How Industry Leaders Adapted to COVID-19

During the COVID-19 pandemic, no one has been left untouched by the effects of the virus.  Employers and employees both have had to adapt to the ever changing environment by following regulations and the wishes of their clients. Throughout this pandemic, we've had the privilege to talk with leaders in the ARM industry about what they have done to keep up with the ever changing world. In my conversations with some of these leaders, here are the main things I learned.

 

Mr Harry Strausser emphasized the importance of empathy in collections during this pandemic. He says,‘"The ability to communicate is directly proportional to our ability to collect.” By being empathetic towards consumers, collectors have the opportunity to form an incredible relationship with the people they serve. Consumers are now realizing collectors can be a resource for financial education and therefore, the relationship between the two is even more important. Strausser believes, “the overwhelming majority of consumers desire to pay their debts.” Therefore, in this time of pandemic, collectors must be more empathetic than ever. Strausser wrote an article on this topic which can be read on our site here.

 

In a conversation with Mr Gordon Beck, he stressed more than anything the importance of a strong culture during these troubling times. Beck was well equipped to handle the challenges thrown his company’s way which he credits to his team and the culture they have. They were able to transition quickly to remote working and see success as his employees stayed motivated to do their best work possible. When talking to Beck you can hear the pride he has for his company and those who work in it. It is evident he has laid out a plan and been effective in keeping his workplace productive. 

 

Finally when talking to Mr Steve Kusic, he emphasized the importance of staying persistent during these challenges. Although the COVID-19 pandemic has created uncertain times, many clients are still wanting collections to continue. Through this pandemic we have been able to see the importance that debt collectors have in the economy and it is our job to stay persistent through these times, adjust to the new normal, and do our part. 

 

COVID-19 has led to a year that no one could have predicted. However, through the conversations I’ve been fortunate enough to have with leaders in the industry, I have seen the heart and soul of those in the ARM industry. Those in this industry are some of the most determined, compassionate, and strong willed people I’ve ever had the pleasure to talk with. Although the future is uncertain, it is certain that those in the collection industry will persevere.