Whatever industry you’re in, the margins are always tight, and there’s no money to spare. Every bit of revenue you can capture is crucial. Sometimes a business’s bottom lines can suffer as money drains away for reasons that have nothing to do with sales. Employees need reimbursement in several cases, but sometimes they receive more than their due. Let’s check out how employee reimbursements can undermine business goals and how professional collectors prevent this.
In the classic boardgame Monopoly, you get to keep the money when the bank makes an error. In real life, if a company accidentally overpays an employee, then they must return the money. There could be different reasons for overpaying an employee — a system glitch, human error, or something else.
Either way, professional collection agencies handle whatever type of employee reimbursement you face. Don’t let money slip through the cracks.
Companies benefit when their employees are well-trained and educated. That’s why many offer to cover their employees’ continuing education. However, it’s wrong when an employee abruptly quits after their training is done. Thus, you may deserve compensation.
After all, you wouldn’t pay to train or educate someone who didn’t work for you, and the last thing you’d do is pay to train an employee from a rival company. Don’t get stuck paying for training that benefits another company.
Sometimes a business gives employees a company credit card to cover work purchases. Maybe it’s a per diem on a business trip or some other expense that shouldn’t come from the employee’s pocket.
Maybe the employee buys extra things the business didn’t intend to cover by accident because they were confused, or perhaps the unauthorized spending was deliberate. Either way, the company shouldn’t have to pay for these expenditures.
Hiring a collection agency is the quickest, surest way to recoup this money. You can devote your HR resources to recouping it, but even if you succeed, it diverts their time from where they can be more effective.
People get sensitive when it comes to discussions about recouping money for understandable reasons. Thankfully, industry leaders favor a humane approach that is never aggressive. Whether collecting reimbursements from former employees, current employees, customers, or other dealers in the industry, the collection agency you use should always be courteous and professional.
You never want to burn a bridge or leave a bad taste in somebody’s mouth. Not only that but being humane and respectful can lead to considerably better results! Industry-leading collection agencies conduct themselves with courtesy throughout with all parties while improving your company’s bottom line.
Paying employees what they’re worth is vital. Fair compensation drives them to succeed and gives them control over their personal lives. However, you don’t need to pay above and beyond what was agreed to. Look for a professional collection agency that touches on all the above points, and don’t delay!
