- OneMain Financial16.Apr 2019
Suggestions for improvement
- Put more time and effort into developing your new hires. I've spoken to a few employees and they said that some branches see several workers go through a branch within a year. That should tell upper management something is wrong. If they care about cultivating their company then they would take the time to make sure every single one of their branches is up to par in all areas. This could mean more frequent open discussions between regular employees and upper management. Really any type of expression that shows the lowest employees that their efforts and time are not being wasted. One other suggestion is to take a serious look at the auto approval/underwriting system in place. If you do not want to have so much delinquency and have to call customers several times per day then take the time to assess the applications. Look how many direct autos fall into late payments. Why push something that isn't the smartest loan for both you and the customer? Meeting growth targets looks great on a report but counter that with DQ numbers and that brings a more somber tone to the table.
What I like about the company
It was a good learning experience. Specifically increasing customer service skills. An employee can learn how to turn people down for loan applications and how to deal with that experience either over the phone or in person. Besides progressing basic interpersonal skills one can also learn a bit about personal loans and risk rates and a little about underwriting. I'd say that another area where one can develop in this position is teamwork. Granted, each employee has his or her own monthly goals but if the branch is in unison toward their branch goals then everyone should be fine. Of course, the other side of that is no cohesion as a branch with people who only care about themselves. Learning how to get along with coworkers is another asset acquired in this job.
What I dislike about the company
Mostly the switch from lending to focusing so heavily on collections. In the long run, calling customers several times per day is going to drive a lot of business out of the door. That along with other practices company-wide set the institution apart from others that have better reputations. In addition to the issue mentioned above, another area that needs attention is training. Training can differ from branch to branch but I'd bet the majority simply have new hires go through their videos and take quizzes on the computer instead of actively getting the branch manager and other coworkers involved in the process of developing a new employee. This contributes to the high turnover rate that the company experiences. The training isn't the only cause of that rate but it sure would help decrease it if there were proper training efforts implemented. Another reason why the company had to shift focus to collections is because of the lending practices. The auto approval system is broken. It's going to continue costing the company in the long run. It would make more sense to have a manual review and actual underwriting of each loan rather than having the system auto approve applications that might not be the best to approve. Overall, the point of the system is to streamline the process but should quality really be sacrificed for quantity? Sometimes less is more and it's just not feasible to tell a branch/each loan specialist or officer to produce produce produce and also go through collections calls several times per day. Why even lend to people who aren't credit worthy? Doing that just brings about your own demise. The newer motto is lending done human. Some customers might disagree with that. Some employees might even disagree with that as well. Toward the end of my time with the company there was no sense of humanity in my work or interactions with coworkers. Everyone was constantly on edge or irritable because we were being hounded about our numbers day in and day out.
The following benefits were offered to me
- CompanyOneMain Financial
- CityGrove City
- Are you a Current or Former Employee?Former employee