Importance of Collections is up, but are workers getting their due?
From Accounting to Accounts Payable, more companies are showing gratitude for traditionally underappreciated Finance positions. And Credit and Collections is no exception.
According to a recent survey by the Credit Research Foundation, 45% of credit managers believe their employers now feel that credit management is more important and more appreciated.
With a majority of firms wrestling with late-paying customers, it’s hard to argue with the importance of Collections today. However, even though many credit managers feel that their companies understand the importance of their work, over a third (35%) still feel underappreciated.
Other findings from the survey:
- Only 3% of credit managers feel that credit management is less important and underappreciated, and
- 17% haven’t noticed much change in credit management.
To get the most out of your Collections department, have your credit manager create a priority list of the department’s duties to be sure you’re both on the same page. And be sure to show appreciation for the department’s hard work.
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