U.S. News and World Report released its 2014 list of the 100 Best Jobs in America, and both debt collectors and compliance officers made the list. Debt collection was listed as the 57th best job to have, while compliance officers came in at number 54. What’s more, when looking at the top jobs to have in business, compliance officers made the top 10. Collectors came in just behind at number 11.
“The growing maze of laws, regulations, licensing and permits increases the need for compliance officers, who make sure companies and governing bodies keep in line with internal policies and regulatory requirements,” U.S. News and World Report writes in its analysis. “In the financial industry, these positions are particularly in demand as the government steps up its enforcement of anti-money laundering laws.”
While money laundering concerns don’t really exist in the collection industry, compliance officers already have their hands full wading through enforcement actions and potential regulation put forward by the Consumer Financial Protection Bureau. The CFPB recently closed the comment period on its Advance Notice of Proposed Rulemaking for the collection industry, and is still collecting consumer data about their interactions with collectors through a new mail survey.
Debt collectors made the list because of the high likelihood that the demand for collectors will increase, especially in the medical field as the costs of health care increase and an aging population incurs medical debt.
“We want to figure out what is going on and figure out a common solution to help them settle their debt,” Nick Jarman, chief operating officer at Delta Outsource Group, Inc., told U.S. News and World Report. “It’s our job to talk with them to understand currently where they are, and then based on our clients, we might have the ability to offer a lower amount to settle their accounts or offer a long-term payment arrangement.”
U.S. News and World Report compiles its list of the Top 100 jobs by first looking at the data on jobs with the greatest hiring demand. Then, factors such as 10-year growth volume, 10-year growth percentage, median salary, employment rate, future job prospects, stress level and work-life balance are calculated to determine a job’s overall score.
The best of the best in the collection and compliance industry have the added bonus of making insideARM.com’s list of Best Places to Work in Collections. In 2013, 35 agencies made the cut. To learn more about how the Best Places to Work data is used to identify standout organizations, read our report Best Places to Work in Collections: Survey Trends From 2008-2013. Learn how the best companies in the debt collection industry distinguish themselves from everyone else as employee-friendly. Discover trends in employee benefits, so you can see how your programs stack up. See how employee satisfaction correlates with benefits and standing. Use the data to ensure your company’s policies, practices, philosophy, systems and demographics are on track for excellence in 2014 and beyond.