TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1490083
30 | M R EP O RT EXPERT INSIGHTS Finding Diamonds in the Rough Jerel Cain, CEO of TalentWoo, discusses how current market fluctuations are impacting recruiting strategies in lenders' ongoing quest to secure the right talent. W ith roots deep in the real estate market, born during the hous- ing boom beginning in the early 2000s and coming of age during the SFR (single-family rental) Industry Institutionalization of 2013, TalentWoo is a boutique real estate executive search and recruitment process outsourcing (RPO) company. TalentWoo CEO Jerel Cain recently spoke with MReport about how the mortgage industry talent and recruiting landscape is evolving amid a landscape where companies are navigating inflation, a retreat from the housing and refi boom of last year, and other challenges. What is the current climate like for recruiting talent in today's mortgage market? What challenges are lenders facing that will have an impact on recruitment? Cain: Uncertainty is the biggest challenge lenders face. The talent market is always changing, and because the housing market is such a dynamic environment, today's candidates have a lot of doubts about their future. Professionals are less likely to consider changing jobs in an uncertain market if they feel they are "okay" where they are. At the same time, when can- didates are uncertain about their current job or have a limited view of their career path, they are often open to discussing a change. This presents an excellent opportunity for lenders who have a strong message for these candidates. Companies that demonstrate their stability as an organization, a clear path forward for themselves, and a career vision for the candidate will stand out in the current market. Are you finding most talent to recruit for mortgage servicing jobs from within the mortgage industry or from other industries? Do they require a financial background for recruitment into the mortgage industry? Cain: Naturally, we target and pursue candidates who are active- ly working within the industry, as we believe this creates the stron- gest candidate base. But we look outside of the industry, too. Quite frankly, there are generally more roles in our industry than there are people to fill them. Sometimes the right person is someone who works outside the industry but have transferrable skills and knowledge that make them an ideal candidate. I think everyone would agree that, in the end, it's the makeup of the person and not necessarily specific experience that is most important. That's where our experience weighs heavily. We engage with hiring managers to discuss what we've done in the past and the candidate traits that we believe would align with the roles they are looking to fill. A lot of times, our client managers are pleasantly surprised at how qualified a candidate is and what they brought to their team with- out having any specific mortgage industry experience. How is recruitment different today than it was in the past? In general, what are mortgage professionals looking for in an ideal employer today? What skill sets are mortgage employers looking for in recruiting talent? Cain: Today's market is unlike any other, and it will continue to change. For example, today's job candidates have a much broader and often more holistic perspec- tive of what they are looking for in a company. Before, most candi- dates would just look at compen- sation and career advancement. Now, they are weighing many different variables, like the compa- ny's identity, their social presence and impact, and how they invest back into the community and society. They want to know not only what their role will be, but also the roles of others on the team, too. An increasing number of candi- dates are prioritizing a company's benefits and what their work/life balance will be like. More people today want a flexible schedule and remote working options, especially those with families. We advise our clients to stay on top of these trends. Since no two