Clients need to understand their employment history is a piece of the mortgage application puzzle.
Today’s post-pandemic job market has been characterized by a phenomenon dubbed “ The Great Resignation,” in which employees across the country are quitting in record numbers. Resignations peaked in April 2021, and a record 10.9 million jobs remained open at the close of this past summer. Unfortunately, the mortgage industry is no exception.
The Harvard Business Review found that resignation rates rose notably in industries with increased demand amid the COVID-19 pandemic. Between a red-hot real estate market and a refinance boom, MLOs across the nation have most certainly felt that pressure. What’s more, the coming holidays may add stress and exhaustion, while the New Year often ushers in career changes.
So, if you’re hoping to attract and retain high-quality MLOs in the next year, start by taking a close look at your company culture.
Practice Active Listening
While you may offer your MLOs guidance, advice, and direction on a near-daily basis, when was the last time you sat down and lent a listening ear? After all, some of the best processes, ideas, and solutions could come from employees.
Schedule small or one-on-one meetings with members of your team and get to know a little bit more about their current initiatives, career goals, and other areas of interest. Then, employ some active listening methods. For example, make a point to ask open-ended questions, pay close attention to nonverbal cues, and, perhaps most importantly, limit any distractions. Be sure to turn off your cell phone and mute email notifications.
Promote Continual Learning
Once you’ve identified the skills your team members want to learn, look for opportunities for development. Whether putting them in touch with a mentor, promoting industry certifications and designations, or offering expanded responsibilities, a culture of perpetual improvement could help maintain morale.
While offering new opportunities, though, don’t forget to provide a degree of autonomy. Managers can occasionally lose themselves in the potential of employees and overlook their actual wants and needs. Let the employee steer, while you provide support and helpful suggestions.
Offer (And Accept) Feedback
Suffering through poor or nonexistent feedback is actually one of the most common reasons employees quit. As you work to understand and support the goals of your MLOs, remember to promote regular progress reports along the way. Schedule regular conversations regarding where each employee is excelling, and where there might be room for growth.
While you’re at it, ask them to assess your work, too. Mutual respect goes a long way in humanizing managers and can provide ample opportunity for you to grow as well. Plus, who doesn’t want to work for a supervisor who truly values the opinions of their employees?
Promote a Healthy Work-Life Balance
Most employees want to work to live, not live to work. In fact, poor work-life balance is one of the top three reasons that American workers are quitting post-pandemic. Especially as the holidays draw near, paid time off, flexible work hours, remote opportunities, and other robust benefits could help retain your top talent.
Consider conducting an audit of your salary ranges and benefits packages, then compare them with competitors. You could also create an employee survey to determine just how stressed employees are, whether or not their current workloads are manageable, or even whether they’d like to work from home or in the office. Whatever the case, ensure that MLOs are getting what they need out of their employment.
A positive company culture can make or break the employee experience. By listening to your MLOs, expanding opportunities, practicing two-way communication, and auditing some policies and processes, you can easily attract and retain top talent in the face of “The Great Resignation.”
