6 Proven Ways to Boost Team Happiness and Productivity

The mortgage and lending industry has faced its share of challenges in recent years. 

Economic ups and downs, new regulations, and market shifts have made this a stressful field to work in.

That’s why it’s more important than ever to create a happy and productive work environment. Happy employees are more engaged, motivated, and productive.

In fact, research from the University of Warwick found that happiness led to a 12% increase in productivity. Additionally, the Harvard Business Review reports that happy employees are 31% more productive.

So, to help you get the most from your team, here are six proven strategies to boost team happiness and productivity in your brokerage.

Let’s get started…

1. Promote Work-Life Balance

Balancing work and personal life is crucial for a happy, hardworking, and de-stressed team. Here’s how you can encourage it.

Flexible Working Hours: Allow employees to set their own hours within a certain range to manage personal commitments better. This can increase job satisfaction and reduce burnout.

Remote Work Options: Let employees work from home one or two days a week. 

Encourage Time Off: Promote the use of holiday days and support employees in taking the time they need to recharge. Time Off shows that employees who take all their holiday days are 34% more likely to receive a bonus or raise.

2. A Supportive and Inclusive Culture

Creating a supportive and inclusive work environment is essential for employee happiness and productivity.

Open Communication: Encourage an environment where employees feel comfortable sharing their ideas and concerns. 

Diversity and Inclusion Programmes: Implement initiatives that promote diversity and inclusion, ensuring all employees feel valued and respected. A diverse team brings varied perspectives and can drive innovation.

3. Recognise and Reward Contributions

Recognising and rewarding employees for their hard work can significantly boost morale and motivation.

Regular Recognition: Implement a system for regular recognition of employee achievements, such as monthly awards or shout-outs in meetings. This shows employees that their efforts are valued.

Monetary Rewards: Provide bonuses, gift cards, or other financial incentives for outstanding performance. 

Growth Opportunities: Offer opportunities for career advancement, such as promotions, skill development programmes, and leadership training. Investing in your employees’ growth shows that you value their future with the company.

4. Build a Team that Fits the Company Culture

Hiring individuals who align with your company’s values and vision is crucial for driving your brokerage forward.

Behavioural Testing: Use behavioural testing to understand how potential hires might fit into your company culture. This can help you make informed hiring decisions.

Comprehensive Recruitment: Reach the entire available market—not just those who are unemployed or actively seeking jobs. Sometimes the best candidates are not actively looking. Working with a recruitment company specialising in mortgage brokers can help you find the perfect fit.

Team-Building Activities: Organise regular team-building activities to strengthen relationships and improve teamwork. These activities can help create a cohesive and collaborative work environment.

5. Employee Training

Your team is your most valuable asset. Regular training ensures they stay up-to-date with the latest financial tools and customer service best practices.

Continuous Learning: Encourage employees to pursue professional certifications and ongoing education. This helps them stay current with industry trends and enhances their skills.

Training Programmes: Offer ongoing training and development opportunities. Regular workshops, webinars, and courses can help employees improve their competencies.

Mentorship Schemes: Implement mentorship programmes where experienced employees can guide and support newer team members. This fosters knowledge sharing and professional growth.

6. Workplace Flexibility

Providing workplace flexibility can greatly improve employee satisfaction and productivity. It allows employees to balance their work and personal lives more effectively.

Remote Work Options: Allow employees to work from home one or two days a week. This flexibility can lead to higher job satisfaction and lower stress levels.

Flexible Working Hours: Let employees choose their working hours within a certain range. This helps them manage personal and professional responsibilities better, reducing burnout.

Supportive Policies: Implement policies that support flexible working arrangements. Ensure that employees feel trusted and valued when working flexibly.

Conclusion

Creating a positive work environment is not just about about being a popular boss.  

Happy employees work harder. 

By promoting work-life balance, fostering a supportive culture, recognising contributions, building a strong team, investing in training, and encouraging workplace flexibility, you can significantly enhance your team’s happiness and productivity. 

Embrace these strategies to future-proof your brokerage and thrive in the competitive mortgage and lending industry.

If you’re committed to hiring high-quality, behaviourally suited talent, 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.

7 Ways To Future-Proof Your Brokerage

How future-proof is your brokerage?

With approximately 20% of new businesses failing within their first two years, 45% within five years, and a staggering 65% closing their doors within the first ten years (according to data from the BLS). 

Only 25% of the businesses that you see around you today will make it to 15 years or more.

Financial services businesses, like your brokerage, are particularly vulnerable to factors beyond your control—economic fluctuations, interest rate changes, and shifting market dynamics can all impact the demand for mortgages and property purchases. 

Given these external uncertainties, future-proofing your brokerage is essential for survival.

In this blog, I’ll share seven ways to future-proof your brokerage. Let’s get started…

1. AI and Technology

Technology is transforming every industry, and brokerages are included. 

AI can automate tasks and improve efficiency, allowing brokers to analyse customer data, make accurate predictions about potential risks, and expedite the overall loan approval process.

However, AI cannot fully replace the personal touch that human brokers provide. While AI can handle specific tasks efficiently, it cannot replicate the empathy that comes from human interaction. 

The future of mortgage brokering will likely involve a partnership between AI and humans, where technology handles the efficiency while humans focus on personalisation and relationship building.

Incorporating AI in your brokerage can help you stay ahead of the competition, improve operational efficiency, and enhance customer satisfaction.

2. Diversification

Don’t put all your eggs in one basket.

Instead of solely focusing on generating new leads, which can be expensive and time-consuming, consider broadening your product range. 

This strategy allows you to meet more of your clients’ needs, increasing customer satisfaction and loyalty while expanding your customer base.

By offering a variety of financial solutions, such as residential and commercial mortgages, equipment finance, insurance, and wealth planning, you create a one-stop shop for your clients. 

This not only keeps them within your network but also encourages repeat business and referrals, contributing to your brokerage’s long-term success.

3. Customer Experience

A great customer experience can set you apart from the competition. 

One of the most crucial aspects of providing effective customer service is responsive communication. Customers value prompt replies to emails, phone calls, and texts. By responding quickly, you show that you value their time and are committed to providing excellent service.

Encourage your brokers to add personal touches in their interactions with clients too. Being human and relatable can make a significant difference. Remembering and acknowledging important details about a client’s situation can help build trust and loyalty.

Utilise Customer Relationship Management (CRM) systems to personalise interactions and keep track of client preferences and history. 

Personal touches like these can significantly boost client satisfaction and loyalty, helping your brokerage stand out in a competitive market.

4. A Strong Team 

Building a team that aligns with your company’s values and vision is crucial to driving your brokerage forward.

To achieve this, it’s important to consider more than skills and experience on a CV but also cultural fit during the hiring process.

Behavioural testing can be a valuable tool in understanding how potential hires might align with your company culture. This can help you make informed decisions and build a cohesive team.

When recruiting, try to reach the entire available market too—not just those who are unemployed or actively seeking jobs. Sometimes the best fit won’t see your job ad. 

That’s why it’s a good idea to work with a recruitment company like NRG Resourcing, who specialises in hiring mortgage brokers. We can help you find the perfect candidates who may not be actively looking but would be the ideal addition to your team.

 5. Training

Your team is your most valuable asset. 

Regular training ensures that they are up-to-date with the latest financial tools and customer service best practices. 

Continuous learning is key to growth. A well-trained team can adapt quickly to industry changes and provide better service to your clients.

Investing in your team’s development not only enhances their skills but also contributes to the long-term success of your brokerage. 

By creating a culture of learning, you ensure that your team remains bought in to your company, knowledgeable, motivated, and ready to tackle the challenges of an ever-evolving industry.

6. An Online Presence

Having a strong online presence is essential. 

Optimise your website for search engines to increase visibility and ensure it’s mobile-friendly. Engage with clients through social media to build a community and establish your brand as a trusted resource.

Regularly posting informative content on social media and engaging with followers can increase your reach and will attract clients to your company in the long term. 

Remember, your content and your brokerage’s brand are one and the same today, so align your brand messaging with everything you post and take care to keep the quality high, so that it is informative and engaging for your brokerage’s followers. 

7. A Clear Direction

A clear aim and direction help align your team and attract clients who share your vision. 

Define long-term goals and strategic objectives, and ensure they are communicated clearly to all employees.

For instance, if your goal is to become the leading commercial mortgage broker in your area, outline the steps needed to achieve this and keep your team focused on this objective. 

Regularly review and adjust your goals to stay on track.

Conclusion

Future-proofing your brokerage is not a luxury—it’s a necessity. 

With the high rate of new business failures and the unique vulnerabilities faced by financial services, taking proactive steps to secure your brokerage’s future is crucial. 

By incorporating advanced technology, diversifying your services, enhancing customer experience, building a strong and culturally aligned team, investing in continuous training, maintaining a robust online presence, and setting a clear direction for your business, you can navigate uncertainties and set your brokerage on a path to long-term success.

Stay ahead of the curve, and your brokerage will continue to grow and succeed.

If you’re committed to hiring high-quality, behaviourally suited talent, 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.

The Battle for Brokers – How Does Your Proposition Stand Up?

Securing top-performing mortgage brokers—those who are not only skilled and driven but also a perfect fit for your company’s culture and philosophy—has become a serious challenge. 

As the industry shifts and the economy recovers, the competition has intensified not only for in-house talent but also for self-employed brokers. 

This shift means firms must work harder than ever to attract and retain the kind of brokers who close deals and enhance team dynamics.

In this blog, I explore tips and strategies for brokerages to do this.

Understanding the Competitive Landscape

The mortgage industry has weathered significant storms over the past decades, most notably the global economic crash of 2008, which led to a stagnant UK housing market and reduced lending availability. 

This downturn forced many brokers to either diversify their services or exit the industry altogether. Those who adapted by focusing on areas like protection sales managed to survive, but not without challenges.

As the market has recovered, the regulatory landscape tightened. The Mortgage Market Review (MMR) and subsequent regulations aimed at preventing another crash have inadvertently thinned the ranks of mortgage brokers further, as many did not meet new compliance standards. 

This regulatory squeeze, combined with a revived market, has created a high demand for skilled brokers but a reduced supply.

Today, as the market approaches its pre-2008 levels, the need for experienced mortgage and protection advisers is more pronounced than ever. 

Yet, the pool of available talent remains limited, intensifying the battle among firms to attract and secure top talent.

So, how can you attract top talent? 

Key Strategies to Attract and Secure Top Talent

Brokerages looking to attract and retain high-performing brokers must consider several factors that can make or break their recruitment efforts. 

Here’s what needs attention:

Competitive Financial Incentives

Compensation remains a primary factor for many brokers. 

Both base salary and commission structures need to be competitive and appealing to draw in the best. 

Given the high stakes, firms must not only match but try to exceed industry standards to lure top talent.

Empowering Self-Employed Brokers

With a growing shift towards hiring self-employed brokers, companies must provide strong incentives for these professionals who typically thrive on independence and higher potential earnings. 

However, aligning their success with the company’s goals is crucial to prevent them from feeling disconnected from the firm’s overall mission.

Lead Generation and Operational Support

Providing leads and operational support, such as efficient administrative and marketing resources, can significantly enhance a broker’s effectiveness and job satisfaction. 

These tools enable brokers to focus on what they do best—serving clients and closing deals—rather than getting bogged down by procedural tasks.

Flexible Working Conditions

In today’s market, flexibility is a significant draw. 

Offering flexible working conditions and remote work options can make a firm much more attractive to brokers who value work-life balance and autonomy.

Training and Career Development

Ongoing training and clear career pathways are essential for retaining ambitious brokers who are keen on advancing their professional skills and status within the industry.

Demonstrating a commitment to development can help firms build loyalty and reduce turnover.

Transparent and Minimal Network Fees

For self-employed brokers, transparency about network fees and other costs is vital. 

Clear, upfront communication about these expenses ensures that brokers feel informed and valued from the outset.

Conclusion

In an industry still recovering and evolving after significant upheavals, mortgage firms must do more than ever to attract and retain the best brokers. 

By focusing on competitive compensation, robust support systems, flexible work arrangements, and clear career progression opportunities, companies can position themselves as desirable places for top talent. 

The battle for brokers is indeed fierce, but with a thoughtful approach to what brokers need and value, your firm can stand out as a top choice in a competitive marketplace.

If you’re committed to hiring high-quality, behaviourally suited talent, 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.

5 Strategies to Attract and Retain Women in Finance 2024

Innovation and success in any industry relies on gender diversity.

Despite leaps forward in recent years, corners of the finance industry continue to struggle attracting and retaining female talent, particularly in leadership roles. 

As we move into 2024, it’s crucial that we address this imbalance with targeted strategies that attract and retain women in finance. Creating not just great team members, but role models. 

This post outlines five key approaches that do exactly that. Drawing on our experience as professional recruiters, to draw women into the finance industry and ensure they stay, thrive, and lead.

Let’s get started…

1. Redefining Recruitment

The journey towards gender diversity begins at recruitment. 

Our research indicates that job descriptions often inadvertently appeal more to male candidates. To change this, focus on inclusive language that resonates with female values, such as collaboration and community, while ensuring qualifications are not unnecessarily restrictive. 

By clearly communicating core values and using technology to assess the inclusivity of our job adverts, you can attract a broader, more diverse talent pool.

2. Embracing Flexible Working

Flexibility is no longer a perk but a fundamental expectation, especially for working parents. 

Recognising this, consider flexible working arrangements that accommodate the needs of your employees, irrespective of gender. This approach not only aids in attracting female talent but is essential in retaining them, ensuring that team members do not have to choose between their career and personal life.

Your commitment extends beyond flexible hours to fostering an environment where such choices are respected and supported.

3. Make Female Role Models Visible

Visibility matters. 

Highlighting the achievements of women in your organisation not only celebrates their contributions but also inspires others. 

By showcasing the diverse paths to success within Finance, you can motivate and encourage women at all levels of their career. 

This strategy is pivotal in building a culture where women see themselves reflected in their leaders and feel a stronger sense of belonging and possibility within the finance industry.

4. Promote Mentorship and Career Development

Access to mentorship and targeted career development opportunities can significantly impact women’s career trajectories in finance. 

By establishing programmes specifically designed to support women, you provide tools and networks necessary for gender diversity. 

These initiatives should be supported by both male and female leaders, ensuring they are inclusive, equitable, and effective in preparing women for leadership roles.

5. Addressing Unconscious Bias

To create a truly inclusive workplace, tackling unconscious bias is essential. 

Through comprehensive training and the use of HR technology, commit to ensuring your hiring practices, promotions, and performance evaluations are fair and unbiased. 

By understanding and mitigating these biases, you can make more informed decisions and foster a culture that truly values diversity and inclusion.

Conclusion

As we look forwards in 2024, these five strategies are at the heart of attracting women into finance and ensuring they feel valued, supported, and empowered to ascend to leadership positions. 

Gender diversity is not just a metric to aspire to, it’s a reflection of your dedication to building an inclusive, dynamic, and innovative finance sector. 

What do you think of these 5 points? Are there any that we may have missed? 

If you’re committed to hiring high-quality, behaviourally suited talent, 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.

Hiring Mortgage Brokers: Employed vs Self-Employed

As we step into 2024, mortgage brokerages are facing a new set of challenges and opportunities. 

Since the 2020 pandemic, the landscape of work has evolved dramatically, and with these changes come crucial decisions for business owners, particularly in the mortgage brokerage sector. 

One such decision is whether to hire employed mortgage brokers or self-employed mortgage brokers. This choice can significantly impact your business’s flexibility, cost structure, and overall success.

In this guide, we’ll explore the pros and cons of each option, helping you navigate this important decision.

The Case for Hiring Employed Brokers

The stability and consistency offered by employed brokers is more valuable than ever. 

With the economic landscape constantly shifting, having a dedicated team can provide the steadiness needed to navigate uncertain times.

Here are the biggest advantages of employing in-house mortgage brokers for your brokerage.

Advantages of Employed Brokers

• Steady Workforce: Employed brokers offer a stable and reliable workforce, which can be crucial for maintaining consistent service levels and building long-term client relationships.
• Brand Loyalty and Development: Having employed brokers allows for a stronger company culture and brand loyalty, an essential point of separation in today’s competitive market.
• Streamlined Management: Managing a team of employed brokers often leads to more streamlined operations, as you have more control over work schedules and processes.

Challenges with Hiring Employed Brokers

However, this model isn’t without its challenges. The financial and managerial commitment to employed brokers is significant and requires careful consideration.

The two key drawbacks with hiring in-house are:

• Higher Overhead Costs: Employing brokers means additional costs such as salaries, benefits, and contributions to taxes and National Insurance.
• Less Flexibility: Employed brokers may have less flexibility in their schedules, which could impact your ability to offer services outside standard business hours.

The Benefits of Self-Employed Brokers

The flexibility of self-employed brokers is an attractive proposition. They can provide agility and adaptability, which are crucial in responding to market changes and client demands.

Here’s why self-employed brokers might be the ideal way for you to grow your brokerage:

Advantages of Self-Employed Brokers

• Adaptability to Market Changes: Self-employed brokers can quickly adapt to changing market conditions, providing your business with the agility to respond to fluctuating demands.
• Diverse Skill Sets: They often bring a range of experiences and specialisations, adding value to your service offerings.
• Cost-Effective Scaling: This option allows for scaling your workforce up or down without the long-term financial commitments associated with employed staff.

Challenges with Hiring Self-Employed Brokers

Relying on self-employed brokers can also present its own set of challenges, particularly in terms of consistency and control over service delivery.

• Less Control: You have less oversight over the working methods and standards of self-employed brokers.
• Inconsistent Availability: Self-employed brokers may juggle multiple clients, which could affect their availability and response times for your projects

Making the Right Decision for Your Brokerage

Your decision should be informed by a thorough analysis of your business’s current needs and future aspirations. Consider factors like workload consistency, financial flexibility, and long-term strategic goals.

• Business Model and Volume: Consider your business’s operational model and the volume of work. Employed brokers might be better for steady, high-volume workloads, while self-employed brokers can handle fluctuating demands.
• Budget and Financial Goals: Analyse your financial capacity. Employing brokers involves more fixed costs, whereas hiring self-employed brokers can be more variable and performance-based.
• Long-Term Business Strategy: Think about your long-term goals. Do you value building a consistent team and brand, or do you prefer the agility and diverse skill sets of self-employed brokers?

Hiring Mortgage Brokers: Employed vs Self-Employed

In 2024, the decision to hire employed or self-employed brokers is a strategic choice that can shape the future of your business.

By understanding the advantages and challenges of each option, you can make a well-informed decision that aligns with your business objectives and positions you for success in the evolving marketplace.

Taking Action

If you’re committed to hiring high-quality, behaviourally suited talent, 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.

The Power of Hiring on Behaviours

In the puzzle of recruitment, hiring the right person goes beyond assessing skills and experience. 

It should involve understanding the candidate’s behaviours and how these align with the role and company culture. 

The cost of overlooking this aspect is an expensive one, its estimated that a bad hire can set a company back a whopping £100K. 

This figure includes the time and money invested in recruitment, onboarding, training, and salary.

Why Behavioural Surveys Should Be Your First Step

Surprisingly, many businesses still rely solely on traditional hiring metrics like skills and experience. Yet, they often end up terminating employment due to behavioural mismatches. So, why not assess behaviour before offering a contract? 

Incorporating behavioural surveys at the outset, rather than as an afterthought, can provide crucial insights into how well a candidate will fit into your team.

A smart approach is to evaluate your star performers in similar roles and develop a benchmark profile. This profile can then be used to gauge how well potential candidates align with the traits that lead to success in your organisation.

Key Benefits of Behavioural Hiring:

• Improved Team Dynamics: Ensures new hires complement existing team members.
• Reduced Turnover Rates: Matches candidates with roles suited to their natural tendencies.
• Increased Productivity: Places individuals in roles where they can excel naturally.
• Enhanced Job Satisfaction: Employees are more content and engaged in roles that align with their behaviours.

For instance, if your top performers are outgoing, innovative, and self-driven, a reserved candidate who prefers structured tasks might struggle to integrate. This mismatch not only affects the individual’s performance but can disrupt team dynamics.

In The Real World: Vista Equity Partners’ Approach

Robert Smith, the founder, Chairman, and CEO of Vista Equity Partners, a prominent private investment firm, underscores the value of behavioural assessment in recruitment. Vista requires all employees and recruits to undergo a personality-and-aptitude test. This approach helps in assigning people to roles where they’re likely to excel. For example, sales roles are better suited to extroverted individuals, while software development may suit introverts better.

The focus is on finding the right person for the job, irrespective of their background or credentials. This strategy has led to a diverse workforce, with 35% of Vista’s portfolio-company employees being women, and has been crucial in their success in acquiring and growing over 500 software companies.

The Benefits and Beyond

Behavioural hiring is a fundamental shift in the recruitment paradigm. It allows for a more equitable and unbiased approach to talent acquisition. Moreover, it identifies individuals who, although they might not have the most impressive resumes, possess the potential to excel and grow within the company.

At NRG Resourcing, we understand the value of behavioural testing in enhancing employee retention and ensuring a harmonious team dynamic. 

Our approach is tailored to identify candidates who not only have the requisite skills but also exhibit behaviours and values that align with your company culture.

Curious about how behavioural testing can revolutionise your hiring process? Book a free, no-obligation call with me to discuss how we can integrate this powerful tool into your recruitment strategy.

Taking Action

If you’re committed to hiring high-quality, behaviourally suited talent, 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.