What are Employee Motivators?
Employee motivators are simply that — whatever encourages people to do their job, do it well, and enjoy it all the while. Common motivators include career growth opportunities, connection or a sense of community, compensation and benefits, a culture focused on diversity, equity, and inclusion, exposure to leadership, flexibility, individual meaning, intellectual stimulation, job security, a manageable workload, recognition, and professional development opportunities. Everyone will have different motivators, the specific things they need to feel good about their job and the work they do. Without these drivers of engagement, employees begin to feel unmotivated, un-engaged, and unproductive. Job satisfaction declines, and recognizing that some kind of change is required, they begin to consider other options.
However, depending on what a person’s motivators are, more subtle changes may address an employee’s concerns in lieu of beginning a job hunt. Sometimes, a person’s motivational needs cannot be met by a role. But other times, simple actions taken by the employee, or their manager can make a world of difference in their job satisfaction and engagement.
Motivators in the Mortgage Industry
With all this in mind, take time to think about what matters to you as an employee. It will be slightly different for everyone.
For many loan officers and others in the business, job security is a big motivator. The industry is always changing, and any time volumes go down, employees want to feel they are secure in their role and at their company.
According to data from the Mortgage Bankers’ Association (MBA), turnover for loan officers was low in 2021 because of how busy everyone was, but looking at historical data, anytime volume goes down, turnover picks up. On the other hand, in times of high volume, a manageable workload can be a big motivator as employees strive to avoid burnout.
Taking Control of Your Motivators
If you know what motivates you, you can take action to meet those needs. Are you motivated by intellectual stimulation? Find challenges to tackle that will fulfill that need and once solved, make your process or workplace better. Are you motivated by individual meaning? When assigned new tasks, ask questions about how they fit into bigger business priorities.
While there are steps you can take to help motivate yourself, you also should communicate with your manager about what your motivators are. Knowing what motivates their employees can enable managers to support their employees in ways that keep them engaged and motivated.
If you’re motivated by recognition, your manager can make a conscious effort to acknowledge work that is well-performed. If you’re motivated by training and development, your manager can help you create a development plan or identify learning opportunities.