Hi, I’m Marcus Nanson, Managing Director at NRG Resourcing. In this edition of our blog, I want to take you beyond the usual discussions about brokerage success. 

Today I want to explore the impact of culture in the brokerage industry, drawing on real-life stories and insights from our latest eBook, “100% Broker Retention: The 7 Secrets Every Brokerage Needs to Know”, so you can learn 1 of the most effective ways to attract and retain the best talent in the mortgage industry.

“100% Broker Retention: The 7 Secrets Every Brokerage Needs to Know.” is free and available now, direct to your inbox.

A Broker’s Disillusionment

 

Picture this: A broker at the peak of his career secures the biggest mortgage deal of the year for his firm. 

He walks into the office on Monday morning, expecting recognition and perhaps a celebration of his hard work. Instead, he finds himself in a two-hour meeting where every minor flaw in his process is dissected and criticised. 

This isn’t a fictional scenario, it’s a real-life event that led a high-performing broker to seek new opportunities, despite his success.

This real life example isn’t just about a missed opportunity for recognition. It’s a powerful illustration of how the nuances of workplace culture can significantly impact employee morale, retention, and ultimately, the success of a brokerage.

Beyond the Surface: Understanding True Team Culture

When we talk about culture in the brokerage world, it’s easy to fall into clichés like ‘we’re like a big family’ or ‘we’re all mates here.’ But as our eBook delves into, these statements, while well-intentioned, might not reflect the reality for every team member. 

Culture is more than just surface-level camaraderie, it’s about the deeper experiences and feelings of each individual in the team.

Here are a couple of ways to creating a culture of genuine care and respect:

• Attention and Empathy: It’s crucial to give your team your full attention and make them feel heard. This means recognising the quiet achievers just as much as the outspoken ones and being mindful of how criticism is delivered.
• Leadership Tone: As a leader, your words and actions set the tone. Your occasional interactions with the team can have a lasting impact, so it’s vital to bring positivity and encouragement into every encounter.

Mentorship: Creating a Sustainable Culture

Our eBook emphasises that mentorship, when executed thoughtfully, plays a pivotal role in building a strong team. It’s not about pairing names randomly; it’s about creating meaningful, well-matched mentor-mentee relationships. 

These relationships should be nurtured with incentives and rewards, making mentorship a valued aspect of your brokerage’s culture

The example of the broker who left after receiving criticism instead of praise highlights a critical aspect of culture: recognition. 

Celebrating individual and team achievements is essential. It’s not just about acknowledging success; it’s about creating an environment where people feel their contributions are genuinely valued. This positive reinforcement goes a long way in building a culture that people want to be a part of.

Embracing Culture as a Strategic Advantage

In our eBook, we explore these themes in greater depth, offering insights and strategies to help you build a brokerage culture that not only attracts top talent but retains it. 

We believe that understanding and nurturing the right culture is not just a ‘nice-to-have’ – it’s a strategic imperative for any brokerage aiming for long-term success.

And this is JUST 1, of the 7 SECRETS included in our ebook.

It’s free and available now, direct to your inbox, via this link: “100% Broker Retention: The 7 Secrets Every Brokerage Needs to Know.” 

This is not just a guide; it’s a roadmap to transforming your brokerage into a market leader. 

Get yours now!

Picture this – You’ve just welcomed a new recruit aboard, brimming with hope that they’re the missing puzzle piece to your team.

Fast forward a few months, and that hopeful spark has fizzled out.

Maybe they’re struggling to pick up the pace, or perhaps they oversold their capabilities. Worse yet, it’s clear they’re just not meshing with the core values and dynamics of your team.

The hard truth hits you: They won’t last. And it stings financially, too—parting ways with a poorly fitting team member can bleed upwards of £100K from your firm’s funds, considering the costs of recruitment, induction, training, and their salary.

A pricey lesson indeed.

Here’s my advice on how to avoid a situation like this ever happening:

4 Keys To Lasting Hires

Start at the Starting Line – Recruitment.

It’s no shocker—better retention is rooted in smarter hiring. If your team’s turnover rates are spiralling, it’s time to revamp your recruitment playbook.

Finding the Right Recruitment Partner

Your recruitment ally should be fluent in the language of your industry and have a proven track record. Whether it’s the particular niche, volume, or level of talent you need, make sure they boast a robust network and a deep understanding of your sector.

Exclusivity Wins

Here’s the inside scoop – recruiters juggling multiple clients can only dedicate a fraction of their resources to each. And trust me, they save their best candidates for their exclusive clients—don’t let that be your competition!

An exclusive recruiter is a dedicated recruiter. They have the incentive to dive deep and deliver a curated list of top-tier candidates to you, their top priority.

Candidate Commitment

Encourage active candidate engagement during the application process. How? With inventive steps like video introductions, behavioural assessments, and thorough questionnaires.

The dedication a candidate shows here can be quite telling of their future commitment.

Behaviour is King

Remember the old adage—hire for skill, fire for behaviour? It’s about time we flipped that script. Conduct behavioural assessments early on.

Better yet, benchmark these traits against your standout employees to find new hires who not only fit the job but the fabric of your firm as well.

The Bottom Line

Bad hires are more than just a hiccup; they’re a significant setback. But with these pointers, you can pivot towards a hiring process that doesn’t just fill positions temporarily—it fortifies your team for the future.

Interested in diving deeper into these strategies, or perhaps you’re eager for a collaboration that will enhance your retention rates?

Let’s connect and discuss how we can redefine your recruitment process, ensuring each new hire is not just an addition but a lasting asset to your mortgage business.

If you’re seeking a new role, or are searching for new talent, please click on the appropriate link to book a call with me today.