Copy article

Brokers - what is recruitment like at the moment?

Journalist: John Fitzsimons, Freelance

ended 11. October 2022

Morning brokers

Putting together a piece today on recruitment in the mortgage industry at the moment and would love your thoughts.

  • With the general fall in unemployment, is it becoming harder to find quality candidates? How long is it taking to fill slots at the moment?
  • Has the general turmoil within the mortgage market impacted your recruitment plans for this year and next? If so, how?
  • With concerns over broker burnout on the rise (https://www.mortgagesolutions.co.uk/news/2022/10/10/broker-burnout-is-very-real-and-the-stress-can-take-its-toll-analysis/), do potential new recruits view the job as a stressful one? Does that impact the attractiveness of the industry?

All thoughts very welcome!

 

2 responses from the Newspage community

Copy all

Copy

Editor
Mike StatonVerified
Director at Staton Mortgages
The recruitment pool has thinned out massively. I think many brokers are waiting to see what happens to the mortgage market before they leave their "comfort blanket" of the corporate world. During the pandemic, we saw a lot of people become brokers from outside the industry and I believe this is for one of two reasons: they had the time to retrain or they saw this industry as easy pickings. I think we will see the brokers who joined the industry for the latter leave as they realise the mortgage industry is a difficult one, always evolving and faster paced than most. We are still seeing many people apply but the standard has dropped. I am a big believer in developing what we have and have never wanted to mass recruit. It's important that a broker is given a good 6 months to bed in and learn the culture of a business before another broker comes on board. Develeping brokers is a time consuming task but one that is fruitful if done correctly.
Copy

Jamie LennoxVerified
Director at Dimora Mortgages
We've been looking to recruit an adviser for a number of months now and there is a real lack of candidates available out there. With many advisers being heavily reliant on a pipeline of commissions, which won't pay for a number of months, they are reluctant to leave as they won't receive any future payments. With the challenging mortgage market, we may also see a generation of advisers say it's time to hang up their boots or another set who have never worked through a high-interest rate period and don't want to work in a high-stress/fast-paced environment, who will look at other types of employment.