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 entering 2022. 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 desirable 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. 

NOTE: This past June marked the first time since 2020 that the volume of existing-home sales rose as more houses hit 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.

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Trends To Monitor in the Med Tech Industry

The implementation of digital and remote technologies in healthcare hit its stride well before COVID-19 began, but the pandemic still greatly amplified consumer needs and propelled technology advancements. Not many fields have been as innovative and beneficial as the Medical Device arena over the past few years, and many analysts project continued improvements in the industry. Within continued technological developments, healthcare organizations across the country are streamlining their clinical and workflow management to improve efficiency and safety regularly.

“We need this [rapid technology advancement] to continue beyond COVID-19 and foster the emergence of more essential healthcare solutions, governed by a regulatory establishment that welcomes and supports continuous innovation.” -Claudio Hanna, Web Industries.

From the developments in Cybersecurity, IoMT, AI, and Robotics to the rapidly increasing hiring needs and remote work shift, we have constructed the ultimate compilation of the latest Medical Device industry trends and statistics of 2022.

*Research & statistics are courtesy of the industry professionals at ProMed, Penrod, Demigos, ATL Technology, LinchPin, Medical Design Briefs, & more!

Tech Trends Continue To Climb

1. Increased Cybersecurity

The necessity of enhanced cybersecurity is being prioritized in the healthcare sector, especially Medical Devices. Within the shift towards digital healthcare, strengthened security infrastructure is only natural. With the information exchanged between manufacturers, suppliers, and stakeholders, companies must put forth strong security measures to push back against the continually advancing tactics from hackers.

Cybersecurity firm Carbon Black reported 239.4 million attempted attacks against their healthcare customers in 2020, with “an average of 816 attempted attacks per endpoint in 2020, a 9,851% increase from 2019″ (Demigos). Stemming from this data and the reported attacks on vaccine data across the country, the FDA holds Medical Device manufacturers directly responsible for any consequences that arise due to a breach in security.

2. Expansion of IoMT (Internet of Medical Things)

Connecting I.T. with Healthcare – A large part of digital healthcare’s successful integration would not be possible without the continued advancements in connective devices. These devices are used to monitor blood pressure, blood sugar, body temperature, and more. Utilized in healthcare prevention, diagnosis, and therapy, IoMT analyzes complex data that allows sound decision-making and improves operational efficiency. Despite high costs in hardware maintenance and installation software, ProMed projects continued evolvement of IoT towards telehealth and telemedicine technologies. This shift steadily improves remote patient care through applications such as insulin and glucose meters for diabetes and electrocardiogram monitors detecting irregular heartbeats. Digitalized workflows make way for further automation and optimization, allowing healthcare expansion into areas lacking full-time hospitals.

“Healthcare providers are increasingly growing to not just accept but to truly value patient-collected data as an important piece of what goes into shaping their clinical decisions.” -Russ Johannesson, CEO of Glooko.

Hitting a value of $44.5 billion in 2018, ATR projects the global IoMT market to reach $254.2 billion by 2026. Medical Device companies are continually looking to get the upper edge in IoMT technologies, which is an encouraged competition considering improved health is the beneficiary.

3. Wearables, Sensors & Remote Patient Monitoring

Hospitals and patients alike are becoming increasingly comfortable with the use of mobile devices and technology to monitor their health. With the analytical potential of biosensors and wearables through the IoMT emergence, companies can put continued remote health procedures for patients into action. Incorporating A.I. into remote patient monitoring allows healthcare organizations to expand their treatment capabilities by linking live data to real-time decision-making. “Wearables are also in high demand for individuals that do not have a given medical condition and simply wish to improve overall wellness. As demand for more personalized wearables increases, tech companies are busy developing new innovations.” (ProMed)

Biosensors can analyze a patient’s blood and sweat, predict worsening conditions and prescribe clinical interventions. From smartwatches to digital blood pressure cuffs and heart/glucose monitors, these devices provide key benefits from reduced hospital stays, prevention of medical emergencies, and increased freedom for patients and doctors. For example, Demigos revealed a recent example of growing investments in wearables being proven to produce valuable data: “Apple Watch’s ECG feature was cleared by the U.S. Food and Drug Administration (FDA) to detect a condition called atrial fibrillation.”

Global end-user spending on wearable devices totaled $81.5 billion in 2021, an 18.1% increase from $69 billion in 2020. (Gartner, Inc.)

4. V.R. (Virtual Reality) & A.R. (Augmented Reality)

Revolutionizing the Healthcare Industry – Within the developments of V.R. & A.R., healthcare organizations are stepping up medical training and capabilities in patient care. Virtual and augmented reality offer simulated ‘real-life’ experiences for medical practitioners to master their skills and for patient therapy treatments in vision, depression, anxiety, PTSD, and physical recovery. Medical Device manufacturers across the country utilize these technologies to collaborate in real-time from remote locations and improve knowledge retention through visuality. Revealing proven results in medical training and patient rehabilitation, V.R. & A.R. are can “reduce ‘skill fade’ by 52% and improve retention by up to 75%, compared with 10% for traditional methods.” (Demigos)

According to BIS Research, the global market for augmented and virtual reality in healthcare is expected to grow to $11.4 billion by 2025.

5. Robotics

Accelerating physician and patient assistance in surgery, rehabilitation, sanitization, and automated research, non-invasive and minimally invasive robotic systems have become a key component in healthcare. Key examples include the da Vinci Surgical Robot, the Xenex Germ-Zapping Robot, the Paro Therapeutic robot, and the Gamma and Cyber knife. At the same time, developers are making considerable progress in robotic radiation therapy. Robotic surgeries have gained preference from hospitals and patients alike. “While surgeons enjoy the precision, efficiency, control, and better ergonomics robotics provide, patients favor the smaller incisions, shorter recovery period, decreased blood loss, and reduced hospital stay that these minimally invasive procedures offer.” (Columbus Global)

After reaching $5.5 billion in 2018, the market of robotic delivery systems is expected to reach $24 billion by 2025. (Columbus Global)

The latest addition in medical robotics, nanotechnology, consists of 1-millimeter microbots utilized to “repair damaged tissue or attack dangerous bacteria or diseases, including cancer” (Penrod). Clinical researchers are making significant strides in developing these programmable microbots into a self-servicing pill for patients needing treatment.

Remote Work Shift – A Spike in Job Openings

Being locked down to one location due to a job is a thing of the past. COVID-19 has forced employees from all lines of work into temporary or permanent remote working environments. With all the resources and technologies to virtually connect a nationwide workforce, expectations have dramatically shifted for the future of remote work. As a result, employers and their human resource departments are tasked with the heavy responsibility of staying aware of the latest tech and trends to support their employees. A strong H.R. team is required in these times as it is their role to offer benefits and keep the policies in place that will bolster success and limit burnout, thus ensuring employee retention.

Demand is high within the Medical Device industry, which has led to a wide variety of career professionals looking to ‘get in on the action.’ Despite the plethora of job seekers, employers are admittingly finding it difficult to fill their open positions with the ‘right fit.’ Employers’ ability to adapt to the times plays a significant role in keeping up with competitors and constructing a healthy recruitment marketing model. New technology has allowed many employers to open opportunities to fully remote and semi-remote positions and reach a higher quality of talent recruitment.

The Medical Device industry includes nearly 2 million jobs in the U.S., with Medical Technology directly accounting for approximately 519,000 of these jobs. (AdvaMed)

Courtesy of Talent Culture, here are three tech-based systems easily accessible to employers to streamline the remote work process in H.R.

via Fortune Business Insights

Statistics & Growth Projections via Linchpin & AdvaMed

  1. The amount of medical data obtained increases by 100% about every 73 days.
  2. When collecting data for medical research, studies show that only 40% of patients are willing to share their personal information.
  3. By 2025, the use of extended reality devices is expected to reach $5.1 billion.
  4. It’s anticipated that growth in the IoMT market will continue by 30.8% annually, reaching $159.1 billion by 2022.
  5. The total economic output by the industry in the U.S. amounts to $381 billion annually. The market growth rate is expected to reach 5.6%-6.1% per year from 2021 onwards.
  6. Every $1 billion in advanced medical technology revenue in the U.S. generates an additional $1.69 billion in national economic output, almost 13,000 new jobs, and $778 million in personal income.

Research & Analysis in Medical Sales via Zippia:

  • There are over 137,653 medical sales representatives currently employed in the United States.
  • 46.9% of all medical sales representatives are women, while only 49.5% are men.
  • The average age of an employed medical sales representative is 46 years old.
  • The most common ethnicity of medical sales representatives is White (76.5%), followed by Hispanic or Latino (13.3%) and Asian (4.6%).
  • Most medical sales representatives are located in New York, New York, and Chicago, Illinois.
  • Medical sales representatives are most in-demand in Atlanta, GA.
  • Medical sales representatives are paid an average annual salary of $89,071.
  • The pharmaceutical industry is the highest-paying for medical sales representatives.
  • Seattle, Washington pays an annual average wage of $92,306, the highest in the U.S.
  • A medical sales representative’s average starting salary is $59,000.
  • In 2021, women earned 95% of what men earned.
  • Vermont is the best state for medical sales representatives to live.
  • Medical sales representatives are more likely to work at private companies in comparison to public companies.

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? Filling positions in Sales, Quality Assurance, Quality Control, Manufacturing, R&D Design, and more, we would love the chance to showcase how our industry expertise and candidate database can benefit you. Contact our CEO, Kevin Dahl, at kevindahl@nexgoal.com to start putting this plan into action.

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Understanding And Overcoming Ghosting In Your Job Search

The dating world is scary enough as is, and that’s before considering the potential ‘ghosting’ that can occur. Ghosting, a phenomenon where a prospective partner ceases all communication, is common in dating. Another, more promising option will come along, some circumstances will take up a person’s time, or the person may simply resolve its better to disappear than have a difficult conversation.

While frustrating enough in the dating world, thanks to the sheer amount of potential applicants and the ease of using technology over face-to-face communication, ghosting has become extremely common in the hiring stratosphere as well. You may have a phone screening or even an interview and never hear from the company again. Recruiters may find a promising candidate, help them along their hiring process, and then get left on read.

We’ll examine the data behind ghosting, look at why ghosting happens, and provide job seekers will some ghostbusting strategies.

The data of ghosting

Both employers and job seekers are guilty of ghosting during the ‘courting’ process. A 2019 Indeed study found that 83% of employers had been ghosted by a candidate, and 18% of job seekers admitted to ghosting an employer.

The trend has become even more pronounced since the pandemic, especially for job seekers. Indeed did another study in 2021 that found that 77% of job seekers have been ghosted by a prospective employer. 28% of job seekers admitted to ghosting an employer, a 10% increase in just two years.

SHRM believes that ghosting is most common early in the interview process, though it isn’t out of the question for it to occur even very late in the hiring process.

Note that while you may apply for a job and never get any sort of response, this is not ghosting. With the sheer amount of applicants, especially on job boards and for entry-level jobs, companies simply can’t follow up with everyone. Just like in dating, ghosting occurs where there’s been some dialogue between both parties.

“It’s important to be clear about exactly what ghosting is. Some job seekers might feel that they’ve been ghosted when they send in their resumes and never receive any response. But ghosting is really when an employer severs all contact with a candidate after there has been some kind of real interaction.” –J.T. O’Donnell, founder of WorkItDaily

Why does ghosting happen

Very rarely is a workplace ghosting a reflection on the job seeker. From an employer’s side, ghosting is largely a combination of two factors: a large workload and a communication breakdown.

Job board postings, especially for entry-level jobs, can get hundreds of applications. Even if you’ve heard from the employer, your name may simply be lost with other applicants by the second stage. The lack of communication could be completely unintentional, or an employer may choose to only focus on those moving forward. The company may hire internally and subsequently cut all communication with outside candidates or may close the position altogether, reminds Indeed.

Kimberly Reeves of A Better Way Consulting believes many hiring managers are simply afraid of having that tough conversation of telling a candidate why they weren’t selected. People don’t know how to talk to each other, especially for difficult conversations, so they avoid them altogether.

“When employers can’t give candidates closure, candidates may feel like they are being told that they aren’t even worth a conversation. “Are people important or are people not important? In the staffing business, people are your bread and butter. They’re your client, and they’re also your product.” -Kimberly Reeves

Some companies even fear the backlash that could occur and even believe there could be a legal consequence by outright rejecting someone.

What to do when you’re ghosted

Knowing ghosting is a frequently occurring problem and understanding why companies ghost you doesn’t exactly make up for the frustration of being ghosted. Luckily, if you’ve been ghosted, you have some ghostbusting tools at your disposal.

Before the interview ends, ask your interviewer what sort of timeline to expect a decision, writes Forbes contributor Caroline Castrillon. You can even ask whom to contact if you don’t hear anything back in that timeframe, setting you up for success before a ghosting can occur. Who ya gonna call? That contact!

Castrillon and many others believe in the importance of following up after this interview. This is a good practice in general, writes LinkedIn’s Bob McIntosh. Following up after an interview shows initiative and politeness, and, most importantly to this conversation, keeps your name in the interviewer’s memory.

Business Insider’s Stephen Jones reminds us to be patient with subsequent follow-ups. Waiting an extra day before your make another inquiry is wise, as you don’t know what occurred in their office that could have slowed down your communication. Being ghosted is never fun, but you can’t be pushy with your inquiries.

You can also try another form of contact if you aren’t getting through. If your email isn’t getting traction, try a phone call. But at some point, you’ll have to come to terms with the fact you didn’t get the job. From there, you can try connecting with other individuals in the company to try to get an informational interview, says O’Donnell. You’re past the point of getting the previous job, but it may prepare you for other opportunities.

Wrap up

Being ghosted as a job seeker is becoming unfortunately common, especially since the start of the pandemic. Remember that the factors that led to you being ghosted are mostly out of your control. Understanding the data behind ghosting and the primary reasons organizations engage in ghosting should provide clarity. Armed with this knowledge, you can craft effective follow-up attempts, but learn to recognize when it’s time to move on to other opportunities.

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Which Of These Three Workplace Archetypes Are You?

Many of us love “What type are you?” tests, whether it’s what Harry Potter house, what order of Knight Radiant you are, or what The Office character you are.  These tests can lead to a fun sort of tribalism, but there aren’t limited to pop culture, either. There exist many types of categorizations based on real-world archetypes, including popular ones like Myers-Briggs type indicators and the Mensa IQ test.

While often taken for fun, these quizzes can provide insight into your inner workings and how you operate in different scenarios. In the workplace, knowing what type of employee you are can help you find a career that is right for you. Employers can use this knowledge to better target the type of worker they need.

“Knowing your work orientation can help you find ways to motivate yourself and craft a better work situation without having to change jobs. It can also help you know what other careers might be more or equally satisfying to you.” –Katharine Brooks

Yale professor Amy Wrzesniewski found three approaches to work and life, with workers fitting into one of these three categories: job orientation, career orientation, and calling orientation. We’ll analyze the three orientations, look into the importance of knowing your archetype, and offer commentary on what other classifications analysts have found.

Job orientation

Those with a job orientation are your classic workers who work to make a living. They work to have an income and provide for themselves while having many interests and priorities outside the workplace. For those with a job orientation, work is a necessity, and they would prefer to keep their work and home lives separate. They’ll put in good work but won’t take it home with them.

Inc.com’s Jessica Stillman believes that knowing you’re of this orientation allows you to find fulfillment outside the office.

“[Y]ou can emphasize finding fulfillment outside of paid employment with hobbies, community activities, or family.” –Jessica Stillman

Career orientation

Those of the career orientation are more engaged in their work, viewing work as a corporate ladder to be climbed. They are motivated by success and prestige and find fulfillment in respect, status, and paychecks. In their own categorization, HR Resolutions cites Gallup’s three classifications: engaged, not engaged, and actively disengaged. In this classification, career-oriented workers are the engaged workers.

Career-oriented workers are best motivated by a clear corporate ladder, writes career coach Katharine Brooks, who analyzed the three archetypes for Psychology Today.

“This individual will be interested in the ability to move upward in his or her career, to receive raises and new titles, and to achieve the social standing which comes from the career.” –Katharine Brooks

Calling orientation

These individuals are those who find fulfillment and meaning in their career development. Their job is more than a career or a way to make money – it is truly a calling. Forbes’ Luis Romero refers to this type of worker as ‘The Entrepreneur’ is his own classification.

“These are those pursuing a higher purpose. In other words, their main motivation transcends the need for money and their idea of being useful is intrinsically tied to doing something that they love. In short, they have a clear personal mission and vision.” –Luis Romero

Calling-orientated workers get satisfaction from giving themselves to their chosen calling. They value growth diving into their work, and Wrzesniewski found they were generally very satisfied with their careers and personal lives.

Why is this important?

Brooks reiterates that knowing what archetype you fall under will make it easier to find fulfillment inside and outside of your career. If you’re a job-orientated person that thinks they are career-orientated, they may never find the career satisfaction they crave.

Employers can benefit from this knowledge by knowing what types of workers to seek for their open positions. Lila MacLellan wrote that a company’s expectations need to meet their employees’ orientation, and that disconnect is one of the major reasons for the Great Resignation.

“Some may emphasize purpose or a hard-driving culture over pay and work-life balance, which wouldn’t suit those with a job orientation. And other workplaces may promise meaningful work or pathways for advancement but fail to deliver either in practice.” –Lila MacLellan

Remember that these archetypes refer to work styles, not job titles. Many entrepreneurs do fall under the calling category, and most highly-successful industry leaders we picture probably do as well. But anyone who views their work as their purpose falls under this category, regardless of pay grade or title.

Wrzesniewski found that each type is equally represented in most workplaces. Brooks uses this data to show how an administrative assistant could fall under any of the three types as an example. The assistant could accept the job because it’s available and the pay is good. They could accept the position knowing it’s the first step to climbing the corporate ladder. Or the assistant could have a passion for assisting their supervisor and providing unparalleled customer service.

There will also always be overlaps. Job-orientated employees still want to feel valued for their work, and calling-orientated workers still want to be paid well.

Other models

We referenced Gallup’s “engaged, not engaged, actively disengaged” model, and Romero’s ‘Entrepreneur’ is paired against the ‘Freeloader’ and the ‘Worker’. CNBC’s three types of workers include takers, matchers, and givers. Many models have a clear ‘best’ type of worker in juxtaposition to the ‘inferior’ types. These models are often unkind and don’t take outside circumstances, or the employer’s failings, into consideration.

The strength of Wrzesniewski’s archetypes is that there are no ‘good’ or ‘bad’ types. Every organization will be filled with each of the three types, and knowing this can put each type in a position to succeed. Knowing your own style lets you find a sense of satisfaction when you find a position conducive to your style, and employers can better motivate employees once they understand what actually motivates them.

Wrap up

It may feel like declaring a Harry Potter house, but knowing your work archetype has tangible benefits. Wrzesniewski offers a model that encompasses all workers without declaring a type better than others. Being aware of your type will allow you to find the right career for you, and employers armed with this knowledge will know how to better motivate their employees.

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Experts Predict These 2022 Workplace Trends

While a new year is just a calendar change in practice, it’s symbolic of fresh opportunities and new beginnings. Calendar years take on their own form of anthropomorphism and their own identity in the collective social mindset.

2020 was the start of the COVID-19 pandemic and had a massive effect on all aspects of our life. 2021 was a continuation as society started to push back and develop new ways to exist in the face of adversity. 2022 is young, and it doesn’t have a clear identity yet, but based on the last few years, we can predict some trends.

Many experts are optimistic that 2022 will bring a vast array of positive workplace trends after a difficult 2020 and 2021. Visier declared 2022 as the “Age of the Employees” and expects a shift towards quality of life and work-life balance, and they aren’t the only ones thinking this way.

“The massive upheavals of 2020 and 2021 made it clear that the most successful companies are the ones that evolve to retain and grow their most valuable asset: their people.”- Visier

Jeanne Meister covered the top 2022 HR workplace trends for Forbes. We’ll review three common themes shared by these trends.

Prioritizing employee well-being

If 2022 is truly the “Age of the Employees” it’s because worker preference matters more than ever before. 2020 shook up worker stability by forcing company shutdowns and layoffs, causing many workers to take a hard look at what they want from their professional life. This led to the Great Resignation, or the Great Reshuffling, as workers sought new opportunities that better aligned with their wants and needs.

Meister believes this focus means organizations need to not only care about the well-being of their employees at work but increase their overall quality of life as well. She cites a Paychex and Future Workplace study that found 82% of workers polled listed well-being as a key factor when deciding where to apply. We previously found that workers value a culture of value more than a high salary, and this trend will likely magnify going forward. Companies willing to invest in their employees’ quality of life will have an easier time attracting top-tier talent.

Hybrid work becoming the new norm

Flexibility is one of the biggest keys to success during the pandemic, and the switch to remote and hybrid work is a testament to that. Switching away from the traditional 40 hour, in-office workweek has been a breath of fresh air for many, and flexible work models are here to stay. Meister illustrates this with an Accenture survey that found a whopping 83% of workers prefer a hybrid model and that 63% of ‘high-growth’ companies have switched to a productivity anywhere model.

In wake of the high amount of out of office employees, Visier believes companies will value productivity output over hourly input. Without many of the time-wasting distractions an office job can have, employees can finish their work in a fraction of the time. Why should they be punished for doing quality work more quickly?

Because of this, as well as a shortage of quality workers, Harvard Business Review believes companies will switch to a shorter workweek.

“While some companies are able to compete for talent through compensation alone, others don’t have the financial resources to do so. Rather than trying to win the war for talent by increasing compensation, we are seeing some employers reduce the number of hours worked by employees and keeping compensation flat.“ –Brian Kropp and Emily Rose McRae (HBR)

A jump in skills-based hiring

The trajectory of the average worker’s career path looks much different today than it did 20 years ago. Employees aren’t staying at the same company for 40 years anymore. The pandemic exemplified that, thanks to the Great Resignation/Reshuffling. This means that tangible skills are becoming more valuable than set experience.

We recently covered the most in-demand skills employers seek in 2022, including communication, problem-solving, adaptability, and time management skills. Glassdoor covered a list of companies who are now hiring based on these types of skills rather than set degrees, including Google, Costco, and Hilton. Meister believes this trend will benefit both external and internal hires.

“Skills based hiring expands the prospective talent pool but also allows internal employees opportunities greater visibility into their career mobility by providing them with educational pathways for specific industries and job functions.” – Meister

Technological improvements make life easier for workers, and both Meister and HBR discuss the implications automated tasks have on the workplace. Meister discusses that this creates a new space for a new set of skills and new types of positions. HBR covers the management side, believing that with many managers now able to automate mundane tasks they can focus on the human side of their jobs.

Wrap up

The data used by the above experts shows that employee preference matters more now than ever before, and smart organizations are adapting to worker desires. Companies willing to prioritize their employees’ well-being, offer flexible work models, and prioritize employee skills over arbitrary experience levels will do best in the proposed Age of Employees.

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