Find out how investing in employee wellbeing at work can strengthen both workplace culture and commercial success, in this blog post from Accord Mortgages…
Employee wellbeing is not just a trend; it is an essential part of any thriving business, especially in high-pressure industries like mortgage brokering.
Given the demanding nature of the mortgage brokering profession – tight deadlines, customer-facing roles, and dealing with sensitive financial situations – it’s crucial for brokers to consider the wellbeing of their employees as part of their strategy for success.
Many studies support the link between employee wellbeing and improved business outcomes. For example, research from Deloitte found that businesses with strong wellbeing programmes experience a 25% reduction in absenteeism and a 40% increase in productivity.
When brokers invest in their employees’ wellbeing, the results can ripple through the organisation, strengthening both workplace culture and commercial success.
Why brokers should prioritise wellbeing
Mortgage brokers face a unique set of challenges that make prioritising employee wellbeing not only important but necessary. The mortgage industry is high-pressure, demanding long hours, strict deadlines, adherence to strict compliance and regulations and frequent interaction with clients who are making large purchasing decisions. Over time, these factors can contribute to burnout, mental health issues, and a higher turnover rate.
Neglecting employee wellbeing can lead to a domino effect, starting with reduced employee engagement and leading to poor client experiences. High staff turnover can be particularly costly for brokerages, both in terms of financial impact and the loss of client trust.
A disengaged employee is less likely to provide the personalised, empathetic service that many mortgage clients expect, potentially damaging long-term client relationships. By prioritising wellbeing, brokers can mitigate these risks, creating a more supportive and resilient work environment that benefits both employees and clients.
How to get started
To truly embed employee wellbeing into your brokerage’s culture, it’s important to foster an environment where openness and support are the norms. Brokers can begin by encouraging a culture where employees feel comfortable discussing their wellbeing, knowing that it will be met with understanding rather than judgement.
Practical ways to promote this culture include implementing an open-door policy, where employees can speak to their managers about any concerns without fear of reprisal. Regular check-ins with staff, both individually and as a team, provide an opportunity to gauge how employees are coping and offer support where needed. Appointing mental health champions or having a designated person who employees can approach with mental health concerns can also be a powerful signal that their wellbeing is a priority.
Changing attitudes within your team may take time, but by leading by example and creating a safe space for these conversations, brokers can set the tone for a more compassionate and productive workplace.
Employee wellbeing programmes are central to the success of a business, particularly in high-stress sectors like mortgage brokering. Introducing initiatives that support both the mental and physical health of your team will naturally boost productivity and help retain top talent, whilst building a more supportive and collaborative work environment.