What Makes a Collection Agency a Best Place to Work?

In 2008, companies from across the country entered the two-part survey process to determine the Best Places to Work in Collections. As a result of this program, we were able to see consistent patterns in what made a company an employer of choice.  The attributes of these high-ranking companies may be helpful in determining priorities for your own HR retention program.

Participating employers first provided answers to a questionnaire covering their workplace policies, practices, philosophy, systems and demographics. Next, their employees were surveyed to measure the employee experience. The combined scores determined the top companies and the final ranking. Best Companies Group – not in any way affiliated with Kaulkin Ginsberg – managed the overall registration, survey and analysis process and determined the final rankings.

The 25 top-ranking companies are now highlighted on insideARM.com.  Since company dynamics and resources change significantly with company size, the Best Places were categorized as small (15-74 employees), medium (76-249 employees) or large (250+ employees).

To preserve confidentiality, Kaulkin Ginsberg did not have access to individual employee responses; however, we received a significant amount of aggregated data from the survey that reveals some interesting trends among all the Best Companies. 

In the employee survey, employees were asked to take 10-minutes to rank approximately 72 statements on a five point agreement scale. The survey also included 2 open-ended questions and 7 demographic.

The results are analyzed and categorized according to 8 Core Focus Areas:

1. Leadership and planning
2. Corporate culture and communications
3. Role satisfaction
4. Work environment
5. Relationship with supervisor
6. Training and development
7. Pay and benefits
8. Overall engagement and satisfaction

In order to apply a simple method of comparison, I have identified the number of “A” grades received based on the percentage of positive responses to the 72 questions.  90% or better earns an “A”.

Overall, surveyed employees were most satisfied in the area of work environment.  The second-highest ranking attribute was a positive relationship with their supervisor.  Employees are least satisfied with pay and benefits, and training and development.

Those that were selected as Best Places to Work received twice as many “A’s” (12) than the group as a whole (6).  The difference is slightly more pronounced when looking separately at small, medium and large company categories.

Interesting to note is that more than 90% of employees said “I am willing to give extra effort to help my company succeed,” even among those companies that were not selected as Best Places to Work.  It seems that, in spite of 30-40% dissatisfaction with pay and benefits, this is a loyal industry.

Among small companies
Small companies received by far the most “A” ratings of all of the entrants, among both winners and non-winners.  There were 35 A’s among the best small companies (versus 15 among large companies and 10 among medium), and 14 for the group as a whole (versus 7 among all large and 4 among all medium firms).

Employees at small firms are most satisfied in the areas of work environment (93% positive) and relationship with supervisor (92% positive). Small firm employees are least satisfied in the area of pay and benefits (65% positive) and training and development (81% positive).

There were a number of attributes that scored significantly higher among employees of the top-ranking companies. The areas of greatest difference among all small companies and those that were selected as winners include:

• There is adequate follow-through of departmental objectives
• This organization’s corporate communications are frequent enough
• This organization’s corporate communications are detailed enough
• I can trust what this organization tells me
• I trust what the company tells me it takes to advance my career
• This organization provides training or experiences to help me explore other possible opportunities within the company
• 401k or 403b plan
• Retirement plan benefits

Among medium companies
Medium companies received the fewest number of “A” ratings, among all companies as well as winners (10 for winners; 4 for all entrants).

Employees at medium firms are most satisfied with their work environment (91% positive) and their relationship with their supervisor (87% positive); they are least satisfied with pay and benefits (68% positive) and training and development (71% positive).

The specific areas of greatest difference among all medium companies and those that were selected as winners include:

• The leaders of this organization care about employees’ well being
• I can trust what this organization tells me
• This organization treats me like a person, not a number
• I feel I am valued in this organization
• Overall, I'm satisfied with this organization's benefits package
• Sick leave policy
• Amount of healthcare paid for
• Dental benefits
• Vision care benefits
• 401k or 403b plan
• Retirement plan benefits
• Life insurance benefits
• Disability benefits
• Tuition reimbursement benefits

Among large companies
Large companies that were selected as Best Places to Work received 15 A’s, versus 10 for medium companies and 35 for small companies.

Employees at large companies are most satisfied in the area of work environment (91% positive) and relationship with their supervisor (89% positive); they are least satisfied with pay and benefits (69% positive) and training and development (79% positive).

The specific areas of greatest difference among all large companies and those that were selected as winners include:

• The leaders of this organization care about employees’ well being
• There is adequate planning of corporate objectives
• There is adequate follow-through of corporate objectives
• There is adequate planning of departmental objectives
• There is adequate follow-through of departmental objectives
• The leaders of this organization are open to input from employees
• This organization’s corporate communications are frequent enough
• This organization’s corporate communications are detailed enough
• I have a good understanding of how this organization is doing financially
• I can trust what this organization tells me
• This organization treats me like a person, not a number
• This organization gives enough recognition for work that is done well
• Staffing levels are adequate to provide quality products/services
• I believe there is a spirit of cooperation at this organization
• My company clearly tells me what is expected for advancement
• I trust what the company tells me it takes to advance my career
• This organization provides training or experiences to help me explore other possible opportunities within the company
• My pay is fair for the work I perform
• Tuition reimbursement benefits

Conclusions
While one might expect large companies to have an advantage in this type of contest because they can afford a wider range of benefits, it is interesting that it’s the small companies that received the largest share of A’s.

At the same time, companies of all sizes seem to struggle with the same areas: pay & benefits and training & development.

Given that turnover is extremely costly in terms of time and profitability, participation in this program can offer invaluable, detailed information about the engagement and satisfaction level of your employees. Although the program does require time and effort, this is a relatively painless and cost-effective (as little as free) way to gather employee opinion through a third party, which helps to ensure that the response will be honest. Additionally, the rigor of the process contributes to meaningful results.

Kaulkin Ginsberg participated in a similar program in our local, Washington, D.C., area; we took the results very seriously and make regular efforts to improve based on the response we received. This is what gave me the idea to run this program for our industry.

Our 2009 program will begin in April, and we welcome your participation. For more information and to be notified when the details for the 2009 survey are available, please visit: http://www.insidearm.com/go/best-places-to-work.

Stephanie is the publisher of insideARM.com and also oversees all operations for Kaulkin Ginsberg. She has more than twenty years of experience in operations management and consulting, both for start-ups and large established firms. She can be reached at 240-499-3806 or by email.