Millennials are constantly over-analyzed these days in terms of their work and shopping habits. This is a natural occurrence when any generation takes over as the majority in the workforce.
Millennials get a bad rap for being lazy, which I recently debunked, but they also often get all the credit for being the innovative generation that is changing industries, including the mortgage space. It is true that they are changing how modern companies operate and provide services, but it is also important to recognize that seasoned veterans of the workforce – Generation X and Baby Boomers – deserve some credit for bringing companies to where they are today. These generations are starting to get forgotten and overlooked, and it should be said that they are still very productive, not to mention highly skilled, and responsible for moving the mortgage industry along because of their unique traits.
Mortgage companies should not only be trying to crack the code on millennials, they should also be leveraging the skills and experiences of Generation X and Baby Boomers, even if they are new to the technological future. The old way of recruiting, training and retaining new-to-the-business loan originators needs to be rebuilt from the ground up, and not just for Millennials, but for experienced sales professionals, and even non-producers currently in the industry.
Let’s take a look at how both Generation X and Baby Boomers can help kick an organization into high gear.
Generation Xers are people born roughly between 1965 and 1980. They are independent by nature and they have a drive to be efficient on their own and are strong problem-solvers, willing to get any job done that is asked of them.
In a generational study conducted by EY, some 80 percent of the respondents said that Generation X is the most equipped generation to manage effectively. And check this out:
“Members of Gen X were cited as “best” among the generations in seven out of 11 attributes, including being a “revenue generator” (58%) as well as possessing traits of “adaptability” (49%), “problem-solving” (57%) and “collaboration” (53%).”
So, if you have some self-reliant, effective managers who enjoy collaboration and problem solving and adapting, then you have a group of people who can certainly bring about change to your business.
Baby Boomers were born roughly between 1946 and 1964. In the same EY study, this generation got high marks for being productive within their organizations. They are also considered hardworking and team players.
This is the generation that set the foundations for organizations. They have been through a lot and have seen how companies fail and succeed. Their ideas and experiences are valuable in that they can provide input on how to avoid bad decisions.
The Right Training
In addition to not only having some beneficial traits, both Generation X and Baby Boomers still want to bring about change. And more importantly, they are willing to be trained to help create that change. Ultimately, it doesn’t matter which generation you belong to – if you are trained correctly and given the time, tools and resources necessary to be successful then you will help move the needle forward. Companies and their employees shouldn’t be focused on being “cool,” they should focus their efforts on being relevant and efficient by maximizing what everyone has to offer.
American Pacific Mortgage, which has experienced great success over the last 20 years, recently hitting $9.7 billion in 2016 production, is making sure it is a place that embraces the work traits of every generation. In that spirit, we recently developed a new initiative that not only brings Millennials, Generation X and Baby Boomers in with welcome arms, but also sets them on a course for success by training them based on the things they value. Whether you are a recent college graduate, seasoned sales professional, or currently in the industry (not yet originating), this program is for you.
LaunchPad is a new, all-inclusive training platform for Loan Officers. LaunchPad delivers sales training, NMLS pre-license education, a working knowledge of mortgage industry basics and provides mentorship throughout. It covers everything an originator needs to enhance their career. It allows for flexible work schedules by utilizing mobile tools and technology so they can work remotely and have control over their work schedule while allowing them to focus on building their pipeline.
At APM, we support our branch managers and loan officers with an innovative culture and unique mix of technology and loan products to provide a great customer experience for our borrowers. We set the standard for delivering homeownership in America. Building human connection and community through the loan process is core to our success. We stay true to that mission in order to make a real difference in the lives of so many homeowners across the country.
For more information on Launchpad, click here.