The new generation of brokers have much different expectations to their more experienced counterparts.
Fifteen years ago, George Collings became a mortgage broker after working as a mediator in the Family Court.
He now works for Charles Knight Finance and enjoys being a broker so much that he wants to continue working for as long as he can.
“I wish that I started it earlier as a career choice, but I never considered it because I was not aware of what its opportunities were,” he says.
“Real estate is one industry that is very good at being able to recruit and foster talent. I don’t think financial services is that much.”
Indeed, the MFAA has recently warned of a youth shortage in mortgage broking industry, with figures showing membership under the age of 30 is down to only 6%.
The industry should have more of a focus on engaging, mentoring and retention of skills, adds Collings.
“I don’t think the industry is very good at making individuals aware of these opportunities, unless you have a family member in the industry or unless you know someone,” he says.
“With an ageing population, it’s really about mentoring and retention of skills, as a lot of people look to move out of the industry which will be happening in the next five years.”
Just-in-time learning
One way to attract and retain staff, particularly Generation Y, is through just-in-time learning (JIT), says Frank Lonergan, chief executive of ANCILE Solutions.
This refers to learning which is done through disseminating ‘nuggets’ of information when it is needed, as opposed to lengthier training courses.
Regular training works for engagement and retention of staff, in addition to the productivity benefits, says Lonergan.
“Today’s approach to learning is much less structured than traditional paradigms. Large volumes of learning content are often unavailable and go out of date very quickly. In addition, new and old workers find this type of information difficult to digest,” he says.
“Your organisation should look to harness micro-learning…to break down information into digestible chunks. This practice provides for greater comprehension and more flexibility.”
Furthermore, Lonergan offers these tips to engage young talent:
He now works for Charles Knight Finance and enjoys being a broker so much that he wants to continue working for as long as he can.
“I wish that I started it earlier as a career choice, but I never considered it because I was not aware of what its opportunities were,” he says.
“Real estate is one industry that is very good at being able to recruit and foster talent. I don’t think financial services is that much.”
Indeed, the MFAA has recently warned of a youth shortage in mortgage broking industry, with figures showing membership under the age of 30 is down to only 6%.
The industry should have more of a focus on engaging, mentoring and retention of skills, adds Collings.
“I don’t think the industry is very good at making individuals aware of these opportunities, unless you have a family member in the industry or unless you know someone,” he says.
“With an ageing population, it’s really about mentoring and retention of skills, as a lot of people look to move out of the industry which will be happening in the next five years.”
Just-in-time learning
One way to attract and retain staff, particularly Generation Y, is through just-in-time learning (JIT), says Frank Lonergan, chief executive of ANCILE Solutions.
This refers to learning which is done through disseminating ‘nuggets’ of information when it is needed, as opposed to lengthier training courses.
Regular training works for engagement and retention of staff, in addition to the productivity benefits, says Lonergan.
“Today’s approach to learning is much less structured than traditional paradigms. Large volumes of learning content are often unavailable and go out of date very quickly. In addition, new and old workers find this type of information difficult to digest,” he says.
“Your organisation should look to harness micro-learning…to break down information into digestible chunks. This practice provides for greater comprehension and more flexibility.”
Furthermore, Lonergan offers these tips to engage young talent:
- Work/Life Balance
“While Generation Y is interested in securing a career, they won’t let work rule their life. They work to live rather than live to work.” - Workplace Culture
“For Millennials and Gen Y social connections are a priority in their day to day lives. They want a community, not a workplace and are often looking for friends as well as colleagues.” - Job variety
“Gen Y has grown up in a world of change – offering variety that has responsibility and accountability will go a long way towards helping to ensure they stick around.” - Management style
“Gen Y won’t respond well to authority and control, they like openness and transparency. Offer support, mentoring, positive feedback and public recognition.” - Training
“Ninety per cent of Generation Y’s who receive regular training are motivated to stay with their employer. This means training is not just a productivity tool but also one for retention.”
