Employee retention is a particularly frightening subject for your mortgage business. You invest a tremendous
amount of time, energy, and resources to get a new employee to a point where they can contribute. If they leave
within twelve months, there will absolutely be no return on
that considerable investment.
A solution to the Millennial retention problem and
profitable growth problem for a mortgage company is the
implementation of an employee engagement strategy.
Why an employee engagement strategy?
Employee retention cannot be an afterthought. Implement an employee engagement strategy today if you hope
to engage and retain the workforce that you hire tomorrow.
When disengaged employees are compared to engaged employees, the difference can make or break a
company.
ENGAGED EMPLOYEE YIELD –
3X – growth in profits
2X – growth in customer loyalty
2X – growth in productivity
2X – less turnover
There have been numerous surveys conducted and
research studies performed on the topic of retaining Millennials. Facebook’s tremendous amount of research on
their employees has yielded three consistent things that
are most important to their Millennials at work: meaning,
flexibility, and challenge. Most other research includes those
three elements and adds “stability” as a fourth. Accordingly, these four elements should be a part of a successful
employee engagement strategy.
STABILITY
Millennials walk in the door with a dark cloud hanging
over their heads. They are worried that, among other things,
their jobs will be outsourced or replaced by a robot and
other automation within the next five years. They tend to
view a job as transient, and think it will lead to another job
within a few months or even weeks.
A 2015-2016 report by Infosys and the Future Foundation found that startups have lost their luster for Millennials. The risk and excitement of the startup environment
is no longer attractive, and millennials would prefer stable
corporate jobs.
Mortgage company executives must come to grips
with the fact that a three-to-four year “tour of duty” may
be all that they can expect from their Millennial new hire,
and the odds of retaining a Millennial for the “full tour”
increase substantially when they receive training and development opportunities. The Infosys survey found that 80
percent of Millennials view training as incredibly important.
They view their future at a company as wholly dependent
MORTGAGE
MAGAZINE
