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Employees’ voices have reverberated across the industry over the last year, propelling the work of the country’s best lenders and mortgage brokerages to work for to the forefront.
Canadian Mortgage Professional unveils the Top Mortgage Employers of 2024, an elite group of progressive companies that distinguish themselves by excelling in areas paramount to employees’ success, such as:
providing essential tools and resources
fostering a thriving culture
cultivating a positive reputation
offering competitive compensation and benefits
providing opportunities for advancement
demonstrating strong and effective leadership
Thousands of employees rated 110 employer nominees across eight metrics, spotlighting organizations that exemplify the best overall employee experience.
“A company needs a great value proposition, but it also needs to have a culture of taking care of their people holistically,” says Kimberlee Freeman, founder and president of KMF Enterprises and an associate member of the Canadian Association of Rent to Own Professionals.
The leading industry consultant emphasizes the key elements crucial to employee well-being and prosperity, for which this year’s award-winning mortgage employers have earned high scores:
medical benefits
retirement offerings
paid time off
quality training and support
dedication to diversity, equity, and inclusion (DE&I)
support for sustainable programs
The Ontario-based mortgage lender has forged a reputation as a broker-focused and innovative company that empowers its ambitious staff to soar to new heights.
Employees noted the company sets itself apart in the following top-rated factors:
compensation
advancement
DE&I
reputation
“We have a philosophy in our office where we value everyone’s opinion, and it’s important that our people are happy when they come to work and feel that they make a difference,” says founder and CEO Raj Babber.
Employees are encouraged to take ownership of their success and to remain resilient amid the fluctuations of the mortgage industry, particularly during turbulent times. An open-door policy welcomes staff to have conversations, whether they’re related to business or their personal lives.
One area in which the top employer is ahead of the curve is helping to cover employees’ cost-of-work expenses, such as cellphone bills, along with highway toll fees and public transit passes to get to/from the office. Other notable perks include:
financial assistance for formal education or certification
paid day off for birthdays, along with a flexible hybrid work program to encourage work-life balance
in-office meals and snacks
gym membership
regular events to build team spirit
Oppono Lending has grown over the past two years and reached a significant milestone for both of its funds, nearing the $1.2 billion mark. It believes strongly in compensating its people well for their work, including monthly bonuses.
“If somebody has to worry about putting food on the table, then we fail as a company,” Babber says.
Driven to sustain its top employer status for two years straight, Babber has set his sights on ensuring the company remains a fun and exciting space to grow a career. Staff moved into a new bright and airy office in Markham, ON, in early 2024, equipped with top-tier technology and workstations to successfully tackle any challenges ahead. A new chief technology officer is at the helm to guide the dedicated tech team, and advancements have been made to strengthen the business’s underwriting and investor areas.
Babber says, “Every day, every moment, you need to improve.”
Since 2021, employees have been voicing their satisfaction to keep the leading provider of reverse mortgages to Canadians aged 55+ in the spotlight as a top employer.
“This means a lot because our employees had a say in it,” says Vivianne Gauci, senior vice president of customer experience and chief marketing officer. “Especially over the last few years, we’re listening more than ever and learning how to do better.”
The bank’s mission of helping seniors age in place and improving their financial health resonates strongly with its staff, who gave top marks for its commitment to the following categories:
reputation
innovation
culture
DE&I
What began as a novel voice of the customer survey in 2023 segued into the employee arena, with listening programs focused on quarterly check-ins and various engagement surveys that informed the firm’s people strategy. That feedback helped bolster an approach emphasizing employee well-being and happiness in an inclusive environment where everyone can thrive.
“One of our hallmarks is reputation, which starts internally with how aligned our people are to our purpose,” says Gauci. “That’s been the top-scoring question of our employee engagement surveys for the past three years.”
HomeEquity Bank’s leaders foster a family-feel environment where open doors are standard. The well-being of its diverse workforce is prioritized, with benefits and programs focusing on physical, mental, social, and financial health.
With a laser focus on improving employee experience, the bank continues its modernization of processes and systems to support staff in providing an exceptional customer experience. Additional workplace benefits include:
DE&I council composed of representatives across the business
employee resource group focused on women’s issues
visible and approachable CEO
monthly town halls with public recognition of employees’ accomplishments
wellness spending accounts
healthy snack foods on-site
A new program, Moments Worth Sharing, showcases employees who have provided outstanding customer service while recognizing valued customers as integral contributors to the organization.
Another inaugural client experience award holds a special place in the hearts of HomeEquity Bank’s employees. The peer nomination recognition program was created to pay tribute and create a legacy for one of the bank’s long-serving employees, who passed away suddenly in 2023.
Gauci says, “She exemplified our core values of being customer-focused and a passionate advocate who goes above and beyond to create wonderful moments with our customers.”
The top employer is not resting on its laurels and will continue to listen to employees and act on their feedback to ensure continued enhancement of the employee experience.
“Without happy employees, we can’t make our customers happy,” Gauci says.
The mortgage investment company provides employees with an oasis of flexibility through its fully remote work environment.
“CMI was purpose-built from day one to be virtual, and we’ve designed everything to make employees’ lives easier and more efficient,” explains chief operating and financial officer Mike Spero. “It’s a real benefit for people who are looking for that type of remote work environment.”
Employees can take advantage of the virtual environment by choosing to live anywhere in the country they desire, a significant perk considering the rising cost of living and housing affordability.
The private lender earned high scores from employees for its commitment to:
compensation
culture
innovation
sustainable programs
CMI maintains a strong focus on understanding and respecting its employees’ backgrounds, strengths, and motivations while ensuring opportunities for continuous education and career advancement. It is also dedicated to continuously improving its employee offerings and work environment through employee surveys, not only to gauge satisfaction but also to implement initiatives that are important with an employee-led engagement task force.
Despite being physically distanced from its workforce, the top employer has successfully cultivated a thriving and tight-knit culture reinforced through multiple in-person staff annual events across Canada. In addition to competitive compensation, benefits, leading-edge technology, and innovative digital tools, other advantages include:
zero commuting costs
paperless company
financial assistance for education, training, and certification
employee-led corporate giving policy
The award-winning lender has more than doubled its headcount over the past three years, and its leaders remain vigilant about employee satisfaction levels, which keep improving year over year even during periods of growth.
“When we notice themes around different opportunities, a volunteer team of employees works together on the issue and makes recommendations that get escalated through management,” says Spero. “This is a way for us to make improvements.”
To help recognize and narrow down the nominations for the Top Mortgage Employers 2024 in Canada, CMP invited organizations to fill out an employer form highlighting their various offerings and practices. Employees of the 110 nominated companies were then asked to take an anonymous survey evaluating their workplace based on eight key factors: advancement; benefits; compensation; culture; diversity, equity, and inclusion; innovation; reputation; and sustainable programs.
To qualify, each nominee had to meet a minimum number of employee responses based on the overall size of the organization: employers with 10–100 employees were asked to provide a minimum of 10 responses; employers with 101–500 employees a minimum of 20 responses; and employers with 500+ employees a minimum of 50 responses.
Gold, silver, and bronze medals are awarded to the top three companies in each category based on company size and overall employee satisfaction.