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Tag: Drive


Competitive Retention Strategies: Mortgage Division

New market, new demand!

Ask yourself, what are we doing as a company to retain our talent within our mortgage division?

The mortgage industry is in high demand of employees, as mortgage rates continue to remain under 3%. Due to the urgency of hiring candidates with mortgage operations experience, employers are seeking mortgage leaders to join their organization.  Quality talent is being swept away by other mortgage companies by virtue of monetary base compensation and incentives.

As an organization facing some of these challenges, employers are being creative on compensation structures to incentivize workers.  Incentives offered are hiring bonuses, retention tools tied to compensation, with the ability to work remotely.

If your company is facing the same challenges, reflect on your incentive strategy and retention tools needed to be competitive in a demanding mortgage rate environment.

Retention Strategies for Executive Hires!

Securing quality talent within your organization should include an internal strategic plan. Retention plans for top credit union Executives comprise of competitive salaries, targeted performance incentive goals and retention bonuses, stock options, paid time off, and ancillary allowances and benefits.

Robust, targeted performance incentive plans are successful when implemented at the offer stage/onboarding process, and even more lucrative when these plans align with industry standard. Specifically, quarterly, semi-annual, and annual performance incentives are beneficial at the Executive level and should be established to incorporate non-financial metrics and financial metrics. Non-financial metrics might include engaged members, member survey results, staff turnover ratios. Financial metrics may encompass loan growth and earnings, return on assets, capital ratio, membership growth, net income, and board evaluations (if applicable).

Once you establish the targeted goals, each metric should be broken out to a percentage of the final goal. Non-financial metrics could be 10% of the total bonus, while financial metrics are 90%, it depends on the organization’s focus to meet the needs of its employees and business strategy. Evaluating your Executive Compensation plans should be assessed annually to ensure they are in-line with the industry standard to achieve employee engagement and retention.

Chasing the Money or the Opportunity

Should you chase the money or the opportunity? Well first, ask yourself, ‘Is it the right fit?’ Organizations may pay well, but if they have a high turnover rate and don’t fulfill your career goals, it may be in your best interest to really think it through.

This is an internal dilemma that many people go through. Of course, you shouldn’t undervalue yourself monetarily should a job prospect check all your career boxes, but don’t let an opportunity slip away that could benefit your long-term career development. Success can be subjective, and how it is measured and valued differs from person to person.

Some companies do entice candidates with short-term monetary goals, which can burn out employees quickly, causing high turnover within an organization. It may not be in your best interest to weigh opportunities based on compensation alone; career advancement, skill development, and passion should be considered. Chasing short-term benefits could prove unfruitful in the long-run, and you may not want to look back and wish you would’ve done things differently.

The Offer

You’ve reached the final stage in the recruitment process, the offer – After the application and multiple interviews, you landed the job!

Generally, the incentive for candidates to move organizations or positions would allow candidates to seek opportunities that will provide a promotion, ability to be a key contributor within the organization, and an increase in pay structure.

When seeking a new opportunity, the motivation to make a change for a new role should be discussed initially, setting the expectations from the onset. Once an offer is extended and accepted, you have agreed to the terms and negotiation ends. Strive to find a balance to determine if a counteroffer is necessary or if it is about its monetary value or the position. Most often, it is the position job seekers are trying to attain.

Organizations have set wage bands for positions based on market and internal value, from minimum, mid-point, to maximum of the salary range. Various other factors could help offset any wage bands misalignments when pursuing a job offer, including sign-on bonuses, targeted variable (bonus) pay, allowances, paid time off, supplemental retirement plans, and additional benefits.

These are all part of the equation when evaluating your next opportunity!

Driving the Mission for the Organization

The heart of any company begins with its mission statement. The mission statement is the very definition of what the company stands for and the potential future outlook of the business. Much like a company’s value, it shapes the organizational culture where employees learn and grow. If one member of the team doesn’t believe in the same vision the entire team can begin to crumble.

Executives should be the ultimate advocates of driving the mission statement home. They need to constantly focus on how to better the organization and what steps to take to get closer to the ultimate goal. If they do not believe in the vision of the company, this can create a major disturbance in pushing the entire company forward.

Is it worth the time and energy to dedicate time and resources in coaching the executive to invest themselves more? Or should you turn your attention to someone that can prove to be a driving force towards the future?

Many times, the executive cannot offer 100% buy-in to the company’s mission. While the executive may offer great departmental support to the overall vision, if they are not focused on the same goal this can be a deterrent to the desired success in the long run.

Focusing attention on someone who wants to see organizational growth fall within the mission of the company is important. The executives and employees that support the direction a company is headed are more willing to dedicate the time needed to see the goals come to fruition. Try not spin your wheels on a stalled executive, and instead, cruise into the future with a group of supporters backing you.

Hiring Quality Talent

Believe it or not, identifying a quality hire goes beyond a stacked resume or great recommendations. In fact, there are actually measurable calculations associated with quality hires based off of the goals of the company filling the position.

Quality hires can be attributed to the use of performance-based objectives established during the hiring process. Rather than identifying surface level qualities that must be met in the recruitment stage, such as education level or experience, direct objectives for identified success should be highlighted with goals and expectations being the prime focus.

Rather than a bulleted list of duties, make the job compelling to begin the employee “buy-in” process. Turn the description into an impactful story allowing for any potential candidate to begin to see the impact they can make. This will help garner strong candidates, fully interested in what the position has to offer and how they can be of service.

Focus on the past rather than the present. If a new hire is able to equate their past experiences with one comparable to those listed in the performance-based job description, they will have increased motivation to continue that trend of success as they already possess the skills and accomplishments to do so.

It is important to evaluate the quality of the candidate, pre-hire and post-hire. Before the candidate is offered the position, focus on past accomplishments and understand how they can support overall goals and objectives. This same process should be used post-hire as well. Once the candidate is on the job, circle back to the interview process and the agreements that were reached and experiences that were mentioned – this will help categorize employees as quality hires or can pinpoint weaknesses that need to be addressed.

New Year, New Focus

With the new year right around the corner most people are focused on personal improvement, new goals or beginning new habits. But this year could be the year for you to take the time to make positive resolutions to refocus on career advancement.

In 2018, invest energy into choosing realistic goals that require going outside of your comfort zone and pushing the limits. Acquire a new skill that may fill a gap for lateral movement and seek to improve upon areas that need more attention. Putting yourself in the best possible position to achieve, puts you in control of the outcome.

Implement helpful tricks to organize your life, workspace and mindset. Start each day of the new year with a fresh mind by clearing out the clutter that life can sometimes bring and figuring out a way to keep yourself efficient and productive. Prioritize small moments of organization, whether it be through keeping a steady workout regime to clear your mind or ensuring that your desk is tidy at the end of the day.

Find balance. Health and happiness go hand-in-hand with achievement and hard work. When you believe in the work that you do and wake up enjoying the life you live, success will follow.

The Impact of a New Position

Creating a new position is, in most cases, associated with filling a need for a specific role that is lacking within the company’s current business model. What is often overlooked is the impact it has on employee morale and overall view of the business opportunities.

Whether it be an entry-level or C-suite position, the addition of an employee’s career progression heightens the outlook of the company as it shows strength, sustainability, and regard for growth in its employees. Investing in the company’s support system not only positively correlates with business success but, contributes to maintaining a stable and continued future.

By creating a new position, the culture of current employees shifts to recognize and appreciate the support their existing position will be backed by. This can allow for duties to be redistributed and focus to be reprioritized to maintain continuity and support of overall values for the organization.

On the other hand, the creation of an executive position highlights the ideals of continuous employee growth. With a new executive-level added, companies are able to show their investment in the employees, emphasizing a culture of sustainability. Not only will lower-level employees aim to advance towards new levels but, current top executives will be motivated to continue to learn and grow within the organization.

While adding a new position may fill a void in the company’s overall business structure, the impact that a new position holds for current and incoming employees is far greater than what meets the eye.

What to do when a candidate goes dark

As a recruiter, one of the most important aspects of the job is keeping candidates interested in the opportunity. Every so often, a candidate goes dark – all communication stops out of the blue and when this happens, it feels as if all progress that has been made has been lost.

What can be done on the recruitment end to alleviate the stress that comes when a candidate goes cold?

Emphasize the importance of communication and set deadlines for response time. It is important to begin the relationship through various methods of communication; if the candidate does go dark, a call to “check up” is routine rather than desperate. While establishing the relationship, understand how active the candidate is in their search and their timeline to transition into a new opportunity.

Gain their respect and trust. Guide the candidate as an advisor in their search, helping steer them in a direction you believe to be the best move for their future. A candidate is far less inclined to go dark if they trust who they are talking to and have faith in the system.

Should you execute these tips, but to no avail, run into a candidate where all communication has stopped, you must then evaluate if the candidate is worth the time. Should you change gears and move on to a candidate that would be more than eager to be given the opportunity? You may begin to spend more time trying to connect with a lost connection rather than building a relationship with a zealous one.

Growing Leaders

If you ask people around you to define leadership, chances are there will be a large variety of answers. Words like coach, power and respect are often riddles in the responses but the same general tone to describe leadership is someone with influence.

Oftentimes though, people mistake leaders for some in high ranking positions when leaders can be found even in the most entry-level positions. The key is fostering those early leadership skills to support a possible rise in position status within the company.

The most fundamental foundation to any strong leader is trust. When times get tough, it is important that employees have trust in their leader to be the calm in the storm. Establishing an environment that allows for vulnerability fosters the ability for employees to think independently with the notion that failure is okay and encourages bridging the gap between the executives and the team they manage.

Communication goes hand-in-hand with trust. Employees need to trust that they can communicate with their leader. Setting forth a pragmatic point of view will challenge employees to think about how they can improve on mistakes made and enable them to creatively work to find solutions in the future. Disclosing noncritical company information, both successes and failures, provides employees with a sense of belonging as they begin to understand their role through both a micro and macro view of the company.