3 ways mortgage lenders can help their teams thrive

For mortgage lenders across the country, finding and keeping good talent is crucial. But in order to do so, companies need to think about what they're offering their people to get them to stay. Employees nowadays look at more than just salary and commission. They want a sense of belonging and to work at a place that cares about their well-being and the well-being of the larger community. Here are three ways that companies are doing just that.

Stay connected, even when apart

Hybrid work is here to stay. The question for most businesses now isn't about "work from home" versus "return to office" – it's how to maintain a culture of teamwork and cooperation when your workforce is dispersed across home offices and office locations. And even though 35% of workers say they would take a lower-paying job if they could work remotely, many of those same employees report feeling overlooked and isolated when they do actually do so.

"One of the things that we as a leadership team want is to be able to work from home but still maintain the connections that we've built," said Dani Soave, vice president of marketing at Mortgage Center, a small lender based in Southfield, Mich.

To do this, Mortgage Center managers have weekly one-on-one meetings with their staff, and members of different departments will regularly meet virtually to collaborate on projects. They also host quarterly town halls that remote employees can attend face-to-face as a way to foster connection.

Other companies use video calls as a chance to unwind and create team bonding. At Atlantic Bay Mortgage Group, company leaders host monthly "happy half-hours" where employees meet virtually to share drinks and play games. They also have an annual Zoom-a-ween where staff – and their children – can dress up and show off their most creative costumes.

The key, many companies say, is flexibility. Rather than impose top-down, one-size-fits-all rules, several lenders leave it up to individual teams to decide how to implement hybrid schedules.

"We don't have a blanket approach," said Christie Hall, vice president of people and development at Maitland, Fla.-based Mattamy Home Funding. "We really empowered our department leadership to figure out what works best for not only their department but then for the specific roles."

Have a renewed focus on wellness

Wellness is more than just a buzzword – it's an important part in keeping employees happy, healthy, and motivated. And a focus on staff well-being is good for the bottom line, too, since high morale means low turnover, cutting down on hiring costs.

At Raleigh, N.C.-based Coastal Credit Union, a total renovation of their headquarters offered a chance to redesign it with employee wellness in mind. This included installing sit-to-stand desks at every workstation and treadmill offices where people can walk while taking meetings, two ways to help employees stay healthier and minimize fatigue at work.

"We've always been employees first," said Joe Mecca, the company's vice president of communications. "Our philosophy has been you take good care of your employees and they take good care of your members."

Other companies are turning to fitness apps like WellSteps to get their team members moving. Employees at Atlantic Bay use the app to track steps and create meal plans. Tucker said some of the employees use the app to chat and encourage one another, turning it into a fun competition complete with a leaderboard and efforts to one-up each other in their daily jogs.

"It's just a fun way for them to get to know each other, to see each other, and to touch base outside of your standard mortgage business day-to-day," she said.

Companies are also putting more focus on financial wellness. Atlantic Bay offers employees meetings with financial advisors and courses on topics like setting financial goals and saving for retirement. Employees who complete the courses can earn credit towards gift cards. Coastal Credit Union, meanwhile, runs a program called Coastal Cares where employees can donate money to a fund that helps colleagues facing financial hardships. It's all part of an effort to minimize a source of stress that can pose a huge strain on employees, lowering productivity and leading to burnout.

Get out and give back

Many lenders, especially smaller ones, feel a deep connection to their local community. To help further that, some companies are setting up volunteer groups to give their employees a chance to help others. It's a strategy that not only improves retention and recruitment, but also deepens workers' connection to the company and reduces stress.

"We've got a really strong community impact team and our own foundation, and they really provide our employees with a lot of opportunities to go out and volunteer in the community," said Mecca. That includes working with nonprofits like the Green Chair Project, a local organization that provides home furnishings to low-income families.

Atlantic Bay does similar work through its AB Cares philanthropic program. They team up with groups like Roc Solid, a nonprofit that builds playsets for children with cancer. Employees go out in teams to the children's homes and help put the jungle gyms together. The volunteer work is a major part of the company's culture, and Tucker said the staff have embraced it.

"They love it," Tucker said, referring to the Atlantic Bay staff. "I think all of our employees have really grown to love Roc Solid and its mission."