Well, that was one for the record books. In 2019, when launching my business, I could never have foreshadowed that in under a year we would be facing a global pandemic, market unrest, a fundamental shift in how companies hire, and ultimately one of the largest short term booms to the industries we serve that I may ever experience in my life.
2020 had every potential to be a recipe for disaster with all that covid brought to the world of recruitment, but fortunately the world of banking & mortgage kept the lights on in the national economy and as a result we became busier than ever before. 2020 ended up being a personal record in revenue, placement numbers, and frankly, learning. Hiring processes changed. Candidate behavior and priorities changed. Employer engagement changed. And if we're being honest, the future of work is actively unfolding in one of the most significant ways since the advent of the internet. A recent study that I noticed while browsing linkedin (sorry to the original source I seem to have misplaced you) stated that 73% of employees not only enjoy, but expect to have some degree of remote working access post pandemic. That figure is staggering for businesses that feel the need to bring everyone back into an 8-5 environment. Companies and employees are beginning to be at odds with this mentality in various industries and a storm is brewing. Personally, I have already placed multiple candidates who are willing to leave an employer after years of service for the promise of a hybrid remote schedule and we aren't even fully out of the pandemic 'best practices' quite yet. Now I do understand the perspective of some employers who want to bring people back into the office. There are several great reasons to have the band back together. However what I find interesting is that there are certain roles and certain companies where offering a remote schedule or hybrid work should not be a large lift. These companies are oftentimes the ones who turned to remote work as a last resort, or a panic reaction to the times. These companies feel there is reduced productivity, employee engagement, workforce development, etc.... These challenges actually make sense... Because the shift to remote for these institutions was reactionary, not intentional. Remote work is not a new and novel concept. If you trust your employees to do their job and create intentional best practices for performance we have seen that a suite of slack, teams, zoom, outlook and a cell phone that's always on should be enough to let professionals be professionals. So what does all of this mean for the industries we serve? Competition is no longer local - You are competing nationally to keep the people in your stable. You will be able to win new talent if you adopt and commit to a schedule that serves the business & the candidate... Previously salary, sign on, and elite benefits were the main tools in the toolbelt to pry someone away from a competitor. You do now have another option if you are willing to embrace it. From a business perspective you also have a unique opportunity to open up new markets, new territories, & expand your reach for true quality... If you are a community or regional bank that has struggled to land new hires because the skilled labor you need is 30-60 miles away - you could open up new pools to add critical, experienced talent to your team. We have so much more to unpack in the hiring landscape of banking/mortgage from 2020 (including the now rampant M&A environment that pent up demand created for 2021) but what is our final takeaway in regards to Work from Home? Whether you like it or not, whether your C-Suite peers think it or not, Work from Home & Flex Schedules will be a part of our landscape moving forward and if you don't embrace it you WILL lose talent because of this. Brick and mortar isn't dead - not saying that by any means - but if you hold your truly talented & trustworthy people to a rigid 8-5 M-F in office, your business may be in a few years. For more thoughts on recruitment during the pandemic and WFH adoption please check out my recent Podcast on Bankadelic: How Smart Banks Win The Battle for the Best Talent
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AuthorShane Smith is the Owner of BankerHire Archives
July 2023
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