Peer-to-peer education: Improved learning for credit professionals

Learning preferences vary per person. Someone can retain information simply by reading a chapter from a book. Another may prefer watching an educational video or sitting in a lecture. For some credit professionals, however, such learning methods may leave them with more questions than when they started. 

Peer-to-peer education can enhance the learning experience for credit professionals, while helping them form mutually beneficial relationships. Whether you’re comparing notes, brainstorming ideas or sharing war stories, industry peers can provide more valuable insights than traditional learning methods can. The challenge for many is finding the right people to learn from. Through community engagement, they’re more likely to make these connections. 

The benefits of peer learning 

Through one-on-one tutoring, seminars or small-group discussions, people benefit from being both the teacher and the learner. The approach also allows for real-time refinement and skill building. In teaching an associate to analyze a financial statement, for instance, a credit professional may discover a way to enhance credit reviews. When they share their findings with key stakeholders, they practice their ability to collaborate with other departments, communicate clearly and think critically. 

Some credit professionals prefer learning from peers because they can trust that the knowledge shared is backed by personal experience and shaped by current industry trends. “Only a credit manager can provide the most realistic perspective for another credit manager because they understand the industry and they share the same goals and challenges,” said Harry McLaughlin, CCE, CICP, credit operations manager at Continental Tire the Americas, LLC (Fort Mill, SC). “As the next generation enters the credit field, I’m gaining new perspectives and resolutions like which processes work, and which do not.” 

In construction credit, tariffs and fuel costs affect projects and customers differently, which can complicate credit decisions. Talking to credit managers working in different industries can provide insights that may enhance decision-making. “Although I work for a material supplier, I meet with credit managers whose companies may supply different material or provide a service to a project,” said Isaac Kotila, regional credit manager at Insulation Distributors (Chanhassen, MN). “In doing so, I gain an overarching view of our financial position, which allows us to make better decisions.” 

Collaborating with peers can be highly motivating and can create a safe space where credit professionals can learn from their mistakes. In her Credit Congress session, Recognition and Retention of Top Talent, Heidi Fisher, senior manager of order to cash at Winland Foods Inc. (De Pere, WI), emphasized the importance of seeking support from fellow credit professionals. “The celebration of small progress can be very encouraging and increase employee retention,” she said. “Moreover, peer learning can inspire the exchange of ideas and provide guidance to overcome daily challenges.” 

Finding your people 

Peer learning happens more often than people realize. Asking a clarifying question of a colleague or seeking advice on a discussion post can invite future collaboration. Sometimes, you have to be more intentional and seek out opportunities for knowledge exchange. 

At NACM’s annual Credit Congress & Expo, thousands of credit professionals get the chance to learn from one another. These interactions can be planned months in advance or happen organically between sessions or browsing the Expo floor. Regardless of the manner, these exchanges have the potential to inspire growth and form lasting relationships. 

“One of the best parts about attending Credit Congress are the actionable takeaways,” said McLaughlin. “The conversations between credit professionals cover relevant topics, from bankruptcy to artificial intelligence, which can produce new ideas and strategies that attendees can take back to their company.”

Through preparation and extensive knowledge of a subject, credit professionals of any level can help educate industry peers. In the process, they can discover new information and expand their professional network. “Everyone at Credit Congress is just so open to connecting, collaborating and forming lifelong partnerships,” said Fisher. “I’ve learned so much and keep in touch with the people I met at my first Credit Congress. The second time around, as a session speaker, I was able to make even more connections and help some people get acquainted.” 

The bottom line: There’s no one way to learn. Leaning on a community of professionals can help you build on your knowledge and create a richer learning environment that drives results.