Statistics Employers Should Keep in Mind in 2021

As the job market continues to heal and the unemployment rate inches closer to the pre-COVID 3.5 percent, employers are working hard to become more marketable. With the increase of remote positions, inclusive workplaces, and upskilling, employers must finetune their brand and assure work-life balance is achievable for their team. 

Earlier this month, the team at Glassdoor For Employers pieced together 45 statistics employers need to review in order to shape a healthy recruitment model and attract top talent. We review a few of our favorites below:

COVID-19: Health & Safety

As companies continue to reopen offices and create hybrid positions, the wellness of employees cannot be taken lightly. Ensuring the proper health and safety protocols are in place is an essential piece to retaining your key employees and attracting new candidates. Beyond the tangible health and safety measures, employers must stay attuned to their responsibilities of their team’s mental health as well.

  • 86% of employees say they would prefer to continue working from home, at least in a hybrid role, when their office reopens.
  • 68% of hiring managers say remote work is working better than when they first started working remotely in 2020. Reasons included reduced non-essential meetings (70%) and increased schedule flexibility (60%).
  • The challenges of working from home: 20% cited they lack interactions and often feel isolated when working from home, and 16% don’t have a home office or dedicated space, so they feel distracted.
  • 70% agree that employees should be required to get a COVID-19 vaccine in order to return to the office.

Employer Branding

Over 85% of job-seekers admit to searching a company’s reviews before choosing to interview. Whether it is on Glassdoor, Indeed, LinkedIn, or another social platform, responding to past or present employees plays an essential role in your future hires. A strong brand will not only help you attract top talent but will help you retain your top employees as well. 

  • 86% of HR professionals surveyed indicated recruitment is becoming more like marketing.
  • 75% of active job seekers are likely to apply to a job if the employer actively manages its employer brand.
  • 92% of people would consider changing jobs if offered a role with a company with an excellent corporate reputation.
  • Employee voice is 3x more credible than the CEO’s when talking about working conditions in that company.

Diversity

How much does diversity matter to job seekers? 76% of job-seekers and employees reported a diverse workforce as a critical factor when evaluating companies and job offers. In addition to the expanded creativity and innovation that a more inclusive workforce provides, the McKinsey firm also found that ethnically diverse and gender-diverse companies have proven to be more profitable.

  • About 1 in 3 employees and job seekers (32%) would not apply for a job at a company with a lack of diversity among its workforce. 
  • 71% of employees would be more likely to share experiences and opinions on diversity & inclusion at their company if they could do so anonymously.
  • Nearly half of Black (47%) and Hispanic (49%) job seekers and employees have quit a job after witnessing or experiencing discrimination at work, significantly higher than white (38%) job seekers and employees.

Work-Life Balance

As the stress and fatigue behind the 40+ hour work weeks continue to be spotlighted, the value of a healthy work-life balance is becoming more fundamental. Enhanced by the remote work shift, the blurred lines between work life and home life are a gateway to career burnout that cannot be ignored.

  • 70% of employees said that their work defines their sense of purpose. Still, only 15% of frontline managers and frontline employees say they live their purpose at work, compared with 85% of executives and upper management.
  • Employees on average are working three more hours per day than before the pandemic.
  • 41% of workers feel ‘burnt out’ at work, and 45% feel emotionally drained.
  • A survey at Imperative found that people who engage in peer coaching are 65% more likely to feel fulfilled; 67% more likely to report being a top performer; 73% more likely to report feeling a sense of belonging; and 50% more likely to expect to stay in their job for more than five years.

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Assessing The Mortgage Industry: Top Trends & Statistics

Is the U.S. housing market overheating? Within the stability of low mortgage rates and high buyer contention, the housing market continues to be highly competitive. While it is a great time to be in the market for a loan, borrowers don’t quite have their’ pick of the litter’ like in times past. Home prices continue to rise, as does the volume of offers placed on each listing. 

“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices.” – Joel Kan, MBA Economist.

After assessing various expert opinions, knowledge, and studies, we have constructed the ultimate guide to the latest Mortgage industry trends and statistics of 2021. Courtesy of the industry professionals with The Mortgage Banker’s Association, Fannie Mae, Forbes, Wall Street Journal, Bankrate, The Motley Fool, TIME Magazine, & more!

Mortgage Rates Staying Low

While banks and lenders compete for consumers, the lingering of favorable rates comes much to the delight of borrowers. Mortgage rates have hovered around 3% throughout 2021, and experts predict that trend to continue. While many foresee a gradual incline, the experts in Real Estate at the likes of Bankrate and Next Advisor are still forecasting rates below 3.5% through 2022.

Why are mortgage rates remaining low? Mortgage rates are also influenced by consumer demand for home loans and the lenders’ willingness and ability to adhere to the numbers. According to the Mortgage Banker’s Association & Fannie Mae, the total volume of loan originations (purchase and refinance) in 2021 is on pace for a $250 million decline (10%) from 2020. The current year is on pace to see an 11% increase in purchase mortgage originations at $1.8 trillion, but a 14% decrease in refinance originations at 2.2 trillion. With loans able to derive from any location, banks and lenders are making their best effort to beat out the competition’s low rates and hold on to their newly hired employees. 

Inventory Causing High Buyer Competition

Realtors across the country have reported seeing multiple offers come in on nearly every listing, and they expect that trend to continue through the Spring as well. According to the National Association of Realtors (NAR), the U.S. housing market is short 3 million homes, and supply will likely remain tight for the next few years. As a result, we are experiencing the most significant annual growth in home value in over 30 years, including a 14.6% price increase from April 2020 to April 2021. Chief Economist with CoreLogic, Frank Nothaft, details how the low rates “have led to really eye-popping house price gains, and I expect that to continue.”

Why is the current housing supply unable to keep up with demand? In addition to the low mortgage rates that have new buyers emerging from every location, construction of new homes was also severely slowed by COVID-19 and has yet to get back on track. The NJ Lenders Corporation also reports that many homeowners who are removed from the big-city lifestyle are reluctant to sell their homes with the ease and comfortability they’ve found in working remotely. Homeowners are much more likely to explore refinancing to cut their monthly payments, focus on new home projects, and build more equity in their homes. Furthermore, these homeowners are well aware that choosing to reap the benefits of the seller-friendly market means they will become a part of the crowded homebuyer market.

via National Mortgage News             
(via National Mortgage News)                                                             (via Affinity Realty Group)

With sellers earning top-dollar for their listed properties, buyers need to be exceptionally savvy in hopes of striking a deal. More desirables homes, such as those not requiring renovations, encompassing ample living space and coveted amenities, are often swept off the market in 1-2 days. The mortgage reporting team at Bankrate implore consumers to enlist the support of a knowledgeable realtor to steer them through the competition. Buyers and sellers have a unique opportunity in the current market, but each must stay aggressive and calculated in their approach to capitalize. 

July 23, 2021 ~ Update: In June, the volume of existing-home sales rose for the first time in five months as more houses came on the market. (Courtesy of The Balance)

A Spike in Job Openings

Despite many lenders and banks reporting a decline in the volume of loan originations, hiring is seeing a dramatic increase as the economy heals. Courtesy of the National Mortgage News: “Users of the company’s compensation system found year-over-year processor headcounts in the first quarter were up 58% from a year ago. The number of registered loan officers increased by 32%.” The search consultants at Hunter Hollis confirm this growth and anticipate high demand in the real estate, mortgage, and title industry among those seeking a career change. With interest rates expected to remain low, many organizations are experiencing various career professionals who want to get in on the action.

What The Remote Work Shift Means in Mortgage/Real Estate

Regarding Potential Buyers

COVID-19 has forced employees from all lines of work into temporary or permanent remote working environments. With the ability to operate from a home office for the foreseeable future, homebuyers have reevaluated their priorities and created new arrangements for their futures. They have more freedom than ever before when choosing where and how they want to live. What does this look like in real life? Forget the perk of dodging NYC, Chicago, LA, or other big-city rush hours; employees can ditch their current home’s upscale, costly lifestyle for a more reasonable and desirable one. Whether it is to move closer to family or find peace and safety in a rural or suburban area, people across the country are taking advantage of the opportunity. In fact, a recent study from H.R. Executive revealed that 58% of workers would “absolutely” look for a new job if they were not allowed to continue working remotely. 

Regarding Your Employees & Talent Recruitment

Talent demand is high within the mortgage and title industry, and despite the plethora of job seekers, employers are admittingly finding it hard to fill their open positions with highly skilled personnel. Employers’ ability to adapt to the times plays a significant role in keeping up with competitors and constructing a healthy recruitment marketing model. Being locked down to one location due to a job is a thing of the past. Many employers have opened their opportunities to fully remote and semi-remote positions to adhere to national guidelines and reach a higher quality of talent recruitment.

Tech Trends via The MPA

The Rise of Tech-Savvy Home Buyers: “Where some companies were reluctant to invest in tech advancements prior to the COVID-19 outbreak, most lenders now recognize the need to offer online mortgage solutions.” – Allison Leung, Maxwell Financial 

Driven by customers’ developing expectations in “speed, seamlessness, convenience, personalization, and transparency,” here are a few of the MPA’s revealed tech trends that experts presume will shape the future of the mortgage industry:

  1. Adopting API To Improve Efficiency

Mortgage lenders are taking part in the transcendence of application programming interfaces (API) to streamline business processes. From workflow automation, data accuracy assurance, and facilitated compliance, employers are making a pivotal effort to stay up to date with the latest technology trends. Leung states: “A lack of efficiency in back-office operations not only affects loan processing speeds and loan officer morale, it also has an impact on the saleability of loan products overall.”

  1. Improving Self-Service & Omni-Channel Capabilities

The digital home-buying experience is here to stay. Allowing consumers to engage with you through their preferred method of communication will open up your lead attraction capabilities. I.T. tech consulting firm, Infosys, believes that if lenders can provide “online calculators, scenario analysis tools, and open mobile communication channels,” they will see lead conversation improve. 

“For many, working with lenders that offer an online experience that allows them to get quickly pre-approved, lock in their rate and upload required mortgage documentation is a welcomed departure from the traditional mortgage process.” – Glenn Brunker, Ally Home.

  1. Increased Machine Learning (ML) & Artificial Intelligence (A.I.)

Infosys suggest that the adoption of ML & A.I. can increase speed and efficiency within the document-intensive process for lenders. Key examples include paperwork organization and analysis and borrowers’ salary and credit history assessment. Completing preliminary mortgage advising tasks and offering product recommendations through the use of an A.I. chatbot will remove tedious, repetitive tasks from your desk.

Homebuyers Statistics: (Pulled Directly From Mortgage Calculator)

  • First-Time Buyers– The number of first-time buyers entering the housing market fell to its lowest percentage since 1981.
  • Median Age and Income of First-Time Buyers– The average age of first-time homebuyers in the United States stands at 31, showing little to no change over the last few years. Their average annual income was approximately $68,300. The median cost of homes purchased by first-time buyers is $169,000.
  • Median age and Income of Repeat Buyers– The average age and income of repeat buyers remain relatively stable, with a median age of 53 and an income of approximately $95,000 per year. The average cost of a home purchased by a repeat buyer is $240,000.
  • Household Composition of Homebuyers– The statistical make-up of home buyers has remained unchanged over the last few years, with 65% being married couples, 16% single women, 9% single men, and 8% unmarried couples.
  • Financing Profiles– 88% of all buyers financed their purchase, with younger buyers more likely to rely on financing than consumers aged 64 or older. 93% of first-time buyers opted for a fixed-rate mortgage, with 35% financing their purchase with an FHA-backed mortgage. The average down payment for first-time buyers was 6% of the total cost of their home, while the average down payment for repeat buyers was 13%.
  • Housing Profiles– 79% of buyers purchased a detached single-family home, while 16% bought a townhouse or condo. The average home purchased had three bedrooms and two baths.
  • Average Time Between Moves– The average time a family is expected to stay in their home is approximately 13 years.

Final Thoughts

In a recent writeup for NextAdvisor, Finance Journalist Jason Stauffer surveyed what mortgage experts project for the coming months/years. Surmised from industry specialists Lindsey Piegza with Stifel Financial; Tian Liu with Enact Mortgage Insurance; Jon Bodan with Perpetual Financial Group; Erin Sykes with NestSeekers International; and Robert Frick with Navy Federal Credit Union, the most commonly relayed messages held true to these three common themes: 

  1. A slight, gradual increase in mortgage rates, but remaining below 5% for the foreseeable future.
  2. Demand has overwhelmed supply, and the low housing inventory remains the greatest concern for lenders and homebuyers.
  3. Lenders are pursuing borrowers. While potential homebuyers are experiencing decreased odds at landing their future home, lending professionals and real estate agents are enduring increased workloads.

Learning About NexGoal

Want NexGoal to help you access the often-closed community of passive candidates and start sourcing top-performing employees for your organization? We have tracked great success within the mortgage and title industry and would love to introduce you to talent we believe in! Contact our CEO, Kevin Dahl, at kevindahl@nexgoal.com to start putting your plan into action.

*Reference this article, and we will promote your job openings on LinkedIn and/or Indeed for free!

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Testimonial: Former UNC Athlete Lands A New Role in Sales

At NexGoal, we take our athlete career placements very seriously – which is why our Project Coordinators spend so much time working with each candidate to put them in the best position to succeed. Once our candidates are placed, we like to take the time to share that candidate’s journey with all of you.

Our client, a nation-leading designer, manufacturer, and marketer of products used in respiratory and acute care, was looking to expand their Sales unit with motivated, competitive sales professionals. Priding themselves on their collaborative team and relaxed work culture, our client quickly secured a reputation atop the Medical Devices Industry.

Recently, we had the pleasure of connecting our client’s North Carolina branch with a former UNC Cross Country & Track athlete, Daniel Mykityshyn. After taking part in the leadership development program for UNC student-athletes, it was apparent that Daniel was shaped for the business world. Pair that with an impressive sales track record over the past five years, generating 7-figure revenue in a previous position, and we knew Daniel was a great fit for our client. He joins the growing list of highly qualified candidates we have helped place into a new career.

What led Daniel to work with NexGoal to find his next opportunity? As a result of our team’s recruiting efforts, Clare Sullivan connected with Daniel on LinkedIn, and he quickly expressed interest in the position. “Clare [Sullivan] approached me with a fantastic new opportunity and I wanted to pursue a new career in this space.”

When asked about his experience working with Clare and the NexGoal team, Daniel had this to say: “Clare was very professional, up front, and honest with the recruiting process. She provided timely updates and kept me in the loop.” Overall, Daniel rated his experience as a “10/10” to recognize Clare’s thorough preparation and the ease she provided in his transition.

Over the past 10+ years, we have specialized in placing former athletes in careers with our various corporate clients. The core of our business surrounds athlete job seekers, so Daniel was quick to recommend that other former athletes and competitive-minded job seekers come to NexGoal when looking for their next career.

The NexGoal team would like to thank Daniel for his thoughtful remarks, and we wish him continued success in his new role as Medical Device Sales Representative.

If you desire to operate in a happy and stress-free work environment for your next step in the Medical Device Industry, we have the opportunity for you! We look forward to placing you in your next career. You can get started by filling out our Athlete Candidate page here.

Employers: Are you looking to bring on highly qualified candidates like Daniel, who may not find you on their own? Reach out & discover how quickly we can connect you with top active & passive job seekers near you!

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Evaluating Company Culture For A Remote Position

Do you fall in line with the 75% of U.S. employees who prefer to operate in a full-time remote or hybrid position? Pursuing these remotely operating positions begs to question how job seekers can effectively evaluate company culture without seeing corporate philosophy in action. What do you do when all your interviews take place over Zoom, and you’ve never stepped foot in the office? The career experts at The Muse understood the validity of this concern and took the time to address it.

Content contributor Kat Boogaard wrote a great piece discussing the vital role that company culture still plays within a remotely operating position and how candidates can adequately assess the culture during the interview process without ever stepping foot in the door. Kat explains how, despite any salary, benefits, or growth expectation the position may meet, the overwhelming factor of company culture will still have a tremendous impact on your experience and satisfaction in the role. She recommends taking these SIX steps before you even consider accepting your next job offer. We highlight two of them here:

1. Know What You’re Looking For

Do you have your must-haves set in place for your next position? Map out your expectations in salary, benefits, and company values you want your employer to prioritize. When your interview process is fully remote, the need for a high level of preparation is magnified.

With video interviews and online research playing the most significant role in your decision, you must key in on the job factors and features most important to you. Is a healthy work-life balance your top priority? While working remotely should, in theory, make this more achievable, you still would want to find an organization that is not continuously operating. Muse Career Coach & Life Coach Annie Nogg recommends filtering down to three ‘non-negotiables’ for your job preferences.

“It’s important to understand a company’s culture because you don’t just want to join an organization where you can do work, you want to join one where you can do your best work.” -Hannah Fleishman, HubSpot.

2. Do Some Independent Research

Despite the remote process, you still have many resources and research techniques available to you. First, you can learn a tremendous deal of company history and cultural standpoints through a company’s website content. Don’t fumble when it comes to thoroughly understanding the company’s origin and core values that are easily identifiable. With your career growth and happiness on the line, you would be doing a tremendous disservice to yourself to visit every page on their website.

Second, visiting their blog will grant you access to their most recent publications, such as recent awards/achievements, a behind-the-scenes look into their corporate handlings, or other key content they want pushed out as a representation of their brand. Third, visiting their social media pages will similarly offer great insight into their company culture, brand presentation, and reputation.

Lastly, platforms where past and present employees can leave company reviews, such as Glassdoor or Indeed, will highlight general aspects of the company you may not have otherwise discovered. Additionally, many employees will provide the job title they held, which can offer specific insight into the company’s handling of your desired role. As you climb down the rabbit hole, remember to keep your three non-negotiables at top-of-mind. Use your computer’s ‘Ctrl-F’ feature to find reviews containing your keywords quickly.

Wrap Up

Understanding a company’s culture from afar adds a level of complexity to an already complicated process, but following through on Kat’s and Hannah’s advice will allow you to stay informed and keep your best foot forward!

“Especially as companies commit to remote or hybrid work for the future, it’s more important than ever for candidates to know that a company’s values, work style, and goals align with their own,” Fleishman says. “Because that’s what shapes the employee experience—whether you’re in an office or remote.”

Check out the remainder of Kat’s SIX steps to uncovering an organization’s culture without entering the office here.

  1. Connect with Current (or Former) Employees
  2. Ask Specific Questions (even if they are difficult)
  3. Observe What You Can
  4. Use the Hiring Process as Your ‘Inside Look’

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Job Placement: How We Helped A Mortgage Professional Land A New Role

At NexGoal, we take the placing of our active candidates in their new careers very seriously – which is why our Project Coordinators spend so much time working with each candidate to put them in the best position to succeed. Once our candidates are placed, we like to take the time to share that candidate’s journey with all of you.

Our client, a nationwide leader in mortgage lending, prides itself on its elite customer service offerings and a culture built on respect and open communication. Through their cutting-edge technology and content, they have cemented themselves atop the mortgage industry. Recently, we had the pleasure of connecting our Cleveland, Ohio client with a well-tenured mortgage professional, Mary Tucciarone. Through 20+ years of Personal Banking experience in the Financial Services industry, we knew Mary would be an excellent fit for our client. She joins the growing list of highly qualified candidates we have helped place into a new career.

When asked about her experience working with our recruiter Clare Sullivan and the NexGoal team, Mary had this to say: “I can’t say enough great things about Clare. She always kept me informed and prepared for the next steps. She was very professional and easy to work with.”

At NexGoal, we take pride in placing candidates through all walks of life with our corporate clients. When discussing the specifics of working with Clare and how she helped set us apart from traditional recruiting firms, Mary stated: “Clare [Sullivan] was truly great to work with. Having someone that can speak on your behalf and be proactive in communicating with both sides was instrumental in my application and hiring process.”

In revealing why active job-seekers should come to NexGoal when looking for their next career, she stated, “It can be extremely difficult to find a job these days. It was great having a team like NexGoal dedicated to helping me.”

The NexGoal team would like to thank Mary for her thoughtful remarks, and we wish her continued success in her new role as Mortgage Loan Originator!

If you desire to operate in a happy and stress-free work environment for your next step in the mortgage industry, we have the opportunity for you! We look forward to placing you in your next career.

Employers: Are you looking to bring on highly qualified candidates like Mary, who may not find you on their own. Reach out & discover how quickly we can connect you with top active & passive job seekers near you!

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