“For most businesses, the hardest challenge is to balance what policies work and what policies bring the most value to the business, whether from a cost or human capital perspective.”
What It Takes to Be One of the Fastest Growing Companies in the U.S. By Steven Kaufman, CPA, MsEDE
There are many perks and benefits to every career field. In the arts, it’s the opportunity to grow creatively, while in retail or product development, it’s the chance to test new products before they’re released in the marketplace. In the mortgage industry, the effectiveness of mortgage operations is driven primarily by top talent, which creates a signifi-
cant advantage in today’s marketplace. This will undoubtedly define the next generation in the mortgage workforce. Staff performance is essential to the core of any business. It is the backbone upon which growth and success lies. To recruit and retain the best employees in sales, banking, human resources and other internal positions, employers must
JANUARY 2016 n National Mortgage Professional Magazine n
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updating it to allow for more flexible hours and vacation time. Employees are able to self-manage themselves and the system. Taking vacation time is encouraged because it allows each team member a certain work-life balance that is beneficial to the success of the company. Great ideas and innovation rarely happen if an employee is too burned out. Another incentive that every employee looks forward to is performance-structured bonuses. Creating a system of bonuses can also increase productivity in more ways than direct sales. Try implementing a bonus structure that includes perfect attendance by quarter. For instance, if an employee reports to work on time and has no unexcused days, they’re monetarily rewarded for it at the end of the quarter. Although performance-based bonus structures will vary in scope by company, it’s worth looking into whether or not it would be beneficial for your business. Another bonus structure that is compelling for many medium to large companies relates to solving company inefficiencies. For example, when an employee creates a solution to solve waste or inefficiency within the workplace they receive a monetary bonus in the form of a percentCompany-generated age of the funds saved by the company in the coming year. Not only does this reward incentives To understand how to retain good innovation, but it also encourages employemployees, you first need to know what ees to seek out solutions and be involved they’re looking for. Numerous studies in the direct success of the business. have shown that a good salary or wage with the opportunity to increase it over Professional time, along with benefits tailored to their development and training individual needs is an important factor. Engaging your employees or ensuring While the initial perk of any job is ade- employees are engaged and committed to quate pay, retaining experienced, top tal- their best work is both a benefit to the ent requires a bit more creativity. For employer as it is a benefit to the employexample, some companies opt to give ee. For businesses that have successfully their sales team a competitive salary in hired the right talent, you will realize that addition to a structured commission. For these employees are also committed to many employees, being empowered developing themselves both professional(financially or otherwise) to do their best ly and personally. Quite honestly, this is one of the biggest benefits most employevokes a sense of loyalty and trust. When employees were polled on their ees note for being with a company. It is ideal workplace, flexibility in hours and important to remember that an employer vacation usually rank at the top of the list. plays a major role in ensuring employees A flexible attendance policy has a low ini- are consistently evolving, being trained tial cost, but is often highly valued by and developing professionally. To keep employees and your company employees. If you have a policy that makes it difficult for employees to sched- updated on the latest developments in the ule vacation or take sick time, consider mortgage industry, employers should ensure employees are the best fit and are engaged and motivated. There are three core principles your business should rely on to retain talented team members: perks and incentives, continued professional development and a work-family culture. For most businesses, the hardest challenge is to balance what policies work and what policies bring the most value to the business, whether from a cost or human capital perspective. While a highly structured office seems like the easiest, most viable option, it rarely accomplishes the goal of increased productivity and typically causes higher employee turnover. The upfront costs of training, higher pay and other incentives, including flexible hours, is oftentimes a price most companies choose not to incur. However, when benefits such as these are implemented in a positive, work-family culture, team members value the company’s success as much as their own. These kinds of incentives have a greater impact on company culture and typically increase productivity which in turn leads to employees who are more innovative, engaged and loyal. Here are three key ways to cultivate a growing, invested team: