Top factors driving job satisfaction in credit management

Job satisfaction is the key driver of positive results. If an employee likes their job and all it has to offer them, they will stay loyal to the company. But job satisfaction can be broken down into many layers—and what one employee puts at the top of their list could be completely opposite of their colleague.

Why it matters: This remains true for B2B credit professionals. Several factors can go into what promotes job satisfaction, both personally and professionally.

By the numbers: A recent NACM eNews poll revealed 30% of credit professionals say work-life balance is the highest component in overall job satisfaction, and another 30% said recognition for contributions most improved job satisfaction.

• In the U.S., 65% of employees are satisfied with their job and 74% of employees in the U.S. believe that company culture is one of the biggest contributing factors to job satisfaction.

If you are unsure what makes you happy professionally, it can cause unsettling feelings toward your purpose and place at your company. So, let’s take a deeper look into the top four components of job satisfaction to see which one fits you the best.

Work-life balance

Finding a balance between work and life can be tricky at times. When quarter-end or year-end projects start to pile up, and your typical eight-hour day of work is being taken home with you, it can lead to chronic stress and even burnout.

For professionals who work in credit and finance, the expectation is that quick and correct decisions are made when extending credit. As a credit professional of 35 years, Brett Hanft, CBA, credit manager at American International Forest Products (Portland, OR), believes everyone should know their limit of when it is time to step away and decompress.

“It’s important to turn off everything, like work phone calls, as you walk out the door or take time away, knowing your well-trained team can handle the work in your absence,” Hanft said. “We all rely on the paychecks from our employers, but family comes first. Every day is not a given, so you need to make the most out of each day understanding that we will get the work done but we’re also fulfilling ourselves and our lives outside of the work environment.”

Work culture

A company’s work culture plays a big role in work-life balance as well. If the motto of a business is something like work hard, play never! or we are extremely fast-paced, for example, it may not be the best work environment for someone who places work-life balance at the top of their list of nonnegotiable needs.

Employees like to feel connected to their colleagues along with the mission and core values of the company—all of which improve productivity and engagement in the work they are given.

“I think a supportive work culture is placed as a very important need for employees these days,” said Erin Stammer, CCE, vice president of credit at PNW Railcars, Inc. (Portland, OR). “Some of that may stem from the pandemic when people had an opportunity to take a different look at what’s important to them. Many employees now are less likely to endure a toxic workplace and are prioritizing their mental health, so they’re not likely to stay at jobs where they’re feeling under immense pressure, micromanaged and overall, not supported.”

Recognition for contributions

All employees like to see that their presence and work are valued at their company, as 92% of workers are more likely to repeat an action after receiving recognition for it. Recognition can take form in many ways. Managers who give their team members feedback is a form of recognition because it shows that their work is being looked over and their contributions count toward the greater good of the company.

“I believe that at a basic, human instinctual level, everybody wants recognition,” said Hanft. “Recognizing a job well done, an effort that went above and beyond expectations or just being recognized for the job that you’re doing is something that everyone likes to hear. That reaffirmation is important. Hearing it from peers and from management and from your C-Suite team always goes such a long way.”

Professional development opportunities

Professional development does not have a time limit, but it can be a main source of job satisfaction for those who are just starting their career or going through career changes. The focus of professional development can also be influenced by generational differences and attitudes toward working.

“Even though each generation is different, every individual within them is different,” said Roxanne Price, CCE, CCRA, NACM chair elect and corporate credit manager at H&E Equipment Services, Inc. (Baton Rouge, LA). “You can’t make assumptions on what your team members may want because they are younger or in a different stage of their career. You have to find that balance and mix to accommodate all your employees as needed.”

The bottom line: No matter where you place your value for job satisfaction, it is important to communicate that with your upper management to fulfill those needs.