Finding (and keeping) good sales talent should be a top priority as more experienced loan originators reach retirement age and exit the industry. To attract and retain younger LOs, mortgage firms will need to deliver what these employees value, namely a better work-life balance, growth opportunities and career development. Compensation is only part of the picture.

Unfortunately, when managers are faced with tough times, the first things to get cut from the budget are career development and training initiatives. Sales leaders may argue that they just can’t afford training but the truth is, many managers also feel that if they train employees, their investment will be wasted because workers will leave to go to a higher-paying position at another company. In my opinion, if you don’t put career development and training in place, your employees will leave regardless for greener pastures.

For lenders that want to succeed in 2022 and beyond, it is time to rethink employee training and development. Instead of viewing it as a line-item cost, training and career development is really an investment in attracting and retaining your best employees. This is a significant mindset change but moving forward, it is the only way companies are going to hire and keep younger employees.

Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.