How to attract talent and retain it: business top tips

 

If you want to learn how to attract talent and retain the best employees for your business, you’re on the right page. Many mortgage broker businesses struggle with employee retention and its consequences, so you’re not alone if you’ve suffered the blow of losing an excellent team member. Fortunately, there are ways you can address this as a manager and start to master talent spotting.

On this page, we’re here to address the top attraction and retention strategies to help your team of mortgage brokers thrive. Read on and do more to attract new talent.

 

What is employee retention?

Employee retention is an organisation’s ability to keep its employees and discourage them from moving jobs. Companies can decrease staff turnover in many ways, which we will discuss in more detail below.

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How to attract talent: 11 strategies to attract and retain employees

If you think your recruitment practices fall short or you’ve noticed a high level of turnover, there could be multiple reasons for it – reasons you can start to tackle head-on. Take a look at our top 11 strategies to attract talent and retain it.

 

1.Hire the right talent

The first step is to ensure you hire the right talent in the first place. By ensuring your hiring process clearly communicates the role you want to fill and the type of company culture you boast, you will encourage the right applicants to step forward and discourage those who believe they are not the right fit. By being transparent with applicants about what your business is like from the start, you’ll be more likely to retain them. They’ll know what they’re getting into and won’t face any nasty surprises later down the line.

 

2.Create an effective onboarding process

An effective onboarding process is crucial to ensuring new hires fully understand your mortgage broker company’s values, encouraging them to build strong relationships with current employees. Creating a smooth transition can make a good first impression and persuade new hires to stay longer, especially if they make good friends along the way.

 

3.Offer a competitive salary

As much as we’d like to think our employees are at our companies because they are loyal to us, you have to consider their salary. Continuously monitor how much you are paying for each role (along with any bonuses) and research what competing companies are offering. As static broker salaries could be a factor in advisers leaving, your employees may move on to the next company if they get paid more there.

Be clear about your payment structure too, whether this is paid on a base salary plus commission basis or on a fixed salary. Mention any benefits your firm offers, as this can also sway a potential hire’s decision.

Paying the right salary can work hand-in-hand with engagement, an important factor when it comes to how to attract talent and retaining it. Engaged mortgage brokers are likelier to be more productive, more involved with your business, and, therefore, likely to stick around.

 

4.Monitor management

Managers can make or break an employee’s experience of a job. A bad manager can take workers to the brink of moving jobs in search of a better leader, so it’s worth monitoring employee retention in each department and their behaviour towards employees. Are the managers giving them the training and support they need? Are they fair and flexible? If a poor manager turns out to be the root cause of employees leaving, it’s time to retrain, upskill, or even replace them.

 

5.Always keep employees in the loop

Communication is integral to attracting and retaining talent. Regardless of whether your mortgage broker employees are working from home or sitting next to you in an office, they need to feel like they can talk to you and ask any questions at any given time. Ensure your business offers a safe space to talk and enjoys face-to-face interactions on a regular basis to facilitate support and feedback.

 

6.Keep progression in mind

Good mortgage broker job roles not only offer the chance for your business to improve, but they also offer each individual the chance to improve. Keep progression in mind by offering training plans and development schemes. For example, brokers can be trained in focused areas like protection, equity release, and specialist lending. These qualifications can be gained from the Associate of Short Term Lenders (ASTL), the Financial Intermediary and Broker Association (FIBA), the Chartered Insurance Institute and the London Institute of Banking and Finance (LIBF).

Additionally, supporting brokers in gaining further permissions through organisations like the Financial Conduct Authority can open up many opportunities. This can help keep top talent engaged and focused on improving their skills, rather than prompting their minds to drift elsewhere to more attractive opportunities.

Alongside formal training, mentorship is important in progression. Industry initiatives like the Working in Mortgages mentorship scheme help attract and support new employees in this sector. Participating in these schemes can aid junior brokers in building their confidence and staying committed to long-term growth within your firm.

 

7.Be flexible

The pandemic certainly sparked a trend of remote working and flexible working hours – a trend we believe is here to stay. If you want to retain your mortgage brokers, you must offer the flexibility people need to maintain a strong work-life balance. Remember, every employee is different and has different needs. While a dad may want to be able to pick his children up from school, a young graduate may want to avoid the stress and cost of Monday morning commutes. Be mindful of employees’ wants and needs.

 

8.Take employee well-being and work culture seriously

Being a mortgage broker can be tough, so your business needs to take employee well-being seriously. You can take many approaches to improve mental health at work, from introducing well-being check-ins and pet therapy to yoga sessions and free breakfasts.

Initiatives like the Mortgage Industry Mental Health Charter can provide valuable tools on how to improve wellbeing at your firm.

Placing a strong emphasis on work culture and good relationships can greatly affect happiness and productivity in the workplace. Building a culture that your employees enjoy returning to daily can inspire passion and performance at work, making them more likely to stay. For example, treating everyone with equity and demonstrating trust to employees tasked with decision-making can be a great way to retain talent.

 

9.Consider your company policies

Take a second glance at your company’s current policies and ensure they support diversity, equity, and inclusion, reflecting respect and consideration for each and every employee. By showing that you support all your employees’ careers and endeavours, you can not only attract new and diverse talent but also help people feel more comfortable in the workplace and stay around.

 

10.Introduce recognition and reward

Any good mortgage broker firm will recognise and reward hard work. This can reinforce excellent work, show your appreciation to team members, and encourage them to be loyal. There are many different rewards to suit different company budgets, from a small employee of the month prize to a large Christmas bonus.

 

11.Offer and listen to feedback

If employees feel like they are being left in the dark, they may struggle to know how to improve at your company. Give workers the guidance they need to understand what they did well and how they can improve on a regular basis. For example, one-to-one check-ins can be an effective way of doing this.

Feedback goes both ways. If you want to retain talented employees, you have to listen to them. Whether you want to add a simple suggestion jar to the office, create an anonymous survey, or set up a verbal meeting, there are many ways to communicate and gather employee opinions. If you demonstrate that you are listening to your team of mortgage brokers by implementing their suggestions, they may feel happier at work and be less likely to look elsewhere for a new position.

Exit surveys provide another fantastic way to get feedback. If an employee decides to leave your company, set up an exit survey to find out why they decided to leave and what you could do to improve.

 

How to attract young talent

 

Attracting young talent has become more important than ever. If your business is looking to attract young, fresh talent, there are more specific strategies you can take on board, such as:

• Introducing free perks like a gym membership or regular staff socials
• Making yourself visible and active on social media and within communities like university career programs and the National Association of Commercial Finance Brokers
• Supporting a meaningful cause, such as one supporting sustainability or mental health
• Embracing diversity and inclusion – this can also attract non-university talent
• Get a brand perception makeover and dump the boring broker image.

 

Why is it important to know how to attract and retain talent?

 

You now know how to attract talented employees to your mortgage broker company, but why is this so important? By doing this, you can enjoy:

• Enhanced client experiences

Employee retention doesn’t just benefit your business internally – it also affects your clients. Long-term workers can build strong relationships with external clients, gaining more and more knowledge of your business and providing tailored customer service. A familiar face and a positive experience can sometimes make all the difference and keep your clients coming back for more.

• Decreased costs

If you’re experiencing a high employee turnover, you’ll know costs are associated with recruiting, hiring and training new replacements. In contrast, a stable team with fewer changes will spend less on these areas. Instead, money can be directed to help upskill the brokers you have retained at your company, making them stronger and more valuable employees.

• Increased productivity

Employees who have been with you for a long time are usually more efficient, knowing their way around the business and making fewer errors than new trainees.

• Better morale

Brokers used to your business will generally feel a greater sense of belonging and build strong friendships over time, helping increase employee morale. On the other hand, high employee turnover can decrease the morale of remaining workers, who may have to take up additional roles or lose friends they used to spend lunchtime with every day.

• Higher profit margins

We all know your biggest aim in business is to generate profit – well, listen up: attracting and retaining top talent may be able to secure you greater profitability in the long run. By decreasing costs on hiring and training, supporting strong team members, and ramping up efficiency, you can potentially deliver bigger and better results than ever.

 

Rounding up on how to attract and retain employees

 

Do you feel more confident in knowing how to attract and retain employees? It’s time to start building and maintaining the strong team of brokers you’ve been dreaming of. If you want to learn more about hiring top talent at your company, please refer to the rest of our news section. We’re always happy to help you employ the best talent attraction and retention strategies to help your mortgage broker business stay ahead.