Here is a follow up from my column last month, when I mentioned a survey to determine which core skills members feel are the most important to credit managers. First, I want to thank all of the 133 members who took the time to respond to the survey. Second, I wanted to share the results and let you know how we will use the information to guide our development of skills training programs this year.
As a reminder, we asked members to rate 15 functional areas of the credit and collections cycle as “Very Important,” “Somewhat Important,” or “Not Important.” From the nearly 13% of CMA members who responded, “Communications Skills (verbal/written)” was rated most important (119 very important), followed by “Credit Basics” (116 very important), “Collection Techniques” (112 very important), “Customer Service Skills” (107 very important), and “Negotiation Skills” (105 very important). All other areas received ratings under 80 for very important (the complete list of results appears below).
To keep things interesting, the dozen in-depth interviews with CMA’s Board of Directors reflected some of the results above, also placing high value on Communications Skills, Collection Techniques, and Negotiation Skills. However, the group of CMA leaders rated Financial Skills (analysis and forecasting) much higher than the larger member sample, and appear to place a higher value on Leadership and Management Skills. Interestingly, Legal and Compliance issues received average ratings of importance, but we live in a nation of laws and operate in a business environment that is prone to legal risk and liability, so we’re going prescribe legal and compliance training anyway for the overall health of our members.
So what does this tell us about the training needs of our members’ credit operations? We believe that an online credit training program that initially addresses six core disciplines will benefit the vast majority of members who are charged with creating and conducting credit training programs without having the often significant time, resources, and expertise that are required to take on that responsibility. The CMA Credit Training Program will offer skills training in 1) written and verbal communications, 2) credit fundamentals (customer investigations, credit decisionmaking, setting credit lines), 3) collection techniques, 4) negotiations, 5) financial analysis, and 6) legal and compliance.
Look for more details later this summer, but in the meantime, I have a request. Part of the success of our recent CreditScape events was the contributions that experienced credit practitioners made to the workshop discussions. Sharing success stories and career-long best practices have added significant and unique value to our in person education sessions, and I would like to bring that same dynamic to our online credit training courses. If anyone reading this message feels that they have valuable experiences related to one of the core disciplines listed below, and you would be willing to work with me and other members to share those experiences and best practices with CMA members through this new program, please reach out to me so we can discuss a possible contribution.
I want to thank you again for your participation, as I look forward to helping evolve our education program into one that provides members with the topics they value most.