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   ARTICLE   |   From Scotsman Guide Residential Edition   |   October 2013

Boost Your Bottom Line With Recruiting

Learn what to look for when choosing a recruiter for your company

According to a recent study from Boston Consulting Group, re-cruiting has the highest impact on corporate profits of any talent-management activity. Human resources consultant and author John Sullivan interprets the study’s findings to suggest that companies with high-performing recruiting efforts experience almost 10 times the impact on company profits as those with low-performing recruiting functions. This impact is known as the “recruiting effect.”

"Mortgage banks and brokerages should know
that recruiting is a process, not an event."

In the world of mortgage-sales recruiting, brokerages and banks should seek out recruiters that have a developed philosophy, processes, best-practice strategies and quantitative measurements that are designed to maximize the recruiting effect and improve their clients’ corporate performance and profitability. These processes and measurements may include:

  • Model matching: The science behind effective recruiting
  • Objective consultation: The process behind effective recruiting
  • Strategic development: The strategies and tactics behind effective recruiting and retention
  • Recruiting analytics: The math behind effective mortgage-sales recruiting and retention

Let’s take a closer look at each of these areas.

Model matching

Model matching should be the foundation of any recruiter’s efforts. Derived from the theories of leading motivation and human resources researchers, a recruiter’s model matching should seek to identify the needs and wants of employers and candidates, and in addition, it should strive to determine the degree of mutual agreement among them.

Quality recruiting organizations should use extensive interviews and assessment tools to uncover the specific points on which a potential relationship must be evaluated. To a large extent, no step in the recruiting process is as important as model matching, as this exposes people and organizations to their genuine core.

Objective consultation

In weighing the quality of one recruiter versus another, mortgage organizations also should search for a recruiter that represents both candidates and employers yet also maintains its independence in the recruiting process by tying its compensation to the success of the relationship that develops.

Success in recruiting is not achieved at the acceptance of an offer or even at the start of work. Instead, success occurs when both parties achieve lasting improvement in their key needs and wants, as identified in the model-matching process.

Such success can occur only when both parties are fully known to each other. With that in mind, mortgage organizations should look for recruiters that guide the candidates and their company through a series of defined steps designed to enable both parties to get to know each other, as well as determine whether they’re compatible with each other and ultimately can choose to trust each other.

This can take place only through a structured, carefully orchestrated process. In short, mortgage banks and brokerages should know that recruiting is a process, not an event.

Strategic development

Quality recruiters’ interests should be aligned with both candidates and companies through incentives that drive long-term success rather than short-term activity. Mortgage banks and brokerages should know that it’s not sufficient to simply model-match and provide objective consultation; relationships must be nurtured and refined in order to survive — particularly in their earliest stages.

Consequently, mortgage companies should look for recruiters that have developed a series of coaching activities that allow both parties to identify and deal with issues that cause friction early in their relationship. Among these coaching activities may be on-boarding, acclimation and best practices for retention.

Recruiting analytics

Visibility into the impact of organizational activities is crucial to the effective management of various functions and the achievement of goals. When it comes to recruiting in particular, performance analytics have been noticeably underutilized by many.

Moreover, in sales recruiting, tracking traditionally has focused on the bottom-line sales for the new salesperson. If recruiting is as crucial to organizational profit as Boston Consulting Group’s study suggests, it’s time for those involved in managing the recruiting function — internally and externally — to provide better measures and visibility into its successes or failures.

In addition to production tracking, which is a key measure of past performance, it is vital for quality recruiters to have current (real-time) and future (predictive) metrics that are developed to provide managers and leaders with the visibility and foundation that they need for taking action relative to the recruiting function. In particular, mortgage companies should look for recruiters that assist them in developing metrics that examine:

  • Salesperson and company production
  • Manager/new-hire satisfaction
  • Employer brand strength (i.e., the external perceptions of working for the company)
  • Offer-acceptance rate
  • Recruiting-source quality
  • Manager-recruiting effectiveness
  • Candidate availability/quality/competition forecast

•  •  •

High-performance mortgage-sales recruiting and its dramatic impact on corporate profitability only can occur when a comprehensive recruiting program is put in place. Mortgage companies must realize, however, that such a program only can be established on the right scientific foundations. Even more, any and all recruiting efforts should aim to guide the candidates and the companies on a path of mutual discovery, while also nurturing their new relationship and providing visibility into all  aspects of the effort.


 


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