Having high attrition rates in your mortgage broker team can have a negative impact on your business – but it goes way deeper than that. High attrition rates can lead to lost productivity, decreased morale, and increased recruiting costs – none of these things are what you need to be spending your time and energy on when trying to grow a successful brokerage. However, there are steps you can take to avoid high attrition rates and keep your team members engaged and motivated.
Here are 5 ways to help you avoid high attrition rates in your mortgage broker team:
1. Hire the Right People
Sounds simple. Is most definitely not straightforward. One of the best ways to avoid high attrition rates is to hire the right people in the first place. Look for candidates who have a passion for the mortgage industry and are committed to providing excellent customer service. It’s also important to hire team members who are a good fit for your company culture and values.
When interviewing candidates, ask open-ended questions that allow you to assess their level of passion and commitment. For example, you might ask, “What excites you about the mortgage industry?” or “How have you gone above and beyond to provide excellent customer service in the past?”
Their vision and values need to align with yours so ensure you have this worked out in house before you expect anyone external to buy into your mission.
2. Provide Ongoing Training and Development
Investing in the training and development of your team members is another important way to avoid high attrition rates. Providing ongoing training can help team members improve their skills and stay up-to-date on industry trends, which can help them feel more engaged and motivated in their work (source).
Consider offering regular training sessions or workshops, or even providing access to online courses or industry events. You can also provide opportunities for team members to attend conferences or networking events, which can help them connect with others in the industry and stay motivated.
Pro tip: Did you know that at Auctus we offer our clients a complete range of in-house training and development support based on exactly what they need to grow their team? Connect with us to learn more.
3. Offer Competitive Compensation and Benefits
Offering competitive compensation and benefits is essential to retaining top talent. Be sure to research industry standards and adjust your compensation packages accordingly. You may also want to consider offering performance-based bonuses or other incentives to motivate your team members to perform at their best. It’s not all about the money and in fact the upcoming generation of Millennials and Gen I are much more motivated by knowing they are working for a purpose rather than just the biggest pay cheque, here’s some source
In addition to compensation, offering benefits such as health insurance, higher super contributions and other paid leave can also help keep your team members engaged and motivated.
4. Foster a Positive Company Culture
Creating a positive company culture is another important way to avoid high attrition rates. When team members feel valued, supported, and respected, they are more likely to remain committed to their work and their team.
Consider implementing team-building activities or social events to foster a sense of community among team members. You can also encourage open communication and feedback, which can help team members feel heard and supported.
5. Provide Opportunities for Growth and Advancement
Providing opportunities for growth and advancement is another important way to retain top talent. Be sure to communicate with your team members about their career goals and aspirations, and provide opportunities for them to develop new skills and take on new challenges.
You might consider offering promotions or opportunities for team members to take on leadership roles within the company. You can also provide opportunities for team members to attend industry conferences or networking events, which can help them grow their skills and expand their professional network.
In conclusion, avoiding high attrition rates in your mortgage broker team is essential to maintaining a successful and thriving business. By hiring the right people, providing ongoing training and development, offering competitive compensation and benefits, fostering a positive company culture, and providing opportunities for growth and advancement, you can keep your team members engaged and motivated, and avoid the costs and headaches associated with high attrition rates.
Looking to retain top talent and build a loyal mortgage broker team? Avoiding high attrition rates is essential to maintaining productivity and profitability in your business. By implementing practical strategies to foster a culture of engagement and loyalty, you can take your team to the next level. Don’t miss out on this opportunity to transform your approach and retain your most valuable asset: your people! Let Auctus Coaching show you how — book your discovery call with Christian Paterson today or fill in this online form for more information.
