There’s no doubt that without their employees, companies wouldn’t get very far. They need hard-working people on the ground to satisfy customers, make sales, and do countless other tasks only they can do. Employees deserve all the money they make.
However, if businesses aren’t careful, employees can end up costing them more than they pay in salaries and wages. Thankfully, professional debt collectors can prevent excess funds from slipping away. Please read on to learn how they do it.
Sometimes, a system glitch or human error results in accidentally overpaying employees. Companies don’t legally owe this money, but getting it back smoothly and quickly can be thorny.
Professional debt collectors know which buttons to push to get this money back into your accounts, where it belongs. They’ll do it quickly and without damaging relationships with the employees, who may very well continue to work there for years to come.
For most businesses, salaries and wages are one of the largest expense items. Companies shouldn’t be on the hook for more than they owe.
Employees sometimes put in extra hours on the road and shouldn’t have to pay for these expenses out of pocket. If a company needs them to fly to another city or country and stay in a hotel, they need to cover such expenses because they’re necessary for the employee to do their job.
What if an employee gets confused about what is and isn’t a work expense or tries to take advantage of their employer’s largesse by charging personal expenses to the business? That’s a different story, and companies need to recover employee reimbursement debt quickly and effectively.
It could be a result of a genuine misunderstanding or premeditated exploitation. The former requires clearer instructions about internal processes, while the latter may be a fireable offence. Either way, professional debt collectors can help you plug this leak.
Ongoing Education and Training
Paying for employees to get a better education and training is smart policy — it lets companies deliver premium customer service and better satisfy clients. It’s mutually beneficial, but only if the employees use their skills boost for the employer who paid for it, not their rivals.
If an employee stays in their job only until the free training is over, it usually voids an agreement laid out between the two parties. Legally and ethically, this is wrong. Employers shouldn’t have to pay to train somebody who doesn’t work for them and may even work for a competitor!
Professional debt collectors will help you recoup any money wrongfully paid out to train or educate ex-employees who breached their agreement. In this way, debt collectors help honour and enforce the initial agreement, so both sides get what they want.
Dignity and Professionalism
Finally, today’s best collectors avoid all the aggressive and underhanded tactics the debt recovery industry is sometimes associated with, often correctly. Thankfully, industry leaders can collect almost double the industry standard without resorting to tricks like robocalls, threats, or harsh language.
They’ll help you get the money into your accounts, where it belongs, while conducting themselves diplomatically and professionally.
Companies across sectors struggle with debt collection. The savvy ones let the professionals handle it so they can return to doing what they do best — running their own companies.