How to Make Your Next Collection Representative Hire

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Last updated at 09-17-2020 21:17:35

Overview

Methodology

More than 1,676 companies advertise 7,885 Collection Representative jobs on SimplyHired and its partner sites each year. After analyzing job postings and salary information from these companies, as well as direct job seeker feedback, we’ve compiled a list of insights to show you how to attract and hire your next Collection Representative most efficiently.

Hiring Process

In the past quarter, we’ve seen 2,523 job posts from 688 employers in the United States. This is a increase of 16.6% compared to the previous quarter. On average, there are 159 Collection Representative job seekers for every active Collection Representative job, which shows that it is an employer's market.

Writing a Job Description

In the past quarter, Customer Service Representative, Call Center Representative, Receptionist, Collection Agent, Administrative Assistant, Warehouse Worker, Collection Representative, Delivery Driver, Accounts Receivable Clerk, and Sales Representative seem to be the most sought after jobs amongst the Collection Representative candidates in the United States. This differs from the last six quarters, where the most popular titles were: Customer Service Representative, Call Center Representative, Receptionist, Collection Agent, Administrative Assistant, Accounts Receivable Clerk, Collection Representative, Front Desk Agent, Warehouse Worker, and Sales Representative. If you use one of these currently popular titles in the job description, you'll likely be able to attract a lot more candidates to apply.

For the Collection Representative candidates who are actively applying to jobs in this same period, we see that 7.5% of the active Collection Representative candidates have less than 3 years of experience, 16.0% have between 3-5 years of experience, 31.2% have 6-10 years of experience, and 45.2% have over 10 years of experience. The average years of experience has shifted from an estimated 8.5 years to 8.2 years. If you're posting a job in today's market, expect candidates with about the same experience level to apply to your job compared to the last 2 quarters.

In the previous quarter, the most popular skills that employers are looking for include communication skills, customer service, negotiation, computer skills, Microsoft Excel, bilingualism, Microsoft Office, Microsoft Word, Spanish, and analysis skills. Demand for analysis skills, English, data entry, negotiation, Spanish, Microsoft Office, multilingualism, Microsoft Excel, customer service, and computer skills has significantly increased. If you are looking for a Collection Representative with a similar skill set, be sure to follow industry best practices in skill requirements.

Job posts with salary information received about 1.6 as many applies as those without it. In the past quarter, less than 45.3% of the job posts displayed salary information. By adding salary information to your job posting, you could potentially increase the number of applicants by approximately 60.0%.

Example Collection Representative responsibilities

  • Make cold calls or visit clients to solicit debts
  • Identify debtors for the purpose of collecting outstanding debts
  • Offer a settlement to the debtor and explain the payment plan
  • Follow up on the payments to ensure they make good progress into resolving debt
  • Analyze account information, including account status, past due dates, due amounts, and delinquent amounts

Recruiting

Active Recruiting

When reaching out to candidates, it’s best to understand where to look. We’ve identified hiring trends in states as well as companies regularly hiring for Collection Representative positions. This should provide a good place to start looking for qualified candidates. According to our data in the last quarter: Texas, New York, Florida, Arizona, and Ohio are the states that have the highest demand for Collection Representatives. Texas, Florida, Arizona, New York, and Ohio are where most job seekers are searching for Collection Representative jobs. If we look at the Collection Representative to job ratio, Massachusetts, Utah, West Virginia, South Dakota, and Nebraska have the lowest number of Collection Representative applicants per job. Idaho, Kentucky, Tennessee, Mississippi, and New Mexico have the most active Collection Representative job seekers per job.

Passive Recruiting

While actively recruiting candidates for your role, you should also post your job to SimplyHired. By posting for free and paying only for the qualified applicants you want, your post will automatically go to a network of job boards to reach millions of qualified candidates. With SimplyHired, it doesn’t end with the post. You can track your applicants throughout the hiring process with our simple and easy to use Applicant Tracking System (ATS).

Review Candidates

In the last quarter, we estimate there are 398,564 job seekers interested in Collection Representative opportunities in the United States. That’s a 20.9% increase compared to the previous quarter with 330,999 active job seekers. Around 7.5% of the active Collection Representative candidates have less than 3 years of experience, over 16.0% have between 3-5 years of experience, 31.2% have 6-10 years of experience, and 45.2% have over 10 years of experience. The average experience level of the available Collection Representative candidates is 8.2 years. Active candidates in the Collection Representative profession most commonly have high school diplomas, followed by associate's degrees, bachelor's degrees, and master's degrees. When setting education requirements for your position, aligning with the industry standard makes it easier to find potential candidates. Application rates indicate that Collection Representative candidates are likely experiencing a market in which applicants have less negotiating power. From an employer perspective, you'll have a greater selection of candidates to choose from and may want to invest in automated screening tools.

Interviewing Candidates

Interview Process

*Self-reported data collected from 2,236 Collection Representatives from 1/1/2020 to 6/30/2020, via online employer reviews for companies including GC Services, iQor, Citi, Truist Financial, Premier Bankcard, GM Financial, TSI - Transworld System, Inc, Alliance Data, Santander, and Regional Acceptance Corporation.

After analyzing post-interview data from Collection Representative candidates in the last 6 months, we see more than 46.0% of the candidates self-reported being hired within 1 to 2 days. Around 88.4% of the candidates for this job reported being hired within 2 weeks. If your process takes longer than 2 weeks in the recent market, you'll likely lose these candidates to other employers. Most of the Collection Representative candidates are expecting a on-site interview, background check, phone call/screening, and drug test. Most employers do not require a written test or group interview. If you are trying to hire your next Collection Representative quickly, consider simplifying and streamlining the hiring process. As for the interview experience, more than 71.7% of the candidates had a good or great interview experience, and more than 49% of the candidates thought that the interview leaned more towards easy.

Example Interview Questions

  • Why should we hire you?
  • How do you find credit risks?
  • How do you determine if a potential collector should be referred for legal action?

Final Review and Offer

Reference Check

Checking references is a quick and easy way to check for any red flags that didn’t arise to this point in the hiring process. Great insights can be provided by former colleagues and employers.

Crafting an Offer: Salary and Benefits

The average Collection Representative salary offered by employers increased for 4 out of 6 consecutive quarters in the United States. In the last quarter, we see a decrease of 0% from $41,947.33 to $42,094.11 compared to the quarter before, which is on par with the past 6 quarters. For Collection Representative positions, the most common benefits job seekers reported being offered by employers include: healthcare insurance by 82.2%, dental insurance by 81.1%, vision insurance by 76.7%, paid time off by 75.6%, a 401k plan by 71.1%, discounts by 31.1%, and stock options/grants by 14.4%. While still relatively rare, more and more employers now offer flexibility benefits, including location variety, maternity leave, sabbaticals, somewhat remote, flexible working hours, mostly remote, fully remote, and paternity leave, to attract and retain Collection Representative candidates to their organization.

Background Check and Drug Test

According to self-reported job seeker feedback, 53.3% of the employers conducted a background check, and 42.1% of the employers conducted a drug test prior to the hiring of their Collection Representative candidates.

Onboarding

When you’re ready to hire a Collection Representative, SimplyHired is here to help with your next steps. Our Human Resources Information System (HRIS) provides onboarding tools and other essential HR tools. From document signing to time off tracking, our HRIS will help you seamlessly move a Collection Representative candidate through the hiring and onboarding process.

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