Initiative of the Year Award - 22/03/2007

CABOT FINANCIAL AWARDED INITIATIVE OF THE YEAR

Cabot Financial, market leader in consumer debt purchase in the UK and Europe, has been recognised for its innovative employee motivational strategy by receiving the prestigious award for ‘Initiative of the Year’ by the Institute of Credit Management (ICM) at its inaugural annual awards ceremony.

Ken Maynard, Chief Executive Officer of Cabot Financial, fought off competition from a list of finalists which included Greg Else of HBOS to take the award at the spectacular Old Billingsgate Market in London on 14 March 2007.

The ICM awards were launched to recognise and reward companies that overcome the challenges currently faced by professionals in the credit industry.  Cabot received the ‘Initiative of the Year’ Award by successfully demonstrating a new and innovative solution to the problem of maintaining staff motivation through its successful ongoing scheme to reward top performing staff. By introducing a programme of regular imaginative prizes for high achievers, alongside bonuses for meeting targets, coaching, training and development and performance reviews, Cabot has been able to improve employee motivation and retention and reinforce the importance of customer service.

Since the implementation of the campaign, Cabot’s monthly collections have increased by more than £1million and absentee rates have reduced by 5% which has resulted in a higher percentage of personal targets being achieved.  In addition staff turnover has declined to 21%.  

Ken Maynard, Chief Executive Officer of Cabot Financial commented: “We are delighted to have won this prestigious award. The quality of our employees is a crucial factor in the success of our business and maintaining staff motivation is essential to our continued growth. We believe focussing on customer service is key to achieving market position and by rewarding staff that excel in this area, we can develop a motivated, efficient and capable workforce of which we can be proud.”

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