Recently, AccountsRecovery.net held a webinar discussing the differences in trying to collect from individuals from different generations, discussing whether different methods and strategies are needed when collecting from millennials as opposed to baby boomers. One of the things that was not discussed, but maybe should have, are the increasingly talented negotiating skills of younger individuals, who are getting quite good at haggling, according to a published report.
[EDITOR’S NOTE: Access to the a recording of the webinar mentioned above is available here.]
There are diverging opinions as to why millennials are negotiating more than their parents and grandparents. Some think it is a sense of entitlement that millennials possess, a byproduct of the trend where everyone gets a trophy just for participating. Others think it might be because millennials are carrying more debt, especially student loan debt, and need to cut corners wherever possible to stay financially afloat.
Understanding that millennials are more interested and more skilled at negotiating is a little tidbit that could be very helpful to collectors seeking to recover funds from members of that generation. Millennials might be more susceptible to paying off debts if they feel like they are getting a good deal and agencies may want to prep collectors for an extended bargaining session when seeking to collect from individuals in that age bracket.
One individual profiled in the report, who negotiated a high salary on a new job, said his generation “negotiates out of necessity,” and cited successful haggling sessions with debt collectors as another example of his talents.
Being an effective negotiator also may make millennials more appealing as collectors themselves, allowing them to put their skills to use to work with individuals on repaying their debts.
