5 Trends Making Employers & Employees Happy

REMOTE WORK, ONCE THOUGHT TEMPORARY, BECOMES MORE POPULAR, MAKES EMPLOYEES MORE PRODUCTIVE

By SARAH WOLAK AND STEVE GOODE, STAFF WRITERS, MORTGAGE BANKER MAGAZINE

Your employees’ pets won’t be lonely any time soon.

The COVID-19 pandemic made the mortgage industry work from home. But what was once seen as temporary appears to be a new way of life based on five remote work trends shaping up for 2023.

Yet not just domestic animals benefit. Employers can, too, because flexibility boosts productivity, profitability and happiness.

Robert Half, a recruiting and business consulting firm, conducted a survey of 2,500 U.S. workers and found five key remote work trends taking shape for 2023.

Remote Jobs Aren’t Going Away: Robert Half says nearly half of U.S. workers looked to find a new job in the new year, and over a third of those respondents expressed wanting a position that allows them to work remotely. Nearly 9 in 10 workers considering a job change are interested in hybrid or fully remote positions. And Robert Half reports that these workers have options: 28% of all new job postings in January 2023 were advertised as remote.

Flexibility = Employee Health: More than threequarters of professionals (77%) who can work where and when they are most productive say that they’re putting in more hours now than three years ago. Despite working longer hours, they’re motivated; 46% report higher job satisfaction.

Remote Time Trumps Salary For Some: Nearly one-third of workers (32%) who go into the office at least one day a week reported that they’re willing to take a pay cut for the ability to do their job remotely all the time. Technology professionals (47%), 18- to 25-yearolds (42%), and working parents (41%) are most likely to accept a salary reduction to be fully remote.

Office Camaraderie: Workers also conceded that being in person has benefits, especially when it comes to coworker relationships. Around two-thirds of professionals (65%) said they have more effective relationships with colleagues they’ve met face-to-face versus those they have not. More workers are comfortable collaborating in person (49%) than virtually (31%).

Equal Opportunities: Most managers (82%) who oversee hybrid teams feel that in-office and remote employees have the same opportunities for career advancement. However, some remote workers are concerned; 42% say that they worry about being visible for project opportunities and promotions.

“Our research shows that remote work is here to stay. It’s still a tight, candidate-driven market and it’s important for workers to have the flexibility they need for a better work-life balance,” said Brandi Britton, executive director for Robert Half’s finance and accounting practice group. “In addition, remote work has remained popular because career advancement opportunities exist. ... Workers still feel empowered in today’s job market and aside from salary, remote and flexible work options are still atop their wish list when looking at job opportunities.”

LOTS OF PROS, FEW CONS

Despite the ever-growing offerings of workfrom-home opportunities, many in the industry have firm opinions on their work environments. Corey Vandenberg, an LO who works for Michigan-based Lake State Mortgage, but operates out of Lafayette, Indiana, has been working remotely for about five years, a large portion of that due to the fact that he had a one-person office before the pandemic hit.

Vandenberg said the pros are numerous and the cons are few and far between. “You can work anytime. All the equipment is here. You have comfort, security, and no drive time,” he said.

Dave Cook, branch manager and LO for Denver Mortgage Lounge – a DBA of Luminate Home Loans – says that for him, a hybrid work model has been suitable. “I worked from home at the beginning of the pandemic and I missed that in-person collaboration,” he said. “But I was also surprised to hear big companies aren’t going hybrid and are making their employees all return to the office. Hybrid is a happy medium, and it really depends on the job position that you have to determine whether you really need to come into the office.”

On the flip side, others are teamoffice. DanYell Drummond, who has 20 years in the business and the last eight years working remotely, said she does expect the old-school style of face- to-face contact with coworkers and borrowers to go away completely.

“LOs have been working remotely for years,” said Drummond, who is based in Utah at Utah Mortgage Loan Corp. “The next generation may not even meet their borrower.” Drummond also said that while remote working allows her to expand her business hours to include personal needs that give her a better work-life balance, she misses the in-person camaraderie that comes with office culture.

Ben Lavender has been an in-theoffice LO for 10 years, and he has no urge to work remotely. “I have the ability to work remotely, but I choose not to,” said Lavender, who writes mortgages for Long Island-based Madison Mortgage. Lavender, who oversees a team of eight other LOs, feels that it’s important to be in the office - especially for less experienced people - to support each other.

Rise Above The Rest

Successful women are constantly looking to hone their skills, build relationships and better understand how to use and improve their abilities and talents. They want to be able to share their experiences and questions with colleagues who understand, and do it in an environment that helps build connections that last a lifetime. That’s why there’s the Mortgage Star Conference for women in the mortgage profession, a specially-designed hands-on immersion event centered around superior results.