission prior to the wage increase, and instead took average commission monies and transferred it into the hourly rate.”
So Christensen reinstituted bonuses for the performance of collectors. Professional Credit’s collections floor and legal department structured levels of advancement to track employees’ growth and trajectory at the company.
“We built a growth model within the organization to make pretty clearly defined goals for raises and responsibilities. (These goals) have a direct correlation to bonuses and compensation.”
And it worked. While Professional Credit has the same trouble with getting interviewees in the door (like so many employers these days), those joining the company are staying.
“Yes, attracting people is a challenge equal to other industries, it’s just happening everywhere,” Jeff Johnson, our Chief Client Officer, said. “Once we get them in, they’ve been staying, which is really nice. We have a lot of room to grow and move, which is a nice thing; we’re always looking to advance people in ways that we can.”
Johnson also said company programs that connect employees to one another helps a company feel like more than just a company. When people bond outside of job duties, they are happier personally and professionally. At Professional Credit, that looks like our Employee Reach Out Program, which offers 40 paid hours of volunteer work per year and helps employees bond with one another and with their community.
It also looks like paying for employees to continue their professional education and obtain industry certifications in our largest-served markets, government, and healthcare. These certifications not only help them be better employees but might even help open up doors later on in their careers. Volunteer hours, professional education, and chances for employees to bond are all ideas that have stemmed from employee surveys and dialogues directly with leaders at Professional Credit. We host regular discussions – now over pizza, thanks to working in person again – during which our team gives direct feedback about what workplace resources would improve their performance and help them navigate the changing workforce and economy.
“Our (employee programs) bring everyone’s voice to the table, which we didn’t have before (the pandemic),” Johnson said. “Now it’s supposed to be a very open forum for people to hopefully feel comfortable to really discuss our mission, vision, and values, which used to be something just written on paper.”
“The impending recession makes people think differently and act differently,” Johnson said. “But it’s about investing in employees that make people want to stay long-term.”
Looking for ways to reinvigorate your team? Partner with Professional Credit and take advantage of our collective knowledge and experience of our team, we can offer training, consulting, and education on a variety of topics. Visit our Speakers Bureau to view our catalog and request a consult.