Collector - May 2020 - 14

FYI

HUMANRESOURCES

LOANS

COMPASSION FATIGUE: IT'S A THING
Agents speaking to consumers about their debt-why it accrued, why it's pastdue, why it's difficult to pay-rely on one major emotional state to help them
make stronger and more productive connections with people: compassion. When
consumers explain the hardships that are preventing them from making payments,
debt collectors listen intently and quite naturally express empathy for their situation
before offering helpful suggestions. But sometimes agents max out on the number
of personal tragedies they can process, resulting in feelings of hopelessness and
cynicism. To combat emotional burnout, encourage agents to take a short break
when needed or do some breathing exercises to reset their outlook. At staff meetings,
talk to employees about specific ways they've helped consumers.

The Four Stages of Burnout

85,000+
	 Enthusiasm	

Stagnation	

Frustration	

Apathy
Source: The American Institute of Stress

Number of applications Bank of
America received the first day it
began administering the Paycheck
Protection Program, a small
business relief program.

Source: CNBC

HEALTHCARE
HUMANRESOURCES

HEALTH SAVINGS FOR THE LONG HAUL
Health savings accounts (HSAs), which are often offered along with a highdeductible health plan, are becoming common features in benefit packages today.
These tax-advantaged accounts can help consumers pay for or reimburse certain
medical expenses.
More than 25 million Americans own HSAs, according to a report by Devenir Group, a
firm that serves the HSA investment industry. And HSA contributions are on the rise,
especially among consumers who have had their accounts for a good chunk of time.
A recent report from EBRI found that in 2018, individual contributions were higher
the longer an account owner had an account. Contributions averaged $1,166 among
accounts open for one year, compared to $3,355 among accounts open for 10 years.

Total HSA Assets (in billions)
100
80
60

Investments
Deposits

40
20
0

$1.7
$0.1
$1.6

2006

$3.4
$0.2
$3.2

2007

$5.5
$0.2
$5.3

2008

$7.2
$0.4
$6.8

2009

$9.9
$0.9
$9.0

2010

$12.2
$1.1
$11.1

2011

$15.5
$1.7

$13.7

2012

$19.3
$2.3

$17.1

2013

$24.2
$3.2

$21.0

2014

$30.2
$4.2

$26.0

2015

$37.0
$5.5

$31.5

2016

$45.2
$8.3

$36.9

2017

$53.8
$10.2

$43.5

2018

$64.2
$13.8

$50.4

2019
(est)

$75.5
$17.3

$58.2

2020
(est)

$88.2
$21.2

$67.0

2021
(est)

SOURCE: Devenir

14

4 IN10
More than 40% of companies froze
or reduced hiring in March due to
the COVID-19 pandemic.

Source: Willis Towers Watson

ACAINTERNATIONAL.ORG


http://www.ACAINTERNATIONAL.ORG

Collector - May 2020

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