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Once you've recruited solid people to your team, you then face an interesting challenge. If you're getting what you've bargained for and the people you have hired are performing well, you might find yourself with an unforeseen problem.
If you don't increase the incentives for your top-performers to stay with your organization, they might leave. The second step to building a winning team—after recruiting talent—is keeping talent.
Although they could be, "incentives" aren't always monetary. They could be a better work environment or better perks—like a flexible schedule or a free gym membership. The best thing is probably to find a mix of monetary incentives and "soft" incentives. Whatever you do, always ask yourself, "what would get me to stay?"
David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and managing partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation, as well as mergers and acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently, he started producing one-minute videos called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites daily across America. He may be reached by phone at (512) 977-9900, ext. 10, or e-mail [email protected] or [email protected].