I think wages were flat, mainly due to automation in the collections function, and this includes training aids, and CCP's skip-chasing ability. I recall CCP mentioning this topic over the years, so I searched the FY21 Annual Report for “autom”, and found:
In developing our affordable and flexible loans, we have been able to leverage Credit Corp’s leading position in analytics, technology and customer interaction. This has reduced our costs and resulted in one of the most automated, accurate and responsible lending processes in the industry. Credit Corp’s superior collections platform ensures that credit losses are efficiently minimised.
Tim is responsible for information technology, security, client administration and facilities for the Credit Corp Group. His priorities are to improve and deliver operational excellence, customer experience and drive competitive advantage through automation, digitisation and smart technologies.
CCP uses relatively low-paid employees in its collections function. It recruits intelligent people who do not know how smart they are, who have no formal qualifications, and who are working in crappy sectors like hospitality and entertainment, which are known for uncertainty of paid hours available and the unsociable hours of employment. CCP thus ends up with a good team of sticky employees who are happy to be with CCP.
Employees recruited from from the hospitality and entertainment sectors tend to have good inter-personal skills, and an IQ-type test easily finds capable people in those sectors who made poor school-leaving and career decisions early in life. Understanding its employee demographic is one of CCP's key success factors (in respect to employees, find 'em, train 'em, and keep 'em).
CCP Price at posting:
$34.86 Sentiment: Hold Disclosure: Not Held
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