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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
- Scott Goen,
Credit Manager, Big Lots Stores, Inc., Wholesale Division
"We've recently started using the ListServ tool within Credit Today. This is phenomenal and powerful forum for gaining immediate feedback, ideas, and suggestions, relative to any credit topic under the sun, all in a real-time e-mail format."
-Javier Vela, Senior Credit Manager, Global Credit Services, JDA Software Group Inc.
"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
- Victoria Artis, Director of Customer Financial Services, Pfizer, Inc.
"Over the last 10 years I've seen Credit Today evolve from a monthly credit publication into a quality source of information and guidance for the B2B credit community. The website, with its user friendly form downloads, will take you from examples of new account credit applications to bankruptcy forms and everything in between.
The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
"There are numerous credit periodicals available to the credit professional today. How good is Credit Today? Is it relevant? I always have to read it late, or online because my credit analysts want to read it the minute it comes in. When my staff wants to read a publication before I have a chance to read it then something is working in that publication. We have cancelled our other subscriptions. When you have the best you do not need the rest."
Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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Rules for Managing Marginal Credit Employees
We all recognize that people are our most valuable resource, but many of us get caught up in the unproductive process spending more time than we can afford coaching, training, teaching, and nurturing substandard employees. I am not suggesting that the credit department become a place where an employee who needs a little extra help or training cannot get it. Instead, I am suggesting that credit managers must know when to cut their losses. To assist in this process, I believe credit managers should adopt the following rules:
- New employees should be evaluated at the end of their first 30 days, rather the standard 90-day probationary review cycle. If they are not up to the task, it is better for the company and for the department's morale to cut your losses early.
- When an employee fails to meet the credit manager's expectations, the matter of that employee's continuing employment must be considered pragmatically and unemotionally. It helps to remember that it is the credit manager's duty to the company to make certain they have the best possible in every position.
Credit Management Portal
Unparalleled resources to help you with all aspects of the credit function: partnering with sales, reducing DSO, efficient ways to manage A/R, credit reporting resources, how today's credit leaders are solving problems, best practices in all phases of the quote to cash process...
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Credit Management Portal
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- The credit manager should confront the employee, and should be specific about their shortcomings. A specific plan of action should be agreed upon and goals established. Of course, you must give the employee sufficient time to make the necessary changes.
- The employee should be told that if the goals are not met, he or she will be terminated.
Inept, disinterested, or incompetent employees create a negative force within the credit department. They can devastate morale. They can alienate customers, and they can embarrass the credit manager. Substandard employees should be advised of their weaknesses, given the chance to improve, and when necessary terminated either for cause or based on their "at-will" employment status. This approach offers two advantages.
- It ensures that the credit department staff is made up of employees who are caring, committed, professional and competent.
- It demonstrates to anyone who happens to be looking that you as the credit manager will not tolerate substandard performance in anyone.
Equally important, go out of your way to recognize your best and brightest employees. Unfortunately, they often get overlooked in the shuffle.
Editor's Note: The above article originally appeared in the Credit & Collection Manager's Letter, a newsletter purchased by Credit Today in 2006. This article originally appeared prior to 2000.
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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