If you’re experiencing staffing shortages, consider implementing the following techniques at your credit union to attract the personnel you need in order to continue to build and maintain your internal collection teams.

• Re-Evaluate Compensation
  Not surprisingly, an increase in pay is the biggest driver for attracting and retaining employees. Though not always economically viable, at a minimum, you should benchmark salaries and roles to ensure your wages are in line with industry standards.
• Get Creative with Benefits
  With benefits being an important factor when selecting a company, employers should consider offering benefit packages that allow employees to customize them based on their current needs.
• Consider More Flexibility
  Employees have responded positively to fully remote and hybrid environments and will be less likely to move to companies that don’t afford these flexibilities.
• Get Serious About Culture
  More employees are assessing company culture and look for organizations whose values align with their own. Proactively communicate your company culture and make it a central part of your brand.

With nationwide staffing shortages, an alternative to building your own collection team is to outsource. Rather than hiring and training new employees, outsourcing collections is quickly becoming the more appealing and successful path forward for many credit unions.  Outsourcing will allow you to gain better control over your costs, reduce strain on your current staff and systems, and access specialized expertise and infrastructure.

To learn about the top reasons credit unions are choosing to outsource key business processes like collections, read our latest E-Book, “Overcoming Staffing Issues to Meet Your Recovery Goals”.