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Tag: Goals


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.

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!

Creating a Recruitment Talent Campaign

 

When trying to attract top talent, the vacant position must stand out amongst the clutter of other eligible opportunities. Establishing a talent recruitment campaign allows both employers and employees to actively align goals and interests in a cultivating way.

Setting clear and measurable goals can be a great start when creating any recruitment campaign. Asking questions like “How many people do we want this to reach?” or “By what margin do we want to increase our overall audience?” allows for quantifiable marks to be set and evaluated throughout the process. When objectives and the end goal is understood, it determines the success built before and achieved after recruitment.

Determining the audience should be the second part of the campaign. It is important to develop a unique communicative platform through company culture videos, social media promotions, evaluating and reviewing glass door reviews and provide community-related blog posts. This will allow prospective candidates to evaluate the value proposition of the company and be the center of any talent recruitment practice.

While those platforms should exhibit the culture, they should also integrate a call to action. A call to action clearly separates the recruiting pool from those that are curious and those that are serious. It should be visible on all facets of communication with potential employees and should be direct and explanatory – providing further insight or action to those that interact.

Talent campaigns are meant to be unique to the position or organization. While every business may be using the same platform to get their message across, influencing those platforms to align with the goals that were initially established will provide recruits with an understanding of what the company has to offer and how they will be part of the success, and significant contributions to the future of the organization.

How to approach counteroffers

Negotiating pay is a difficult situation when offered the job of your dreams. While the job description may check all of the boxes, compensation is also a major determinant in whether you should accept the position or not.

There is a certain threshold that employers will withstand when in the counteroffer stage of hiring. By doing your research and recognizing the market compensation wage bands, you will set yourself up for far better success than by countering the future of your career blindly. Trust the process as you think about negotiating an offer once it has been presented.  Seek counsel from a professional to guide and lead you through each phase of the negotiation.

When countering the offer, focus on why you want to join the organization and what is important to you at this stage of your career.   There are other benefits can be included as part of the compensation package which can include, commute time, work-hour flexibility, job responsibilities, family support, and ability to contribute in the strategic success of the company. Focus on how your dream job can transform more than just your bank account.

Countering what you feel is deserved can be effective when done properly. If conducted correctly, counteroffers can provide better benefits, incentives, job security, and ultimately pay for a job that was already a dream to begin with.

What constitutes a transformational leader?

There is an overwhelming sense of responsibility taken on by any leader. Strong leadership evokes a belief in the shared vision and the charisma to guide others has the ability to propel the strengths of the team. The way employees define their manager’s leadership style, has a large impact on the continuation of a successful leadership cycle.

There are nine identified frameworks of leadership styles – transformational, transactional, laissez-faire, servant, autocratic, democratic, bureaucratic, charismatic and situational. With these nine styles, also comes nine different ways a team can define their leader’s approach. Believing in a one-size-fits-all methodology may cause more adversity than prosperity. Leaders must have the ability to adapt their leadership strategy to fit the situation and their employees.

The responsibility taken on by any leader is more than just a guide towards the right direction. A leader must be willing to make the hard decisions, earn the trust and respect of his/her employees, believe and articulate a shared goal, and inspire people to do their best. Having the foresight to know what may lie ahead and recognize that a shared vision will distinguish a transformational leader from the rest.

What’s more important – the degree or the experience?

With degrees becoming more and more common, the experience that a candidate brings to the position has taken the front seat in the hiring process. Needless to say, a degree does offer valuable skill important to a candidate’s resume.

The significance of completing a degree speaks to the candidate’s ability to be successful in various life and job-related aspects such as multi-tasking, social interactions, and ethical dilemmas. While the degree title and focus furthers the intellectual aspect of a candidate, it does not necessarily correlate to how much success a person will have within their position.

Experience is considerably the most valuable aspect a candidate can possess. The real-world experience that is transferable to the position in mind, provides far deeper insight as to how the employee will perform in a certain situation rather than the assumption of taught skills in the classroom.

However, a degree should not be any less valuable. Many entry qualifications for open positions specifically highlight the need of a degree to advance. Where the experience begins to overshadow a degree is through the interview process and the ability of a candidate to equate actual experiential moments to the demands of the job.

While the accomplishment of completing the route of higher education is still highly regarded in job recruiting, having first-hand knowledge of the qualifications that are to be expected has started to become the frontrunner when choosing between candidates with virtually similar resumes.

Is your company brand more than just a logo?

In today’s society, attention is critical for success. If a company is unable to grasp and maintain the attention of customers, there is significant risk in getting lost in the mix of a hundred other businesses designed to provide their necessary services. The importance behind building a relationship beyond the brand name should be at the forefront of a company’s business model.

To go beyond a title and design on the company letterhead, there must be support, guidance and belief to push towards overall success. A company should be recognized by what it can provide both internally to its employees and externally to the community.

Offering the opportunity for employees to “buy in” to the process and ultimately, the success of the brand will translate to customers buying in as well. When employees are satisfied with the organization they are a part of and its values, it is much easier to attract customers who are satisfied with what the company offers as well. Employee benefits, incentives, and recognition opens the door for employees to create a cycle of positivity as they begin to recognize the support given, appreciate the opportunity and project the company values into customers.

Externally, standing out to your customers should also be more than the obvious. It should be supported through interactions, consistency, availability and appreciation. Having a brand that guarantees pleasant interactions, consistently provides a satisfactory product and/or experience, goes beyond the status quo. Acknowledging the dedication of loyal customers is guaranteed to maintain consumer share of mind.

While other companies offer the same products and services, going above and beyond for both customers and employees, will help the company become a brand, distinguishing itself from the competition and paving the way toward a tenured future.

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.

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.