In episode 76, of the Growth Series podcast, Gurpreet Chahal, Corporate Account Manager at Accord Mortgages, speaks to Greg Cunnington, Chief Operating Officer at LDNfinance, and David Hollingsworth, Associate Director of Communications L&C Mortgages, about recruiting and developing talent in a changing broker market.
Gurpreet begins by asking what recruitment challenges brokerages are currently facing. David believes that with the market moving at a whirlwind pace in recent years, there is high demand from customers, which in turn means the industry is under pressure to maintain capacity. However, he says that this in turn means there is lots of competition in the market, with firms all looking to hire new and experienced advisors at the same time.
Greg adds that there are also issues when it comes to recruiting admin staff, whom he calls the lifeblood of intermediary firms. He states there aren’t currently enough staff to go around, which is forcing businesses to offer higher salaries.
The conversation then turns towards what firms can do to attract the right talent. Greg says the industry must do more to promote itself, both to young people and experienced people looking to change careers. Greg also believes building a positive culture and working environment is very important, so existing employees will recommend their company in their social circles.
Next, Gurpreet asks about the impact of remote working on recruitment. David says it offers real opportunities to businesses, as they can cast their net wider, rather than be limited to hiring people based in a particular location. However, he stresses that if firms are hiring remote workers, they must also focus on developing these individuals and making them feel like part of the team.
Greg adds that hybrid working represents the “sweet spot” for many businesses, as there are huge advantages to offering real flexibility, but also great value in physically meeting from time to time.
The trio then discuss what can be done to make itself more attractive to people considering a career change. Greg notes that while the sector is very good at promoting itself internally, it must do more than attend networking events, especially as it’s a fantastic, well-paid career option that offers a good work-life balance.
The discussion then turns to diversity, with David stating that while the focus on diversity at work is growing, there is still a long way to go. Greg adds that it’s important for businesses to reflect their client base, and make potential hires feel they would fit in.
Gurpreet then asks about the key considerations for training and developing staff. Greg insists training must be ingrained within a business, so staff can deliver the best possible service to clients amid a rapidly changing marketplace. David agrees, insisting that client service will suffer without a focus on training and development.
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using communications and digital marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.
01:05 to 27:07:
Introduction to the guests
What recruitment challenges brokerages are currently facing
How can firms attract and retain talent
The impact of remote working
Increasing diversity in the sector
Training and developing staff
Predictions for the coming months
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Word of mouth marketing advice for mortgage brokers
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