Project GM570 - Jeremy Pflug

Project GM570 - Jeremy Pflug - VeriCore Turmoil and...

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VeriCore – Turmoil and Turnover Jeremy Pflug jpflug13@gmail.com GM 570 4/18/11 Gene Knorr
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VeriCore is one of the top commercial collection agencies in the United States, providing collection efforts in the 50 states and internationally. We have four offices currently in Cincinnati, Ohio, Tempe, Arizona, Huntersville, North Carolina, and Mandeville, Louisiana. It was founded in 2001 by 5 men with 20+ years of commercial collection experience. (Vericore.com, 2010) Each of the five executive officers worked for NCO Financial, which is another monster commercial collection agency. They decided to collectively leave and start their own agency. They wanted to build an aggressive agency built of principles that were bold and new to the field. With the ever growing regulations against collections agencies, the executives decided that compliancy with all the regulations would make them a cut above the rest. With the Financial Reform Act of 2010, half of the states in the United States require collection agencies to be licensed and bonded in each individual state. (FDIC.gov, 2009) Those out of compliancy could be fined and ultimately shut down… this is why VeriCore sought out these regulations and become licensed in each of these states, and why they have been doing business so well since its opening. The main problem has started within the last month; 2 people have been fired, and 2 people have quit. There is also another hand full of us, actively searching the job market and having interviews with potential employers. The main issue is that the company is going through a rough spell. Sales are down simply because the economy has been poor so instead of losing customers, companies are working accounts to the bone (basically until it is too late for us to collect
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any money) and holding onto them longer. There are also roughly 4,500 commercial collection agencies actively in the market currently, and the pitches all sound the same. Our sales strategy with private investigators, online access, so on and so forth is just the same stuff that these companies hear every day. This has caused management to become micro-managers. The employees feel that they are constantly being watched, lectured, and put down. How can employee job satisfaction change the tide of these declining sales numbers and sky- rocketing turnover rate? According to a study done by the National Business Research Institute, there are six factors that contribute to job satisfaction; Opportunity, stress, leadership, work standards, fair rewards and adequate authority. (NRBII) In my specific case, I believe that all of these factors are related to the issues at hand. The Merriam-Webster Dictionary defines opportunity as a good chance for advancement or progress. Has the opportunity for success been given to each employee and has it been given equally? Deborah Hildebrand goes into detail about opportunity as being a huge
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This note was uploaded on 08/28/2011 for the course BUS 600 taught by Professor Thomas during the Spring '11 term at Morehead State.

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Project GM570 - Jeremy Pflug - VeriCore Turmoil and...

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