TheMReport

MReport January 2023

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 31 EXPERT INSIGHTS candidates weigh all these vari- ables the same, it takes time, and a seasoned recruiter to be able to understand what's important for a candidate and determine if they and the role are a good fit. What is Recruiting Process Outsourcing (RPO)? How does it benefit lenders and servicers? Is there a sector in the mortgage industry that benefits most by it? Cain: Recruitment Process Outsourcing (RPO) is a business strategy in which an organiza- tion uses a third-party firm like TalentWoo for recruiting talent. One might think of RPO as a recruitment engine that can be turned on at any time and produce results quickly. When done right, it streamlines and optimizes a com- pany's recruiting process, shortens time-to-hire, and saves money. Unlike some RPOs, however, we have the ability to take on a "slice" of the recruitment process, so a company can use their in- house team for certain recruiting functions and outsource others to us. For example, many times, lenders will use TalentWoo for special, time-sensitive projects or recruiting talent with unique skill sets. In either scenario, it just wouldn't be efficient to use the company's internal team to address a specific need when you can have an industry expert immediately onboarded and then remap down as necessary. What impact do market trends have on a lender's recruiting strategy? Cain: The thing to remember is that recruiting is all about people. Of course, recruiting strategies are built around numbers, timeframes, and metrics. But success is about how well you get the right person to notice and consider your opportunity. An organization should also consider how market trends affect potential candidates and be transparent in how they are addressing them. We've found that organizations that articulate their positions and plans clearly gain the most credibility with job candidates. What impact do local housing markets have on talent acquisition? Does recruitment differ in high- priced, urban markets like New York City compared to smaller markets like Boise or Nashville? Cain: Typically, local markets do have an impact, but I'd say it all depends on the role for which you're hiring. Most roles will have some market variables associated with them. For instance, we've seen clients lose good candidates over a few percentage points of compensation, only because they were successful recruiting in one market and assumed all markets were the same. Being aware of these variables before engaging candidates can save companies a great deal of time and frustration. That's another benefit of working with a qualified RPO provider. Because TalentWoo has in-depth industry expertise and knowledge of what is happening across different markets, we can advise lenders early in the process about the type of variables they'll see, so they have the opportunity to get the best possible talent to fill the roles they need. "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." —Jerel Cain CEO, TalentWoo

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