As parents, we want our children to get the best education possible. We do our best to send them to the best schools so they can get into the best colleges… so they can one day get a great job and have the most successful life possible.
But why does this focus on education stop after college? Learning and development are never done. The minute we enter the workforce is the minute our true education begins.
This begs some questions: “how are you contributing to the growth of your loan officers? How are you equipping your loan officers to be students of their profession?”
In a challenging market, it can be easy to overlook training as a non-essential expense. Here at XINNIX®, The Academy of Excellence, we believe this mindset is deeply flawed. Performance Training is an investment in your associates and the success of your business.
Here are four big reasons the right performance development training is worth the investment, every time:
1. Performance Training Can Enhance Company Culture
In today’s modern workforce, many employees and leaders need more than just a comfortable salary and benefits. They seek a fulfilling company culture that supports their growth and continued development. In fact, the majority of people care about their development so deeply that 86% of professionals would change jobs if a new company offered them more opportunities for professional development, according to a report by Execu|Search Group.
Employees in The 2022 LinkedIn Global Talent Trends Report believe the best way to improve your culture is through professional development… and what better way to prioritize your mortgage loan officer’s development than with performance training from trusted professionals?
2. Performance Training Can Improve Employee Productivity
When loan officers feel confident in their abilities to lead and control their own outcomes, they feel empowered to work! It’s often confusion or ineffective or inefficient operations that leave them frustrated or disengaged.
Research by Columbia University has found that a high-performance culture increases productivity. It makes sense! When managers and teams feel like they are learning, improving and operating at peak performance, they feel inspired to keep the momentum going.
3. Performance Training Can Reduce Turnover Rate
A loan officer’s first year in the mortgage industry is one of the most important of their career. Any seasoned manager can tell you their first year will be the only year in the business for many rookies… But how come? Many loan officers are not given adequate training or tools, leading to a high turnover rate in the industry. With proper performance training early in their career, more mortgage professionals could succeed.
Even after that first grueling year, continuous support can go a long way. Better Buys found that employees who are given professional development opportunities have 34% higher retention than those who don’t. Simply put, if you invest in your employees, they’re more likely to invest in your company!
4. Performance Training Ensures Your Company Stays Profitable
Think of performance development training as a long-term investment… You spend some now, but make it and then some in return! An Accenture study found that for every dollar a company invests in training, it receives about $4.53 in return. Let’s break that down, but it’s mind-blowing… That’s a 353% return on investment! Wow. Now that’s a number we can all get behind.
The disciplines and strategies loan officers learn throughout their mortgage performance training can and will pay off if you choose the right partner for the job and stay consistent by offering more than just once-and-done training. Development is an ongoing process, but one that’s very, very worthwhile.
Continued Education is a Must For Loan Officer’s Success
Education needs to be more than something only a few people in your organization are serious about. Education should be ingrained in your entire culture. When every associate in the company is constantly working to improve their business, you will be at the top of the market, no matter how challenging the conditions may be.
Our Founder and CEO, Casey Cunningham, is here to explain why performance training in the mortgage space is more vital than ever before. Listen to this special episode of our podcast, The Gift of Challenging Times, to increase production with tangible takeaways today.
