Tuning Up for Success
The last 2+ years have demonstrated to us all that things change in an instant. For many financial institutions, loan servicing operations teams were already forward thinking, but many had never operated full-scale in a remote environment. That changed. Priorities shifted. Many employees were left juggling personal and work responsibilities simultaneously. Some saw employees walking away from their positions altogether, leaving a gap to be refilled. All across the globe we saw historic shifts in employment. How an institution responds to these changes, and the proactive steps they take to mitigate future challenges, will be key in determining their ultimate successes and failures.
The search for qualified, interested candidates in the loan servicing sector is proving to be a roadblock for many. How do you attract new talent? What efforts can you make to retain the current talent you have? What tools can you utilize to foster the growth and development of the current and prospective staff? If you’re operating with the same approach as you did pre-COVID, you may find yourself spinning the wheels but not advancing.
But how do you find the time or the resources when your staff is already feeling the pressures of the rising tide? Consultation services allow for a new set of eyes with an unbiased perspective and fresh ideas. Your team members want to succeed but are in need of the right tools. This could translate to ensuring they have detailed, up to date procedure docs, or that there is proper delegation of duties and cross training across staff members. Perhaps it’s time for a review of third 3rd party vendors (like insurance and tax services) to see what enhancements could be implemented in the workflow process. By going through these exercises, you can mitigate burnout and staff overturns, and perhaps in the meantime incentivize internal candidates looking for growth. Assessing and enhancing these are proactive steps to take now, rather than finding yourself having to react to unpleasant audit findings or staff losses.
For more information on how SCA can assist in giving your Servicing department the keys to success for the ever-changing environment in which we’re operating today, please contact Bill Dolan, Director, at WDolan@scapartnering.com or by phone at (617) 694-2617.
