Find out the top 10 core skills you need to master as a collections manager and what hard skills you need to know to succeed in this job.
A Collections Manager is responsible for overseeing business financial collection department, supervising the staff while ensuring all the money owed to the company is billed and received accurately and timely. This position often works for credit card companies or collection agencies to collect debts owed to them.
The duties of this position include supervising the collection personnel, interviewing and hiring group staff members, creating work schedules, reviewing employee interactions with customers to ensure policies and regulations are sincerely adhered to, studying customer accounts and authorizing various transactions, researching, developing and implementing collection procedures, ensuring debts are recovered, and the company does not suffer minimal losses.
Core Skills Required to be a Collections Manager
Core skills describe a set of non-technical abilities, knowledge, and understanding that form the basis for successful participation in the workplace. Core skills enable employees to efficiently and professionally navigate the world of work and interact with others, as well as adapt and think critically to solve problems.
Core skills are often tagged onto job descriptions to find or attract employees with specific essential core values that enable the company to remain competitive, build relationships, and improve productivity.
A collections manager should master the following 10 core skills to fulfill her job properly.
Administrative Skills are all the services related to the running of a business or keeping an office organized while supporting the efforts of the management team.
A Collections Manager must develop these skills and emphasize the administrative skills to ensure high-level responsibilities that range from planning large scale events to creating presentations and analyzing financial data are handled carefully and efficiently.
Interpersonal Skills are a set of abilities that enable a person to positively interact and work with others effectively while avoiding office disputes and personal issues with each other.
A Collections Manager must learn the importance of these skills in the workplace and emphasis on every employee possessing them to build a more cohabit able and productive workplace with the help of each.
Developing others is an unremitting process that focuses on the broader, longer-term growth of individuals to nurture them to their potential and promote future development.
A Collections Manager needs to support, coach, positively impacts and effectively aid in developing talents of their staff by motivating them to become outstanding in their behavioral change and performance improvement that opens up development opportunities in the organization.
Personal Growth is the improvement of one's awareness, identity, developing talents and potential to facilitate the growth of oneself and the position they handle at the workplace.
A Collections Manager ought to assist his employees in finding themselves by introducing or referring them to methods, programs, tools, techniques and assessment systems that support their development at the individual level in the organization.
Results Orientation is knowing and focusing on outstanding results and working hard to achieve them because they are significant.
A Collections Manager must understand and make it clear to the employees how important results are and the competitive and results driven market that the company is facing while encouraging them to remain focused on the results that every project bears without fail.
Project Management is structuring a to-do list for your project or company containing tasks and responsibilities as well as creating a roadmap for the execution of those duties promptly.
A Collections Manager must place emphasis on the application of the project management methodologies and principles by the staff in the daily functions and responsibilities to foster efficiently as well as create a competitive advantage in the heavily competitive business space.
Process Improvement is the creation of new processes or improving the existing ones that will work and take your corporation to the next level.
A Collections Manager must maintain the continuous improvements in the workplace that are favorable to the current investors, potential investors, and stock owners while working with methods that can serve as a foundation for future business decisions causing a profitable growth.
Research is the ability to stay updated on the latest trends in different fields as per your concern or the concern of your company or business.
A Collections Manager ought to stay up to date on the latest trends in hiring, leading, retention, technology and much more by using the newest research methods that allow him to make better decisions and improve productivity.
Training is the ability to expand the knowledge base by learning new truths that are useful in the workplace.
A Collections Manager needs to creatively schedule training for his employees in a focused manner that will allow the employee stay useful in the workplace and get new knowledge so that both the business and the worker not suffer from delays and work related stress.
Writing Reports and Proposals:
Writing Reports and Proposals is the ability to record business reports and plans for the company or project following the policies and procedures of the company.
A Collections Manager should, therefore, emphasize the need and accuracy of these reports and plans to ensure they are delivered promptly, and the details within are accurate adhering to the company's policies and regulations without compromise.
Hard Skills Required to be a Collections Manager
Hard skills are job-specific skill sets, or expertise, that are teachable and whose presence can be tested through exams. While core skills are more difficult to quantify and less tangible, hard skills are quantifiable and more defined.
Hard skills are usually listed on an applicant's resume to help recruiters know the applicant's qualifications for the applied position. A recruiter, therefore, needs to review the applicant's resume and education to find out if he/she has the knowledge necessary to get the job done.
A collections manager should have a good command of the following hard skills to succeed in her job.