July 30, 2019
Stay in the Know
Did you know that just 34% of employees feel engaged at work? Worse yet, 16.5% say they’re actively disengaged from their jobs.
The reality is that not every job feels like a dream. Debt collectors, for example, must endure never-ending rejection that challenges even the most intrinsically motivated people.
And that causes problems for BPO organizations and debt collections agencies. Disengaged employees aren’t as productive, leading to issues with metrics like right party contacts, first time payments, and call scores.
That’s why one BPO turned to Noble Gamification — to bring a new sense of motivation to debt collectors and improve business results.
3 Benefits of Debt Collection Gamification
One main challenge for a BPO organization is toeing the line between compliance and debt collections. You can’t reward employees for increasing collections at all costs because of strict standards regulating the industry, such as the Fair Debt Collection Practices Act (FDCPA).
Gamification creates friendly competition within the BPO organization to motivate collectors without pushing them to turn toward unjust practices. The benefits of gamification in the debt collection industry include:
- Increased Agent Morale: Giving collectors a technology platform that’s engaging, enjoyable, and easy to use creates a more pleasant working environment. And with friendly competition baked into the day, agents no longer feel that their job is just one rejection after another.
- Increased Coaching Efficiency: Having a centralized platform for monitoring gamified debt collections makes it easier for supervisors to coach their agents. Rather than seeing performance issues as the result of disengaged work, supervisors can use behavioral patterns as opportunities for course correction.
- Increased Visibility for Executives: Providing “engagement highlights” to executives can increase collaboration at all levels of the business. Where BPO executives may have been disconnected from engagement problems on the lower levels, a unified platform for gamification offers insights that can help executives improve operations.
Achieving these benefits requires more than just loose, inter-office competitions. Gamification must be systematically infused into operations with technology, executive buy-in, and cultural consistency. But with the right strategy, you can unlock new levels of transparency, employee engagement, and debt collection compliance in your organization.
Achieving New Levels of Success in the Collections Industry
One BPO deployed Noble Gamification with the goal of increasing employee engagement to improve both compliance scores and agent productivity. And by testing the platform in a major business line — automotive finance — the BPO gained much more.
“There are multiple advantages to Noble. Besides performance improvements, motivation, and retention, one of the huge advantages that the game provides is complete transparency for agents into what other agents are doing. It completely dispels favoritism between managers and certain agents, because they can see actions moment to moment; what is occurring and the results.” — Leading BPO in the Collections Industry
There’s no denying that debt collection can be a brutal job for employees. But to remain at the forefront of the collections industry, companies must find unique ways to bring more joy and efficiency to the workforce. It may seem subjective, but the results speak for themselves:
- 25% improvement in first time payment (per agent, per week)
- 37% increase in right party contacts (per agent, per week)
- 61% boost in call scores
If you want to learn more about how this BPO used Noble Gamification to significantly improve engagement, productivity, and coaching, check out the full case study.