REVIEW
RECRUITMENT
Headroom for growth Pete Gwilliam Xxxxxxxxxx director, xxxxxxxxxxxxxxxx, xxxxxxxxxxxxxxxx Virtus Search
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ndustry professionals moving from one lender to another is common practice, and there are many occasions where people follow others they worked with previously. The hiring firm is buying the chance to benefit from the knowledge and successes individuals have gained elsewhere. Naturally, hiring successful individuals is a key enabler in helping that firm disrupt the status quo and create the conditions for innovation and growth. It is certainly a very fluid jobs market right now, yet it feels like a lot of employers have been slow to realise that – whilst the high demand for skills, experience and connectivity is the driving force – the fact people are choosing to leave for pastures new requires some inward inspection. Replacing successful individuals is a costly issue for any business. The price of fully replacing an employee not only encompasses the potential recruitment fee, but more significantly, the time it takes to train a new staff member to full working capacity, and the lost productivity in between, with the move likely to have other ripple effects. When good employees leave, morale can of course suffer. If the best and brightest are constantly jumping ship, uncertainties and concerns arise amongst remaining colleagues, who may resent being faced with increased
workloads. There is no doubt that productivity can be affected, and moreover this doesn’t have great optics as far as valuable external relationships are concerned. CAREER ADVANCEMENT
It is hard to hold onto talent when the market is throwing choice and money around, but the lesson I can share is that a lack of career growth and development is a big driver for employees leaving. If a person feels their career advancement has stalled, why wouldn’t they consider taking a new challenge elsewhere for more money, especially if they are given something new to learn and be challenged by? People have to feel that there’s still something left in the current lifecycle of their existing role, otherwise they will be tempted to search elsewhere, or be susceptible to recruiters. There are genuine benefits to ensuring all individuals get the resources to evolve their roles, to take on more and different responsibilities, spearhead new projects, and fundamentally both be stretched and feel they can participate in the development of the business and their own career. This mindset by all would foster greater inclusivity. For several reasons, however, this level of engagement is often reserved for those earmarked for succession planning only. Not everyone can be promoted, but they can be valued, appreciated and encouraged to participate in other ways to the benefit of their team and business. A lack of engagement and a
Max headroom: Decisions to hire and promote individuals need to be transparent and without favour
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MORTGAGE INTRODUCER FEBRUARY 2022
sense of not belonging can develop if the individual is seeing others get more focus and attention than they are, and if others seem to always have better access to advocacy. The best individual contributors are not always going to want to manage people, so there should be non-managerial career paths, which necessitates more intersectionality across the business functions. NEW NORMAL
The work-life situation has changed for everyone following the disruptions to societal norms of the pandemic. Whilst improved financial packages and loftier job titles will account for many resignation letters, there are an increased number who are focusing on the benefits of working remotely and getting a work-life balance that meets their needs, and of being sure they work for an inclusive employer. Increasingly, the core values of a business and how inclusive the culture is are a vital part of an individual’s deliberations as to where they work, and this places a great emphasis on the importance of effective line management and a healthy attitude to work-life balance. Significantly, decisions to hire and promote individuals need to be transparent and without favour. Maintaining a positive and motivated workforce – especially in a close-knit market such as intermediary lending – is not just important for employee retention, but also helps present the business as an attractive career option for people from other firms. The real challenge for employers now is to develop, inspire, and reward everyone in their team in the right way, so the grass never looks greener, and individuals don’t have to leave to find what they’re looking for. The challenge for people seeing others move – and hearing of healthy reward packages elsewhere – is to not let money blind them and prevent them from thinking about what’s really important to them. M I www.mortgageintroducer.com