The cycles of the banking & lending market since launching BankerHire have been fascinating.
Sitting here in June of 2019 my expectations of incrementally building on a thoughtful foundation were quickly changed to reactionary "help where you can" and figure out growth later as the pandemic altered preconceived ideas of work. COVID brought in low rates - brought on dramatic hiring in residential (underwriters underwriters underwriters). COVID brought on fear from community banks and regional banks out of the gate. As a result our focus stayed on what was active, and embracing companies who were on board with 100% remote hiring while the world was scared. Fast forward through 2020 and you find the commercial & community banking world hit with an onslaught of 'burnout' related retirements (within a highly saturated demographic skewed towards retirement age). As a result we react fast to help solve those problems - fill leadership roles, find creative ways to bring on remote (or heavy hybrid talent) in ways that can solve problems, leave impact, and keep employees safe, fulfilled, and engaged. Massive overcorrection in residential lending rates sees that pipeline go from totally full to entirely off -- However as the banks creep out from the wait and see of COVID back to business as usual all of a sudden there is a massive swell in hiring within commercial credit, commercial lending, and risk. The 'burn out' early retirements end up mixing with planned retirements, while talent starts to be poached nationally as thought leaders adopt meaningful remote models... Early 2022's fear of high interest rates turns to "how can we help these large groups bring in credit and lending talent fast enough". (supply & demand in this piece of the market is still several years from catching up, if it ever will). Whiplash from the rate shift was felt all of 2022, but the reactionary nature of drinking from the firehose to help where we can continues. Early 2023 shows an incredible panic across the banking world. Failures, layoffs, consolidation... Wait & see takes a meaningful place in the market again. However as the big bank firehose turns off, thoughtful community bankers continue to plod along - Capitalize on landing some best in class talent on the backs of their conservative history, predictable/thoughtful leadership, and client excellence. As I sit here kicking off year 5 of BankerHire I find myself thinking about how 4 years ago I had a plan... Incremental growth... Slow and thoughtful client acquisition... The plan now makes me chuckle... By reacting to what was in front of us and caring about solving problems thoughtfully revenue expectations hit 30%, 50%, and 100% higher than originally expected in years 2, 3, and 4.. The best accidental take away of how these first few years have played out shows the value of diversified partnership with well run community banks, regional banks, national banks, and mortgage lenders... By having diversification in the client base it has allowed us to showcase opportunities at each stage of the market, and understand how to help anyone competing for talent find an edge in all seasons of the economy. Shane Smith Founder / Recruiter BankerHire Office: (781) 873 7300
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AuthorShane Smith is the Owner of BankerHire Archives
July 2023
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