Our occupation is growing for a variety of reasons. The average age of a loan officer is between 48 and 49, according to the Stratmor Group. This number is four years older than the median age of the American worker, which has placed a focus on recruiting the next generation of this workforce. Trust me, we’ll need the new recruits as opportunities for LOs are projected to grow by 11 percent between now and 2026, per the Bureau of Labor Statistics. That’s 50 percent faster than the rate of job growth for most occupations!
Enhancing talent management and improving leadership were also top priorities in Fannie Mae’s second-quarter Mortgage Lender Sentiment Survey. Many participants noted recruiting and hiring were their biggest goals outside of technology and streamlining initiatives.
Because so many offices have hiring on their minds, below are a few ways the mortgage industry can attract the new generation of talent:
Quality of life is huge for Millennials so workplace flexibility is key. The younger generations don’t necessarily think inside the box, which includes the whole 9-to-5 gig. They’re focused on results, so you should be, too. If they can achieve their results from their smartphones or laptops while working from a coffee shop, co-working space or home, managers should allow them this freedom, within reason.
The younger workforce cohort doesn’t just work for a paycheck. They work for professional, personal and philanthropic fulfillment as well. They want to know what you stand for and whether it aligns with their core values and beliefs. They want to know if this venture will be good for their lives – along with their wallets. Let’s face it, we can’t devote 24 hours a day to feeding our souls, but we can – and should – work for companies we believe in. Make sure they know what you stand for and why so they buy-in and are fully-committed.
As giving as Millennials can be, they naturally want to know what’s in it for them. Therefore, their personal development should be a top priority for you. Ask them questions and listen to what they say. Then determine how you can help them get to where they want to go. The era of 50-year company employment may be over – and that’s okay, but we can certainly still provide a meaningful workplace that fosters growth along this generation’s journey.
Meaningful work, growth and opportunity are essential for today’s worker. Think about what you offer and how you can enhance these aspects to attract today’s top talent.