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Collections director hiring summary. Here are some key points about hiring collections directors in the United States:
Here's a step-by-step collections director hiring guide:
The collections director hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.
A collections director's background is also an important factor in determining whether they'll be a good fit for the position. For example, collections directors from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
This list shows salaries for various types of collections directors.
| Type of Collections Director | Description | Hourly rate |
|---|---|---|
| Collections Director | Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. | $20-58 |
| Branch Manager | Branch managers oversee the company's field office. This position is usually present in industries such as banking and food service... Show more | $18-38 |
| Audit Manager | An audit manager is responsible for the complete audit process of finances in an organization. They work for banks and report directly to the audit committee... Show more | $39-85 |
Including a salary range in your collections director job description is one of the best ways to attract top talent. A collections director can vary based on:
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | New York | $103,562 | $50 |
| 2 | New Hampshire | $99,071 | $48 |
| 3 | Massachusetts | $92,799 | $45 |
| 4 | Delaware | $91,669 | $44 |
| 5 | Maryland | $90,705 | $44 |
| 6 | Rhode Island | $89,593 | $43 |
| 7 | Nevada | $88,878 | $43 |
| 8 | California | $87,886 | $42 |
| 9 | Florida | $86,767 | $42 |
| 10 | Pennsylvania | $85,530 | $41 |
| 11 | Montana | $84,549 | $41 |
| 12 | Connecticut | $83,473 | $40 |
| 13 | Ohio | $80,336 | $39 |
| 14 | Alaska | $80,288 | $39 |
| 15 | West Virginia | $78,664 | $38 |
| 16 | Michigan | $77,677 | $37 |
| 17 | North Carolina | $77,360 | $37 |
| 18 | Kentucky | $76,844 | $37 |
| 19 | Washington | $75,606 | $36 |
| 20 | North Dakota | $73,329 | $35 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | WKYU | $124,576 | $59.89 | |
| 2 | Mayo Clinic | $110,025 | $52.90 | |
| 3 | Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing P.c. Or Aza | $86,633 | $41.65 | 2 |
| 4 | Robert Half | $82,907 | $39.86 | 71 |
| 5 | Res-Care Premier | $74,702 | $35.91 | |
| 6 | Marriott International | $71,578 | $34.41 | 2 |
| 7 | The Institutes | $61,289 | $29.47 | |
| 8 | New York State Restaurant Association | $56,513 | $27.17 | |
| 9 | University of California-Berkeley | $54,500 | $26.20 | |
| 10 | Horizon House | $50,743 | $24.40 | |
| 11 | Brooklyn Botanic Garden | $41,985 | $20.19 |
A job description for a collections director role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a collections director job description:
To find the right collections director for your business, consider trying out a few different recruiting strategies:
Your first interview with collections director candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the collections director position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.
To prepare for the new collections director first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Hiring a collections director comes with both the one-time cost per hire and ongoing costs. The cost of recruiting collections directors involves promoting the job and spending time conducting interviews. Ongoing costs include employee salary, training, benefits, insurance, and equipment. It is essential to consider the cost of collections director recruiting as well the ongoing costs of maintaining the new employee.
You can expect to pay around $73,243 per year for a collections director, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for collections directors in the US typically range between $20 and $58 an hour.