March 20, 2017
While we tend to focus on daily and weekly events, such as the Fed increasing short-term rates last week, we feel it is important for our brokers to keep global trends that influence their business in mind.
The baby boomer generation (1946-1964) has been perhaps the most influential in shaping modern society and workplaces, because it pushed aside the tired social notions of the pre-war era in pursuit of innovation and imagination. In many respects, the baby boomers set the tone and style of the work world for generations to come. But what about people in their 20s or 30s?
For many millennials, those born between 1982 and 2004, the boomer mentality no longer seems relevant. Orion’s brokers are seeing that Millennials are resisting social notions that they consider outdated in favor of progressive and innovative approaches, just as the baby boomers did when they were entering the workforce. And our brokers are both hiring people from this age group and lending to them.
For any recruiters, the vast differences in mindset and attitude between the boomers and the millennials make the increasing number of millennials joining the workforce a particularly difficult situation to manage. Millennials are often criticized for seeking praise and instant results. Technology has provided them with instant gratification and immediate access to results and information, so they see no reason to wait for years to achieve a goal, or for 60 days to fund a loan. These qualities can lead millennials to feel more invested in their work and seek new ways to achieve a company’s goals.
Millennials want to take part in spurring innovation, and this includes home loans. They believe they have the energy, drive and creativity to do things better. Once engaged in those processes, they have the capacity to dedicate all their resources to the right projects. Capturing that energy and drive will our broker’s business. And they will cater to their age group for home loans!
To best engage them in your office originating home loans, consider restructuring your processes so that each of your workers feels that they have a personal stake in the success of a project, and in the company. This will benefit all employees, not just millennials. When each employee enjoys a sense of ownership over their work, they are much more likely to remain dedicated to completing the project.