Wescot Credit Services - Strategic Priorities

Like all businesses Wescot Credit Services understand the importance of having a clear, defined strategy in place. Wescot Credit Services also know that it is vital that this strategy fits in with the ethos of the firm and ensures that they remain true to their core values, which include being entirely clear to their customers and always ethical.

Over the coming months, WescotCredit Services will be fulfilling the strategic priorities that they haveset out some of which are highlighted below:

One of the major objectives for Wescot Credit Services is to ensure that they fulfil the FCA requirement with absolute clarity and efficiency. Direct contact with both customers and the FCA is one of the ways that this can be fulfilled although there are many others, such as the development of a defence compliance model, maintaining and developing current training systems, creating dialogue across the Wescot Credit Services client base and also ensuring that this delivery is evidenced throughout.

Another major strategic priority for Wescot Credit Services is to ensure that each and every customer the company engages is provided with a fair outcome. The company plan to deliver this by conducting an on-going assessment of their customer engagement channels and developing these to ensure they always understand their clients requirements. It is also important for Wescot Credit Services to continue  to invest in finding ways to give the customer a choice in how they interact with Wescot Credit Services, how they can make payments when needed and also how they can receive the information they need when they need it.

Finally, Wescot Credit Services strive to ensure that they always fully understand the client’s needs and priorities and can deliver these in a prompt fashion. They intend to do this by maintaining a strategic relationship, with the client which allows the client to come to Wescot Credit Services to advise how they need their particular offering to be tailored to suit their requirements. It is also important for Wescot Credit Services to be seen as a recovery service and early collections provider rather than someone who is competing the client for the value in an asset that the client has created.

Wescot Credit Services | Learning And Development Culture

Wescot Credit Services seeks to give employees opportunities for learning and development. To accomplish this, the company offers opportunities for learning and development that are consistent with company objectives. It believes its employees, in company vernacular “its 'people',” deserve “lifelong learning” opportunities. Wescot Credit Services does this because the company believes that the promotion of a learning and development culture is important. Wescot Credit Services work towards making sure employees have the ability to pursue learning and development opportunities so that they have the tools and ability to carry out necessary functions of their positions. According to Wescot Credit Services, the company is conscious that short term and long term company goals are met when employees pursue learning opportunities. This, then, becomes a wise investment for any company, Wescot Credit Services not excluded.

During the course of all employees' employment, Wescot Credit Services says that it will provide employees with opportunities for learning and development, whether that entails training on the job or off the job. This improves levels of performance, WescotCredit Services believes, as well as providing opportunities for career progression by learning new skills.

In addition to the learning and development opportunities for the necessary function and improvement of satisfying the needs mandated by all positions within the company, Wescot Credit Services also allows employees to seek out supplemental learning activities that the employee arranges themselves. Wescot Credit Services policy around this is another way they make room to allow employees to achieve training to satisfy their career goals. Wescot Credit Services has instituted the ability for employees to receive time off for these activities within the week as a matter of company policy dating back to 2010.

An employee can demonstrate that the training or education they wish to undertake could improve their effectiveness as an employee of Wescot Credit Services and receive time off. They can also show that they wish to gain recognised accreditation, which would also not only improve their abilities, but also the performance of the company as a whole. Unaccredited training to improve skills relevant to their position, as a means to improve their overall performance is also relevant criteria that the company will consider as to whether to grant employees time off.

In this way Wescot Credit Services assures continued learning and development of its employees.

The success and reputation of Wescot Credit Services makes it an ideal sponsor for CCR Interactive

The major annual conference for the credit collections and risk industry is the CCR Interactive Event. If last year’s event is anything to go by, the 2013 conference will be a big success. The event was sold out in 2012 – making it the most well attended one-day conference in the UK credit industry.

Industry-specific conferences perform a number of very useful functions. They enable networking and an informal exchange of ideas and perspectives. The CCR event is no exception. Last year’s networking breakfast and lunch was hugely popular. Conferences also enable delegates to mingle in a more relaxed setting – as demonstrated by the success of last year’s formal dinner that raised over £40,000 for charity.

Most importantly, a conference of this nature is a very useful means of ensuring that the latest principles of best practice become more widely known throughout the industry. This is especially important in the financial services sector in the aftermath of the global economic downturn. The credit industry faces its own very specific challenges in light of the current economic climate. Increasingly over recent years, this niche has provoked commentary from the media in which examples of bad practice have been highlighted – including the perceived heavy-handed tactics employed by some less reputable players within the industry. Sensible and professional companies who adhere to strict ethical standards such as this year’s main sponsor, Wescot Credit Services can set a positive example to the rest of the industry.

By following the example of Wescot Credit Services in areas such as compliance, appropriate data handling and treating customers fairly, delegates ought to be able to lean some very useful lessons to help move their businesses forward. Crucially, it will be able to avoid being tarred with the same brush as certain ‘fringe elements’ of the industry whose actions have perhaps caused a dent to the industry’s reputation over recent years.

It is always helpful to the prestige of any event of this nature if the main sponsor is a major player within the industry. Wescot Credit Services certainly fits the bill so far as size is concerned. The company has a nationwide base of customers and employs in the region of 650. The company also has a solid reputation – and indeed has played a role in consultations over the future of the industry. This all bodes well for the 2013 conference. 

Wescot Credit Services | Performance Improvement and Lifelong Learning

Wescot Credit Services considers the learning objectives it sets forth to be of utmost importance. The achievement of the objectives they lay forth can only be accomplished by what Wescot Credit Services considers its most valuable asset; the people they employ. As such, Wescot lays out some foundational principles for its employees when it comes to learning, training and development within the company. These all conform to and elaborate on Wescot Credit Services objectives, vision and values. Firstly; Wescot Credit Services develop people to achieve performance improvement throughout the company. Secondly; management and leadership are served by developing leadership capability. Wescot Credit Services also look to generate workplace skills necessary to satisfy the needs of the business now and also in the future. Lastly, Wescot Credit Services provides training opportunities necessary to support the recruiting process; in order to retain their employees, which of course, are Wescot Credit Services most valued assets.

Wescot Credit Services applies many principles to fulfilling these objectives. These principles are meant to guide the process as outlined above. These include a commitment by the company to provide development and learning for all employees. An equal opportunity will be given to all employees to take advantage of and prosper from these learning and development opportunities. Flexibility will be sought after at a premium by Wescot Credit Services in order to achieve this. Needs analysis will be performed to determine exactly what the content of the learning and development trainings will be. The learning and development content will be planned, monitored and judged closely in order to make sure that operational priorities which go toward anticipating an improvement in services rendered, as well as individual competency. Managers will be required to consult with staff as a means to regularly assess their learning and development desires and their aspirations, as well.

Another philosophy that fulfills the objectives set forth by Wescot Credit Services is that each employee will get support in their development and learning needs; as a means to ensure that they can adequately fulfill the requirements of their jobs, but also as a means to achieve the continued development of the employee and their capacity for “lifelong learning.”  The company also says that each and every employee has the responsibility to continue their learning and development and will be encouraged to gain recognised accreditation.

Wescot Credit Services | Recruit the right way

Wescot Credit Services distinguishes itself from other debt collections agencies in several key ways. The first way is through its dedication to its employees. Wescot takes the time to recruit the right way, finding the best personnel for the job and developing their technical skills in order to maximize performance. They also maintain an appropriate amount of capacity, ensuring they can grow to accommodate any client need as quickly as possible. With three locations across the UK, they have a strong team of logistics managers who are capable of structuring appropriate projects to land on-time and on-budget for any client request.

Technology is another area Wescot Credit Services emphasizes in its efforts. With a leading edge telephony platform, a strong collections interface, and built-in decisions engines, they can leverage their technology to great effect. In addition, their 3 locations are linked by a virtual network to ensure cohesion and scalability, the result of a two year, £4 million investment. Wescot also has tools utilized by its analytics team, who works closely with clients in order to enhance their portfolio performance and increase the likelihood of recovery. Finally, Wescot fosters a strong culture of compliance within their offices, with a framework generated by industry experts that have a trained eye on effective risk management.

Each of these factors makes Wescot Credit Services more than just a great debt collection agency. They are also a strong company overall, in an exceptional trading position with a turnover of £32 million for the financial year ending 28 February 2012. They are a truly debt-free company, and have the capital needed to maintain steady growth. This strength ensures that Wescot can fulfill its clients ongoing needs in the area of receivables management, providing services through collections process outsourcing, tracing and locating customers, contingent debt collection in the individual and business sectors. These services are effective across a variety of sectors, including banking and finance, telecom and media, utilities, local government, and retail financial services. Backed by over 40 years of experience, Wescot Credit Services is poised to aid the UK’s top companies in all of their debt collection needs.