Is The Great Resignation Over?
The Great Resignation has been the topic of much discussion for many months now. The pandemic accelerated the exodus, but the reality is that resignations were on the rise well before 2020. From 2009 to 2019, the average monthly quit rate increased by 0.10 percentage points each year. Possibly because massive layoffs spurred by the 2008 recession caused employees to lose faith that their jobs would ever be truly secure. This change in the mindset of job seekers in recent years, followed by the crisis of the pandemic, has resulted in a massive shift in how people work and how they perceive their work.
The Banking and Mortgage Industries Are Turning A Corner
Fortunately, there is evidence to suggest that things are improving, and business for the mortgage and banking industry is beginning to return to pre-pandemic levels. This comes just in time because many banks and mortgage companies won’t survive if business and the talent market don’t return to some level of normalcy soon.
Is A Rehire Your Best Hire?
Many people who left their companies for better offers are finding the grass wasn’t as green as it looked from the other side of the fence. Those who left previous employment on good terms may seek to return. It may be worth discussion among leadership to determine a policy regarding welcoming previous employees back into the fold. Some managers will even take a proactive approach, reaching out to top talent who left the company to learn whether their new job was all they expected it to be and if they might be interested in returning.
The Great Resignation Significantly Impacted Banking & Mortgage Staffing
Frontline banking professionals continued to work on location throughout the pandemic, often under stressful conditions. Branches were short-staffed due to illness, customers were impatient, and workers often found the measures employed to reduce exposure to the virus inadequate to keep them safe. These factors were enough to spur some of those in mortgage and banking jobs to seek new employment – either within or outside of the industry.
As a result, banks and mortgage companies were losing employees at an alarming rate. Companies struggled to keep top performers from jumping ship; worse yet, many companies couldn’t figure out what employees wanted, making it near impossible to develop effective employee retention strategies.
Some Mortgage And Banking Jobs Shifted To Remote Work
On the one hand, this allowed business to continue uninterrupted. On the other hand, it gave employees freedom from geographical restrictions. They could now work for companies based anywhere without leaving their homes. Some companies shifted seamlessly to a remote or hybrid environment, quickly becoming adept at hiring for remote work. The banks and mortgage companies that were slow to adopt remote work soon found themselves falling behind and out of the running for top talent.
Remote Work in the Mortgage and Banking Industry: Employer & Employee Benefits
Remote work can improve retention and increase the talent pool hiring managers can draw from. Employees find more career options to choose from when long commutes or the need to relocate are not a consideration. Employers who insist on employees returning to the office may be short-sighted. Workers who wish to continue working from home can easily find an employer wiling to allow them to do so. Companies without a remote work or hybrid option may end up with a smaller talent pool or unable to compete for the most in-demand talent – those top performers with virtually unlimited choice for mortgage or banking jobs.
What Do Job Seekers Want From Employers Today?
In times of crisis, it’s natural for people to reevaluate their life choices – including their jobs. The current situation is different because everyone has experienced a massive life-changing event at once. The pandemic affected everyone differently. Some people lost close family members; others lost their jobs. Still others, classified as “essential workers,” never missed a day of work. Some of these workers felt unappreciated by both their employers and the people they served, neither of whom seemed to give much thought to their physical, mental or emotional well-being.
No matter how people were affected, many of them asked themselves the same questions:
- Am I in the right job or career?
- Is there a different way to use my skills?
- Does my employer treat me with respect?
- Am I being paid my worth?
- Do I have work/life balance?
Employers who are able to help employees or job seekers answer these questions satisfactorily are a long way down the road to hiring and retaining top talent. A mortgage and banking staffing agency can be valuable for job seekers who want to explore their career options and short-handed employers quickly find candidates to step into critical vacancies.
Are You A Destination Employer In Mortgage And Banking?
Today’s job market is all about brand image, employee retention and flexibility. Is your company a place where job seekers want to work? If you are not currently an in-demand employer in the industry, examine what your brand represents or if people even know who you are. Answering these questions will tell you whether you need to work on your brand or how your brand is marketed.
Does Offering Remote Work Help With Employee Retention?
Offering remote work can help your company attract top talent in an environment where strong candidates have several options on the table. According to a recent survey, 58% of respondents would “‘absolutely’ look for a new job if they cannot continue remote work.” Another 77% cited remote work second only to compensation in importance. The benefits of remote work don’t stop with employee retention or recruiting—your company can also use flexibility as a tool for brand image and employer branding efforts. Employers who offer remote work as an option are in the driver’s seat when it comes to attracting top talent.
Is The Great Resignation Actually Over?
The answer seems to be not yet, but things are beginning to turn around. it’s going to take time for the economy to fully recover from the shutdowns and layoffs of 2020, and vacancies left by voluntary quits in 2021-2022. The mortgage and banking companies that are bouncing back fastest are those who are putting efforts into doing the right things by making the effort to be better employers and becoming a place people want to work. They are paying attention to culture, communication and making people feel valued.
Companies looking to retain or hire in the current environment need only look to the numbers to find out what job seekers want and how they can provide it. According to a Pew Research Center survey of workers who quit a job in 2021, 63% cited low pay as a reason they quit, and the same percentage (63%) noted a lack of opportunities for advancement. Feeling disrespected at work contributed to their decision to leave their jobs for 57% of respondents.
Will Inflation Impact The Ability to Hire Moving Forward?
Signs indicate inflation may have peaked or at least plateaued in July 2022. Combined with the passage of the Inflation Reduction Act, there is cause for cautious optimism. Unfortunately, inflation is still significantly higher than the Federal Reserve’s goal of two percent; some sectors will continue to struggle with supply chain issues. This is all exacerbated by the fact that fewer people are working or even seeking work than before the pandemic. The millions of people who left their jobs in 2020 do not appear to be returning, as was once assumed. Many retired early or found alternatives to full-time work in offices and other worksites. Employers who offer remote jobs or other flexible options will have a distinct advantage over more rigid employers.
Need to Hire Top Banking & Mortgage Talent? Weather Any Market Condition With A Top Recruiting Firm
Workway is a banking and mortgage staffing agency that can help employers stay ahead of the curve when it comes to hiring for remote work. Responding to the Great Resignation requires a strong retention strategy, of course, but you also need to continue to hire if you expect your business to grow.
Hiring remote employees can be more challenging for employers than shifting current workers to remote work. You know your employees. You trust their work ethic and know what motivates them. You know who wants to be left alone to get their work done and who will feel isolated without regular check-ins. Hiring new banking and mortgage talent means taking on an unknown entity. What questions do you ask a stranger to learn whether they will be diligent without hands-on supervision or if they see nothing wrong with playing video games during working hours?
That’s where Workway comes in. As a specialized remote staffing agency, our expert team can help you identify the right banking and mortgage talent to hire for remote work at your organization. The Workway team is comprised of specialists in identifying, screening and hiring qualified talent for temporary, temp-to-hire, and direct hire remote roles in the mortgage and banking industry.
Contact Workway, the nation’s leading banking and mortgage staffing agency, to get in touch with our remote hiring team today!