The Case for the Remote Work Environment
By: Bill Dolan, CMB
Because mortgage banking is a relationship business and many of the relationships are better managed fact-to-face, the mortgage industry tends to lag behind other industries who are far more accepting of remote work.
Even putting aside COVID-19, borrower needs are changing and a far more digitized mortgage experience is more desirable to consumers as they look to intelligently fit the mortgage process into their digital, I-phone/ I-pad always-on way of life. Beyond the borrower expectations, a shift towards more remote work just makes greater business sense.
Recently, Stanford University completed a two-year study that demonstrated remote work increases both productivity while lowering rates of attrition by employees. It further revealed that employees who worked remotely found it far easier to concentrate and were less likely to take sick days or prolonged breaks, saving the employer an average of $2,000.00 per employee, per year for real estate expense.
The silver lining within the survey for remote work breaks down as follows:
77% of remote employees said they were more productive when working from home.
25% of companies with remote workers had 25% less turnover.
23% of remote workers stated that they work longer hours than they would if on-site.
76% of remote employees stated that they would prefer to avoid their office completely when they need to concentrate on a project.
SCA beginning next week, will provide several practical tips for working and managing employees remotely.
If you are looking for assistance in moving your financial institution into a totally digitized remote work environment, give us a call at (617) 694-2617.
Spillane Consulting Associates has served the residential mortgage lending business since 1991. We have specialized in mortgage banking consulting services and provided quality control reviews, risk management and process consulting and employee training to credit unions, community banks and non-depository institutions. We are a thought leader on the strategic growth of residential mortgage lending. You can learn more by visiting our website, or scheduling a meeting with me or one of my colleagues.
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