loan officer recruitment one year planner€¦ · loan officer recruitment one year planner ©2019...

Loan Officer Recruitment One Year Planner

©2019 EMAC Recruiting Academy Document may not be reproduced in any form without the written consent of the holder 2

A Message from Jim McGrath, Founder + Head Coach +

Veteran Mortgage Recruiter of The EMAC Group.

The Mission of the Loan Officer Recruitment One Year

Planner: Help hiring sales manager attract, recruit, court,

close, hire and onboard the top revenue producing loan

officers in their market to grow their business.

To all mortgage sales managers: Whether you have been recruiting for years or a

brand-new sales manager trying to attract Loan Officers to join your team, want

to improve your cold call skills, enhance the candidate engagement experience

or learn how to close a passive candidate, it all starts with a plan.

Regardless of where you are along that spectrum, you have arrived here

because you have been charged by the CEO to write a recruiting plan for your

organization or you need to create one for your own business.

You don’t want to write just any old recruiting plan. You want to write a Winning

Recruiting Plan. One that your boss will say “awesome, let’s get started” and

which will attract all the Loan Officers who have been looking for an opportunity

like yours for a long time.

According to Wikipedia the terms, recruitment refers to the process of attracting,

screening, selecting, and onboarding a qualified person for a job. At the

strategic level, it may involve the development of an employer brand that

includes an "employee offering".

The stages of the recruitment process include: job analysis and developing some

person specification; the sourcing of candidates by networking, advertising, and

other search methods; matching candidates to job requirements and screening

individuals using testing (skills or personality assessment); assessment of

candidates' motivations and their fit with organizational requirements by

interviewing and other assessment techniques.

The recruitment process also includes the making and finalizing of job offers and

the induction and onboarding of new employees.

http://www.loanofficerrecruiting.com/



The process of finding and hiring the best-qualified candidate for a job opening

(from within or outside of an organization) is to do it in a timely and cost-effective

manner.

The recruitment process includes analyzing the requirements of a job, attracting

employees that best fit job requirement, screening and selecting the most

qualified candidates, hiring, and integrating (Onboarding) the new employee to

the organization.

What does that mean to you? It means recruiting encompasses everything you

must do in coming up with an opportunity, create aware of it to potential

candidates, getting them want it to learn more, and then selling the opportunity

to them.

Recruiting Plans are designed to layout the ground rules (objectives, goals and

activities) to expand your organization in a systematic process. While recruiting is

one of the more important functions of growing a business, it is time-consuming,

and most Sales Managers do on a limited basis.

Since I have written more recruiting plans than I care to tell you, I can share with

you my knowledge and experience of what has worked almost all the time, some

of the time and none of the time.

While this is only the foundation of a Recruiting Plan, I hope that this helps you

understand the activities you must commit to reach your goals.

Creating a recruiting plan is an essential organizational activity, considering the

complex competitive business environment. Our ability and skills to grow

profitable sales force is affected by several internal and external factors that can

affect our results. A Hiring Manager must understand and build upon these

variables and their interactions and must make rational decisions.

Who should see your Recruiting Plan? All the players in the company’ that’s who.

The key to any successful business venture is to have a plan of attack. This strategy

applies to recruitment activities within any company, no matter what its size.

Whether your recruitment plan is meant to be distributed to the public or to act as

a set of guidelines for your staff, the success of your recruiting lies in its

construction.




Leaders typically keep their recruiting plan private for one of two very different

reasons: Either they're too skimpy and would be embarrassed to have them see

the light of day, or they're solid and packed with detailed information that would

make them extremely valuable to the competition.

You can't do a Recruiting Plan without getting many people involved; get

feedback from your existing team. This is especially important because it will take

all aspects of your company to make your recruiting plan a success.

The key people on your team can provide realistic input on what's achievable

and how your goals can be reached, and they can share any insights they have

on any potential, as-yet-unrealized opportunities, adding another dimension to

your plan.

If you're essentially a one-person operation, you'll have to wear all your hats at

one time--but at least the meetings will be short! We encourage you to meet with

other entrepreneurs that can help you with setting realistic goals; the insights from

someone outside the industry can be very helpful.

What's the relationship between your recruiting plan and your business plan or

vision statement? Your business plan spells out what your business is about--what

you do and don't do, and what your ultimate goals are. It encompasses more

than recruiting; it can include discussions of locations, staffing, financing, strategic

alliances and so on. It includes "the vision", the resounding words that spell out the

purpose of your company. Your business plan is the U.S. Constitution of your

business: If you want to do something that's outside the business plan, you need to

either change your mind or change the plan.

Ideally, after the first year, you can sit back and review a series of events and

check the progress of your company. Of course, sometimes this is hard to make

time for, but it can provide an unparalleled objective no nonsense view of what

you've been doing with your business life over several years. Plan to recruit … and recruit to your plan!

Jim McGrath




Are you on track with your Recruiting Plan for the year ahead?

Picture this: You are sitting at your desk … It’s 10:43 AM, Monday, January 24, 2019. In 47 minutes, the

year’s first progress meeting will start in the 12th floor conference room.

Do you know where your Recruiting Plan is for this year?

There are two possible scenarios here; the first is that you have just reviewed the plan and you feel that you are so ready to report on progress! Congratulations! Your Recruiting Plan is on track!

The second scenario; you start to speculate on how many boxes it will take to carry

your possessions out of the office to the parking garage. Hold it! Don’t panic. There is a tried, tested and effective methodology you can

implement right now. The acronym is … W U C A M. Written, Understandable, Challenging, Attainable and Measurable.

Written

• When creating goals, you must be as specific as possible

• Goals are not created in isolation; it is a team activity • The goals must be communicated and accessible to everyone who must or

might contribute

• Having a good year does not mean how your company is doing right now … it is what you plan and must execute during the next 12 months

• Understandable

• Develop goals with your team; the pride of ownership starts immediately! • All points that need clarification must be resolved before a potential issue

derails next month’s goals • Currently, you close on average 30 units per month; it makes no sense to

have a goal to increase production to 300 units per month by the end of this year

• Be real! Your goal should be something along the lines of growing the number

of units per month by 20%. At the end of 12 months, you will be closing 276 units per month

In your busy 24/7 world you cannot expect to rely on your memory, or some vague

notes from a planning meeting. You must have a shared clear and durable document.

You cannot afford an argument on goal interpretation during the second quarter; the

hallmarks must have total clarity with team participation and commitment.




Challenging

• Goals not challenging? Then expect a dramatic increase in the failure rate if people feel that there is no opportunity or direction!

• Challenges are what the “A Players” feed and thrive upon; without it they will seek challenges elsewhere … like your competitors!

• “B Players” will often see the challenge as an opportunity to shine … and be seen as an “A Player”

• “C Players” usually make decisions when the challenge is published …

participate or move on! • Ensure that the challenge is realistic and defensible

Before you work on the “A” (Attainable) step, make sure that you do not need an

action or supportive sub-goal to make the goals that follow practical. Ask yourself,

“Do you have the team to achieve the growth in revenue and profitability you defined

in the “W” (initial Written) stage?”

Now comes the all-important question. Fair warning … this is a question where your answer will literally shipwreck your plans if it’s wrong:

Will your recruiters be able to, or have the skills to get the right team members on-

boarded in time, to contribute towards the goal’s attainment? All is not exactly lost if your honest answer is “no”.

You may simply need to define a sub-goal to complete the EMAC Group’s “Loan

Officer Recruiting Blueprint,” a web-based training with a very tight timeframe!

Attainable

• It is essential to have goals set in the “W” (Written) stage that will really

challenge you and your team • Yet it is still critical to keep these goals attainable

• Do not de-motivate yourself or defeat your team before they start! • If you historically close $3 million of business per month, then setting a goal of • $10 million per month would be a ludicrous change

This is where you “feed” a basic human motivation. You must give your team the

drive to tackle each day with a clear objective and direction; not some dull work

instruction. The ultimate level is pride of ownership by the whole team!

If a goal is virtually impossible or impractical, and way beyond the abilities of your team, then it will be like a solid wall. It will virtually render the whole plan useless

and possibly be a serious detriment to morale and overall productivity.


http://loanofficerrecruiting.com/coach/tools/

http://loanofficerrecruiting.com/coach/tools/



Measurable

• Companies say, “Increase the number of Loan Officers this year.” • Yes! That is a goal; unfortunately, it is not a trackable goal

• If you start the year with 8 Loan Officers, and end with 9, did you meet your goal?

• Make the goal specific and easily measurable

o Start and completion target dates

o Accountability

o What is it we want to achieve?

o The business benefits / value

o Clear “from this point” to “the new target point” numbers or percentages o Any terms, conditions, cautionary information

Now you have a tried, tested and effective goal planning toolkit …

Don’t hesitate; you can start your goals and recruiting plans on the road to success

today! Start to use the templates and time line charts provided.

At this point, you know where the organization wants to go. Now is the time to set

those important measurable goals that ensure that recruiting will make a major contribution towards the firm's and the HR department's priorities.

If you already have a current set of recruiting goals, start with that information. Then add to the list any new goals that our changing business environment requires.

Finally, delete any goals that are outdated. If you don't have a current set of goals to start with, you can begin determining goals

by:

• Selecting a goal that corresponds directly with each major business goal • Requiring each individual recruiting program or service to set up its own set of

goals • Trying "brainstorming," and using that process to identify other potential goals

The first lesson to learn is to avoid setting goals that are vague or difficult to

measure. Examples of bad goal setting might include "work smarter" and "pay more attention to recruiting."

Excellent goals are easy to understand and are always quantifiable and measurable.

A ‘he said/she said’ argument about a goal that was flawed from the beginning will

always be a productivity killer. Everyone must clearly know and accept the “who,

what, when, where, why, how, and how far” facts!




After selecting your initial set of goals, narrow them down to a manageable number.

One Year Recruiting Plan Template

When you’re running a mortgage product team, every new hire is an opportunity to improve the company’s profit potential. Recruiting the ideal candidate is of vital

importance, whether you’re looking for a top-tier producer or a talented Loan Officer. To hire the best candidates, you must build and follow an effective Recruitment Plan.

With the right plan in place, you will proceed through the entire recruiting process smoothly, finding the best-fit candidates without wasting time with those who are

unsuitable. Planning is a crucial rule for all growing businesses; survival depends on meeting the

objectives set in this plan. This template is the one tool that can help bring your hiring goals into alignment with your company's objectives and get them all moving

in the right direction.

Tips to meet your goals Time-Commitment Figure out how much time is needed to achieve the goal. Breaking it down into hours

per week is best. That way you have a goal to reach each week. There’s an art in being able to forecast the amount of time necessary to hit those goals, but you can

do it if you follow the templates. It’s important to look at each recruiting goal and determine if it makes sense overall.

With a clear goal and timelines, you can start to put together a strategy to make 2016 your best year yet.

Just don’t forget the most important part of any goal strategy ... planning the celebration when you reach your goal!

And then, of course, remember to use this worksheet to help you set another goal for next year, and then the next, and well, you get the idea.

Remember W U C A M! The introduction and use of a template makes WUCAM much easier to attain, maintain and achieve! The template is also a time-saver; if used

correctly it maximizes the benefits (and clarity) of the plan right from the outset.

Real World Warning! Expect obstacles: Be aware of hurdles that may keep you from reaching the goal. Preparing for potential obstacles is the key to preventing

them from becoming excuses for failing to reach your goal.




One caveat with goal setting is this: Just by going through the process of setting

them can show you how far away you are from where you need to be. Do not worry about it. Remember that the road to success is always under repair.

“Live by your goals, and you cannot get lost on a side street, wondering to yourself why am I not there yet?”

Tips on Employee Referral Incentives A great way to increase current employee morale and draw bright talent to your company is to institute an employee recruiting incentive plan. This generally involves

rewarding current employees for successful referrals for posted positions within your company.

Production Goal Worksheet

Recruiting experienced Loan Officers is one of the more critical aspects of growing a successful sales force. As a sales manager, effective sales people are needed to meet

your business goals. And yet most Sales Managers treat recruiting as a necessary evil only to be done when absolutely necessary.

Print the document on the next page and take ACTION now!




0

Step 1: Determine your Gross Revenue Goal for the next 12 months.

Write this figure in area marked (a).

Gross Revenue

Goal (a)

Step 2: Figure your Average Income per Loan. This is the amount of

revenue per loan transaction (YSP/SRP - Origination Fee, etc.)

If you're not sure how much you earn per loan, then take last

month's income earned (gross commissions) and divide it by

the number of units closed in the same month.

For example, if you grossed $50,000 last month in gross

commissions and closed 20 loans, your average income per

loan equals $2,500. Figure your average income per loan and

write it in area marked (b).

Average Income per Loan

(b)

Step 3: Figure your Average Loan Amount. If you're not sure what it is,

take last 12 month's loan volume and divide it by the total

number of units.

Calculate your average loan amount and write it in area

marked(c).

Average Loan

Amount (c)

Step 4: Calculate your Annual Closings Goal (Units). Take figure (a)

and divide by figure (b). Write down the answer in area marked (d).

Annual Closing

Goal Units (d)

Step 5: Calculate your Annual Closings Goal (Volume). Take figure (c) and multiply by figure (d).

Write down the answer in area marked (e).

Annual Closing Goal Volume (e)

Step 6: Calculate your Annual Loans Per Loan Officer (Units). Take the

average units per month expected per Loan Officers and

multiply by 12 months. Write your answer in area marked (f)

Annual Loans Per

Loan Officer Units

(f)

Step 7: Based on your (e) Annual Closing Goal, calculate your Total

Loan Officer Goal (f) by determining the amount of Loans

Officers you to meet your closing goal (e) for volume.

Take figure (d) and divide it by figure (f). Write down your answer in area marked (g).

Total Loan

Officer Goal

(g)

Step 8: Based on your (g) Total Loan Officer Goal, subtract your

current Loan Officers will determine the amount of Loans

Officers you need to hire to meet your closing goal (e) for

volume. Write your answer in area marked (h).

New Hire Loan

Officer Goal

(h)

The goal planning template provides an-easy-to use format that allows you to document and

manage the things that drive your organization. This Production Goal Worksheet can be used to calculate how many Loan Officers your branch needs to achieve your Gross Income and Volume Goals over the next 12-month period.




1

Recruitment Goal Setting

In the following sections, important dates will be set for certain recruitment goals. Mark these dates on your Recruitment Calendar as the date is set.

Setting and prioritizing goals will not by itself ensure success. You can dramatically improve your chances of meeting and exceeding your program goals if you also clearly

assign roles and accountabilities to each goal.

This ensures that everyone involved (both hiring managers and recruiting professionals) knows who "owns" the responsibility.

General Information

If you are competitive, set goals designed to make you the top lender in your market. If you are the top lender, set goals to further distance from your local office and open

satellite offices, determine a radius between 25 -100 miles and work toward becoming an elite lender in your region.

Every team member will be involved with recruitment.

What could be more important than having everyone on your team focused and on the same page? Recruitment committee will be selected by / /20 .

• Name of committee team member

• Name of committee team member

The initial recruiting call will be made by

All recruitment brochures will be ready for print by

A recruitment brochure will be created by members and new members.

and will be distributed to all

Stop and think for a moment; this area of effort is really developing the “action script” and expectations to move your plan from inception to success within a sensible time frame.

This is where you fine-tune the focus and intent of the plan to your business. The

goals become real for your business situation and ambitions in a realistic time frame!

/ /20

/ /20




The Prospect List (of qualified candidate) will be complete by

Each team member will be required to submit recruitment

# recommendations for

We will collect recommendations for recruitment by

Industry Vendors will be contacted, solicited for recommendations and asked to host and attend recruitment events.

Quality As all hiring managers quickly learn, there's a world of difference between a candidate

who is correctly matched to the job and the culture of the organization, and one who is not.

But how do you match the right people to the right jobs? By including, in your comprehensive people strategy, a well-structured recruiting and selection program.

Set minimum candidate criteria are those personal and professional characteristics as

well as experiences desired in the Ideal Candidate. The criteria should reflect the goals and priorities of the organization.

• Each new hire joining the organization must have no less than _____ years of mortgage experience

• A minimum of _____ referral partners • Currently closing $500k per month • State License if required

You do not want a Loan Officer; you want one that will perform (and succeed!) within a specific profile and within a time frame to make your business plan attainable and successful.

While not a legal requirement, forming a Recruitment Committee of several people on your team is a good, professional business practice. The additional interviewers

provide the evaluator with an extra set of eyes and ears and will help eliminate interviewer bias, and result in a more objective evaluation.

/ /20

/ /20 .



© 2019 EMAC Recruiting Academy Document may not be reproduced in any form without the written consent of the holder 11

/ , 20 ,

The Recruitment Committee will actively assist in recruiting and interviewing qualified loan officers. The Recruitment Committee can assist in developing recruitment

brochures, Corporate value-proposition, letter and email templates that will be sent to

prospects, to be completed by / /20 .

By / /20 , the Recruitment Committee members will have met with

# of candidates in order to short-list

advance to a face-to-face with hiring manager.

# of qualified prospects to

From the information above, prospects from the Realtors and Builder will be targeted for leads:

In an effort to recruit more Sr. Loan Officers or Satellite Managers, the Regional Vice

President or Business Owner and Recruitment Committee members will meet with each

prospect to keep them engaged in the interview process.

Our goal is to obtain

.

# of qualified Loan Officers and/or Satellite Managers by

We will recruit

December 31, 20

#Loan Officer in the quarter of 20 and # by

There is currently # of Loan Officer. Our Net Hiring goal is to achieve # new hires

by 20 (this number is net of any turnovers).

Quantity

In terms of size, our organization currently ranks

# competitors.

# in a local market that has

Our goal is to rank by / /20 . Each year, we will increase annual sales by

no less than $ with a minimum of % growth.

Our goal is to be one of the largest lenders in the area by

By our organization will be # Loan Officers strong.

The goals and metric milestones you set can only be met or exceeded if there are enough people working on them! You must clearly think it through … how many Loan

Officers will be required? What time-frame will they need to be hired in? This is essential as it provides the “art of the possible.” No goal will be attainable without the willing hands to make it work!

/ /20 .

.




Our goal will be achieved by recruiting year-round.

Loan Officers will be recruited in the




quarter.

quarter.

quarter.

quarter.

The total from objective # is net Loan Officers hire during the

Our Current organization size is $ million/month with # Loan Officers

Our Goal is $

Recruiting Tips

million/month with # Loan Officers by

First, sales recruiting needs to be an on-going process. You should constantly be on

the lookout for new sales talent. If you recruit only when a position is open, you are always in reactive mode. The best

analogy we can give is to think of recruiting just like selling.

You are always on the lookout for new sales opportunities. The same holds for recruiting.

Second, you want to be able to choose from the largest pool of qualified candidates. To have qualified candidates it is necessary to understand the business needs and what

skills and behaviors will be successful in your environment. Knowing what to look for and relentlessly trying to identify those people are the keys to finding and hiring the best.

One Year Recruiting Plan (MY Sample Recruiting Plan)

I,

covered

(your name), (Job Title), Location / Area (Company name)

Commit to develop in Counties by increasing market penetration

and profit, and enhancing customer exposure to the

Mortgage) product line.

(EXAMPLE

Substantially increase loan volume by aggressively recruiting new Loan Officers and

actively improving the productivity of existing Loan Officers.

Following are essentials of the “structure” and content of a recruiting plan. They are the “narrative” that binds the plan’s metrics, quantity and quality expectations together

into a cohesive whole plan.

20 -20

/ 20




Implement leadership skills that support a consistently successful record of: growing geographic areas with underdeveloped business potential; recruiting experienced

Loan Officers; training and mentoring new hires; and, establishing an atmosphere of

trust and confidence within the (Company) infrastructure.

Aggressive Recruiting - “A Primary Focus”

Grow Sales to productive Loan Officers within one year

• Implement a proactive, list-based program to regularly contact and encourage successful Loan Officers to join the (Company Name)

• Target top area lenders for best-fit Loan Officer recruiting opportunities

• Contact local Realtors and title companies to identify Loan Officers they use

and recommend

• Check local home magazines and newspapers to determine who is advertising

and possibly available for recruitment

• Apply a “who do we know and who do we want on our team” approach; a

hire-to-fit philosophy that seeks full-time, aggressive Loan Officers, willing to commit to success

• Use the outstanding (Company) Loan Officer Employment package as a

primary recruiting tool, with special emphasis business opportunities

Emphasis on recruiting over the next four quarters that include 20 net new hires

(minimum $1 million/month):

a) net new hires for the 1st quarter of 20

b) net new hires for the 2nd quarter of 20

c) net new hires for the 3rd quarter of 20

d) net new hires for the 4th quarter of 20




Loan Officer Development - Lead, Motivate, Inspire

This is how you manage the team in their quest for the plan’s recruiting goals. It is your

commitment to make the team “the best it can be.” It is a declaration of intent; it is

your contract to help the team succeed!

• Within one year, achieve a minimum funding goal of one million dollars per month, per Loan Officer. Based upon a team of Loan Officers, funding will grow to meet or exceed twenty million dollars per month

• Hold weekly sales meetings to train and motivate. Identify best practices criteria

with primary emphasis on product information and pricing techniques

• Participate in joint sales calls with Loan Officers and other team members

• Increase depth of Relationships by utilizing joint business plans with Referral

Partners

• Motivate by increasing income through value-based selling, product selection,

and back to basics on how to close a deal.

• Provide weekly one-on-ones for those that need to improve performance

Develop and utilize 30/60/90 day benchmarks for all new and existing Loan Officers incorporating a 90 days’ business plan to define the standards.

• Create friendly competition with sales contests. Coach to encourage and reward • Implement a mentor program for all new Loan Officers

• Focus closely on the Realtor/purchase market - attend Realtor open houses, participate in new-buyer seminars with Realtors, promote joint marketing

ventures • Encourage data base marketing by making it a shared expense • Set and regularly review minimum production levels for dealership volume

Revenue Enhancement, Cost Control, PL/GL Management

This continues your commitment and explains the recruiting best practices, tools and

skills you will need to get or use to further your contribution to the team’s success. Do

you see the trend here? As with the previous and following components, you

identify yourself as the enabler for the team’s success!




• Coach revenue enhancement strategies through: product selection, cross selling,

and high trust sales techniques

• Implement aggressive pipeline management to avoid lock extensions and non-

delivery fees

• Identify, track and correct problem areas - low profit Loan Officers, frequent use

of extensions and losses related to incorrect pricing. Use marketing dollars to highest value - everyone to participate in the cost

What I will bring to the Leadership Team?

• Years of prior experience as a proven professional

• Recruited and trained many of the top producing Loan Officers currently working in (county or territory)

• Extensive knowledge of mortgage products, programs and underwriting • Proven ability to develop strong relationships with business partners, Realtors,

and Loan Officers.

• Strong background managing profitable P & L’s • A lengthy and successful management history characterized by strong Loan

Officer’s production and revenue/ fiscal results that consistently met and/or exceeded budget goals

• Proven ability to successfully manage and coach teams

• Extensive leadership training • Prior #1 Sales Manager in both funding volume and profitability with previous

employer

In order to demonstrate a good faith recruitment effort, the Recruitment Plan should

include specific steps to ensure broad recruitment activities are practiced. The

above list of actions should be considered and, where appropriate, implemented in

the recruitment planning and execution phase.

Date:

Commitment! Yes! Time for “the rubber to hit the road!” You are declaring that you have the skills, motivation and willingness to be manager, coach and direct contributor to the plan and the team’s recruiting success!

Sign:




Sample Plan and Time Line

Task Who Time-Line Projected

Date Completed Date

Determine number of new Hire 1 day

Determine volume goals 1 day

Finalize Ideal Candidate Profile 2 days

Build your Prospect List 3 days

Determine recruiting budget 1 week

Advertise position on the web 1 week

Start Making Initial Contact 1 week

Develop a Recruiting Brochure 2 weeks

Target 10 Most Wanted List 3 weeks

Face-to-face Interview top prospects

2 weeks

Group Interview Top Prospect 4 weeks

Set up Offer Stage 6 weeks

Coach Prospect through

Counter Offer

6 weeks

Conduct reference checks 7 weeks

Present Formal Offer 8 weeks

Negotiate employment

agreement

8 weeks

Sent out Welcome to the Team Letter

9 weeks

On-Boarding Process 10 weeks

Start date for new Hires 12 weeks

This sample timeline identifies typical components included in a recruitment plan and

helps to keep the activities on track. It is a tool that visually describes the steps involved

in a recruitment effort. Planning notes:

This is where you detail the major or supportive metric milestones in a logical sequence. It is also a commitment to a time frame that is known to all and serves a

both checklist and time-keeper




Budgeting AKA “The Bottom Line”

So now you have your Recruiting Plan. It is important to keep in mind that not only do

you want to ensure you find the right person, but you need to understand the cost of bad hiring decisions can be very high in terms of both time and money.

This Recruitment Plan should be based on your overall business goals.

For example, are you planning to expand or change your business? What skills are required to accomplish this objective?

From there, you should establish specific recruitment goals. One goal will be attracting the best people that fit the corporate culture. The best fit people will make a direct

difference to your bottom line, helping to raise your service and quality level. People who are less than dedicated to your business can compromise customer experiences.

Some other recruitment goals may be:

• Attracting a higher standard of candidate • Attracting a candidate who has skills you currently do not have in your

organization

• Promoting your company as a dynamic place where people want to work

Determine your overall recruitment needs through having well established business goals.

We all wish we could produce remarkable recruiting campaigns that will please the

Board of Directors; however, we are quickly dragged back to reality when the limitations of our recruiting budgets are staring us in the face.

Estimating the cost of the marketing activities you’ve described in the recruiting plan will ensure that you have a budget to keep everyone on track over the course of the

year. Typical recruiting plans; in addition to all the elements described above, must include

expense categories such as specific recruiting activity cost and recruiting marketing communications, Loan Officer research, promotions, and advertising.

A parallel between developing your recruiting plan and the money it takes to enable the plan must go hand-in-hand. This synergy must happen from the very beginning

of the planning activity.




Because recruiting needs and costs vary widely, there are no simple rules for determining what your recruiting budget should be. Spend time consulting with the

Financial and HR organizations, or the person who has both roles in a small business.

Share your plan, ideally in the early development stage, and seek their knowledge about the budget. This will ensure right from the outset that the “fuel” to make the Recruiting Plan work is available.

Planning Summary

As a Sales Manager, you need good sales people to address your business needs.

And yet most everyone treats recruiting as a necessary evil only to be done when things are in dire straits.

Adopting the right philosophy about recruiting Loan Officers gives you the edge you need to build the best sales team – faster, and for less money. Start by

understanding what recruiting is all about. Think of recruiting as an on-going process designed to develop a cache of qualified candidates. There are two key takeaways from this approach.

Recruiting talent needs to be an on-going process. You should constantly be on the

lookout for new sales talent. If you recruit only when you have an opening, then you are a reactive recruiter. The best analogy is to think of recruiting just like you do

selling. You are always on the lookout for new sales opportunities. The same holds true for recruiting.

You want to be able to choose from the largest pool of qualified candidates. To have qualified candidates, it’s essential to understand your needs and what skill sets and

behaviors the ideal candidate needs to be considered successful in your environment. Knowing what you are looking for and diligently recruiting those types of candidates are the keys to finding and hiring the best.

Now that you understand the basic philosophies surrounding recruiting, your next

step is to implement your Recruiting Plan. Your plan dictates exactly how you develop a talent pool of qualified candidates.

At first this seems like a lot of finite detail. Is it really necessary to plan in such

detail? Absolutely. You do not do the monthly shopping without a list or

travel without an itinerary, so how can you hope to succeed without one?




Here are some tips to get you started

• Keep a short list - Once you have developed a talent pool, be sure that you are

clear about your Ideal Candidate criteria.

• What unique skills do you want to add to your business? How will you choose one candidate over another?

• Creating a Short-listing is the first step in identifying the candidates who display the skills and selection criteria you are looking for.

• Shortlisting — when done right — can cut down on your recruiting time. You may

want to draw a simple grid with your selection criteria on one side and the names of prospective candidates on another.

• Note: Your selection criteria can then be listed in order of importance, with marks

assigned to each candidate according to whether or not to interview

• Hone your interviewing technique. Before interviewing, develop a compelling

message so that candidates feel engaged, and so you remain in charge of the interview. Be sure to ask open-ended questions that allow the candidate to tell you about themselves, such as "What are some things you would like to avoid in

your next employer? Why?" and "In your previous job, what kind of pressures did you face? And why did you leave?"

• Check References thoroughly before making a formal offer - Have you obtained a signed application, conducted reference checks and scheduled background checks?

• Follow through after a candidate has accepted - Have you confirmed the offer in writing and advised other employees within the company? Be sure to make

arrangements for the candidate’s start date well ahead of time.

One absolute guarantee about recruiting Loan Officers is that there is no one best source for candidates. With the right Recruitment Plan in place, you'll be in a better position to hire the best people for your company.

Successful recruiting involves using multiple sources for finding the best candidates. Part

of your strategy will be to decide how best to deploy your resources.




Recruiting is not free. It costs money, time and resources.

It’s too easy to throw a bunch of money and time at recruiting without seeing a return. Your first step is to make certain you have a plan, and are tracking your

results against your plan. Tracking the metrics includes monitoring what you do and the results each activity delivers.

Finally, there are a number of good recruiting services available to help you. These include headhunters, search firms, consultants and various online recruiting services.

There are many software solutions available to help you; but the best advice is that

you cannot leave your recruiting to chance. Plan your activities, measure your results and have an on-going strategy to keep

your candidate pool full.

Now that you have your Recruitment Plan in place, we wish you the best in your search!

For more information on our coaching and recruiting services, please visit http://loanofficerrecruiting.com.


http://loanofficerrecruiting.com/

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