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Ten Tips For New Credit Managers


Ten Tips For New Credit Managers

 

 

 


 

If you've recently been promoted into your first management role, it can be intimidating. You are suddenly in charge. How do you deal with staffing issues, gain trust, assess the strong players from those who need development, or those with performance issues? How do you keep your staff motivated?

Consider the following ten “Tips” as a roadmap for taking on this new responsibility:

      1. Start with one on one with each person: Understand their role, their career goals. Discuss how you may be able to help them achieve their goals. Let them know your door is open. Let them know your role is to keep obstacles out of the way of their success.
      2. A team approach: Meet with your staff when you have a department challenge, such as a project, or performance target. Clearly explain what is needed, and the deadline. Ask for their input. Incorporate their ideas where you can. 
      3. Make assignments on the basis of “High Trust”, “Low Trust”: Understand who are the “high trust” and the “low trust” staff members. This is a key consideration as you assign projects and set expectations.
        1. High trust employees will do what is asked without a lot of supervision. Give them general direction. Tell them to let you know when they need help. Check-in infrequently.
        2. Low trust employees are those who you have little trust that they will either perform as expected or who will need extra guidance. Make assignments more tactical, less complex with relatively short deadlines. Check-in frequently to monitor progress. High trust, low trust is not black and white, there are many shades of gray. It is important to know your staff and calibrate the assignments you give them. 
      4. Delegate: Delegation works well, particularly with those who see the experience as developmental. It demonstrates trust. 
      5. Recognize good performance: Make performance recognition public. Let their peers and management, even in other departments, such as Sales, be aware of what was done to deserve the recognition.
      6. Let them have the credit when it is due: If you delegate a project, you have been asked to complete as the head of the department, give your staff member(s) who did the work recognition for what they did. In short, leave your ego at the door. 
      7. Consider department KPI's rather than individual ones: When the department as a whole is expected to reach a goal, it leads to subtle peer pressure. High performers with help motivate those not keeping up with the group. This also can lead to better teamwork. When one person is having trouble, others will step in to help. They are all in it together.
      8. Deal with low performers swiftly: If someone is not performing, meet with them. Provide feedback and listen. Be sure to tell them both what they are doing right, and where they need to improve. Set milestones for improvement. Check-in with them as often as needed to help them get on track.
      9. Take action with non-performers: If an employee is not capable of, or willing to meet expectations, act quickly. Either reassign them to a position that is a better fit or follows your company's corrective action process and let them go. Your staff knows who the weak players are. They will appreciate your actions. You will gain respect. 
      10. Organize Assignments to Maximize each individual's strengths and minimize their weaknesses: People perform well when they can exercise what they enjoy and are good at. A staff member is unlikely to excel in every aspect of their position, but you can work with them to improve in the weaker areas. No one will be happy, or well-adjusted in a position that emphasizes their weaknesses but does not allow them to exercise their strengths. 

 

Editor · Highako Academy 

Highako.com is a video-first micro-learning platform trusted by over 10,000+ Credit and Collections professionals. Leverage Highako to drive skill growth with role-specific expert video lessons, and hands-on assessments. Connect and collaborate with the largest credit community and get access to ready-to-use templates.