Recruiting? It’s Your Connections

If 43% were recommended by a colleague, then the greatest opportunity a manager can take advantage of is their present employees — includes loan officers and operations personnel. Many of your employees have been in the business for years. That means they know a great number of people still employed in this industry, including loan officers. Thus, I would focus upon these relationships. Many also may know those who want to get in the industry.

The next question is — how do you take advantage of these relationships? The most traditional method is to offer an incentive for the employee to help recruit. And while this is certainly a great idea, it is not typically enough to get the employees engaged enough in recruiting. To get a higher level of engagement, you need to add additional levels of involvement. Ideas might include:

• Bringing up the topic on a regular basis. For example, in your last sales meeting did you bring up the topic of recruiting? Did you ask for your loan officers’ help and let them know how important their help is in this regard? You need to do this not once — but on a regular basis.
• Distribute recruitment materials and give them guidance regarding what to say to those they know.
• To go even further, meet with your employees and have them list those they know well who are of a high quality. Would they be willing to make an email introduction and/or set up a lunch? Promise your employee that you will not be calling to harass their contacts, but just to network — which is another strategy we will cover at another time.

There are other ways to get employees involved, from holding contests to having a formal mentor program in which they can participate. But I think you get the idea. I don’t understand why someone would put an advertisement somewhere before they exhaust all possibilities through their sphere.

And don’t get the impression that your employees are the only part of your sphere which can bear fruit. I hope to get to some of these in future columns as well.

Yes, I have been training the industry on recruiting and leading for decades. Have written the book for the MBA on the topic. We even have included this topic in our on-line mortgage school. But if you won’t believe me, hopefully you will believe the hard data which proves the point every time.