Collectors – NOC 1435 PR
65
Number of People Who Work in this Industry
$42,178
Median Income of People Working in this Occupation
93%
Chance this Occupation Will Be Impacted by Technology in the Next Decade
100%
Participation Rate
Percentage of the number of people actively working in the occupation as compared to the total number of people in the occupation as of
May 1 to May 7 2016
0%
Unemployment Rate
Percentage of people looking for work as compared to the total number of people in the occupation as of the week of May 1 to May 7, 2016, when the unemployment rate was 7.8% in SDG and 5.3% in PR.
Education
of People Working in this Occupation
53.8% does not have a secondary school diploma
15.4% of the workforce has a college diploma or certificate
15.4% of the workforce has an apprenticeship or trade certificate
15.4% of the workforce has a university degree or diploma
Age of the Workforce
in this Occupation
30.8% of the workforce is age 45 to 54
23.1% of the workforce is age 35 to 44
23.1% of the workforce is age 55 to 64
Sectors that Employ this Occupation
30.8% of collectors work in each of the following sectors: Finance and Insurance and Administrative Support/ Waste Management Sectors
15.4% work in each of the following sectors: Construction; Retail Trade; and Information and Cultural Services
Employment Outlook
The employment outlook in our region for 2017-2019 is fair.
Employment growth will lead to a moderate number of new positions.
Several positions will become available due to retirements.
There are several unemployed workers with recent experience in this occupation.
Projected growth rate in Ontario: Less than or equal to 0%
More Information
What Else Do I Need to Know?
Employment in this occupation has been showing signs of weakening more recently, following years of strong growth. Most collectors are employed in the business support services industry, specifically by debt collection agencies. The in-house debt collection departments of financial institutions are other key employers.
Over the past decade, consumer debt levels have risen in Ontario. Industry reports also suggest a higher likelihood of more loan delinquencies should interest rates increase. While this would result in greater demand for debt collection services, the level of work opportunities for collectors may be tempered due to factors such as technological advancement. Employers now have access to predictive dialing, automated calling systems, and improved debt collection software which can increase worker productivity in the debt collection process. Recent changes to the Collection and Settlement Services Act may also affect job opportunities for these workers.
Collectors have minimal requirements for entry into the occupation, therefore staff turnover is expected to be a significant source of future job openings. Individuals with knowledge of the Canadian Collection and Debt Settlement Services Act, previous industry-specific experience and who are willing to work evenings and weekends are expected to have more favourable job opportunities.
Collection agencies and collectors operating in the province must be registered with the Government of Ontario.
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