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The mortgage broking industry is ageing and there is a need to attract new young talent to ensure that the sector continues to thrive.
The younger workforce can often be filled with passion, enthusiasm and drive, which are qualities of successful mortgage brokers. Mortgage broking offers a career with potentially high financial rewards as well as the possibility of creating a good work-life balance, both of which are often highly desirable employment prospects.
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There are several factors that need to be considered when attracting new talent. The younger workforce grew up in a different social environment; they can have different values and different attitudes towards work. Younger generations have been more able to find and assert their individuality and may place a higher value on these aspects of their lives.
It is important to create a sense of commitment, over and above creating loyalty, to keep the younger workforce engaged. By working with new talent and assisting them to set and manage their own goals within the company, they will feel motivated, committed and have a greater sense of ownership of their career direction. Managers should continue to work with employees to see if their goals are being reached and to get feedback regarding their perception of the working environment.
It is important to provide a positive work environment in which managers understand their employees' needs and in which steps are taken to maintain and increase employee morale and engagement. A positive work environment also includes recognition of good work, and a reward (not necessarily an expensive financial reward) can be used to reinforce good working ethics, values and performance.
For many young mortgage brokers, the chance to further their careers may be just as important as earning a higher salary. Employees should feel like they can advance, and that there is a clear path for advancement, or else they may start to feel like they are in a dead-end job. Training and development programs can also be used to up-skill employees and create a sense of growth and progress.
The younger workforce is often more attached to online social networks and they understand how these can be used for company branding, customer service and general communication. Although social networks are often used for personal use, a well-defined social network plan can be very effective in helping to grow a brokerage.
With new home-owners continuing to enter the market, it is also worthwhile having younger brokers in your office that are perhaps better able to relate to this demographic. There are many advantages to having younger talent in a brokerage and employers should be encouraged to consider this in their future hiring.
