If you ask business leaders across industries, they’ll say their main expense is salary. Indeed, it’s impossible to run a company without people to do the work, and employees deserve fair compensation for the time and sweat they put in.
However, companies don’t have money to burn on extra expenses they didn’t agree to. There are several ways that employees can drain money from businesses outside of standard expenses related to salary or compensation.
Please continue reading to learn some surprising ways companies lose money to employees outside of their pay and how debt collection agencies prevent this money from slipping away.
Sometimes employees have to travel for work or make purchases that aren’t for personal benefit but are professional requirements. In such cases, the company has a process where they compensate the employee. Maybe they have a company credit card they let the employee access rather than have their workers tap into their personal bank accounts and get compensated afterward.
However, sometimes employees take advantage of this dynamic and charge personal goods on the company card. Whether the employee did it by accident or on purpose, the company needs to get the compensation.
Professional debt collectors help companies recover employee reimbursement debt, and they have deep experience recouping every type. If there was sincere confusion, they could help clarify the situation and make both parties feel whole and move forward together.
If the employee is evasive and refuses to cooperate, professional debt collectors have the experience, tools, and know-how to locate the debtor and recoup what they owe.
Education and Training
Companies occasionally invest in ongoing training and education for their employees. The money they put in helps sharpen the employees’ skills, boosting their skills. In return, the company enjoys having well-trained employees who do better work.
However, some employees abruptly quit after getting the company to pay for their training. In such cases, the company may be entitled to compensation. They aren’t investing that money to sharpen a rival employee’s skills, after all!
Don’t pay fees related to tuition or continuing education that don’t benefit you, fees you aren’t legally obligated to pay.
Sometimes companies overpay because their system makes an error. Whatever the cause of the mistake and whoever’s fault it was, companies can recoup the incorrectly dispersed money.
Professional debt collection agencies take this awkward conversation off your plate by handling the technicalities while also smoothing things over with the employees. In Monopoly, players get to keep the cash when there’s a “bank error in your favour,” but unearned salary dispensed by a technical glitch needs to be returned.
Businesses invest time, money, and energy into their employees with training, salaries, benefits, and more. There’s a symbiotic relationship between the two depending on boundaries and ironclad rules. Debt collection agencies are an excellent mechanism for enforcing the terms both parties agree to, so consider hiring one to keep profits from leaking away.