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The crucial difference maker for the best mortgage companies to work for in Australia is ensuring every employee is listened to and catered for.
“Being a top employer in the mortgage and finance broking industry is about having a workplace culture that encourages employees to be themselves, offers opportunity to learn new skills and is flexible in ways that match their lives,” says CEO of the MFAA Anja Pannek. “It’s about the whole experience of being an employee – a comprehensive pay and benefits package alongside a nurturing and inclusive workplace environment where everyone is respected.”
This challenge is heightened by historical low levels of national unemployment and a cultural movement that has seen Right to Disconnect Laws enacted on August 26, 2024, giving employees of non-small business employers the right to refuse to monitor, read or respond to contact (or attempted contact) outside their working hours, unless doing so is unreasonable.
According to McCrindle’s Genders Defined Report, while compensation is crucial in the current economic climate, what employees want from work shifts with their life stages:
“This is what the research tells us, although it should be said that not every individual in a generation may fit these insights, so understanding what motivates and is important to one’s team is incredibly important,” says McCrindle’s advisory director Ashley Fell, underscoring what sets MPA’s Top Mortgage Employers of 2024 apart in a competitive and dynamic marketplace.
“Working out how to maintain a workplace culture where people feel engaged, part of the community and connected with colleagues and clients, even when they work remotely, will continue to be important for mortgage industry leaders to keep on their radar in the years to come,” Fell adds.
Attracting employees is also an issue as national unemployment stands at 4.2% (July 2024), which is part of an overall downward trend (apart from COVID-interrupted years) from 2014, when the rate stood at 6.2%.
However, within that trend, there has been a small rise in the rate since 2023 to 2024, but these rates are still significantly lower than the years before 2020.
To recognise the best employers in the Australian mortgage industry, MPA invited organisations to submit details about their offerings and practices. Employees from the nominated companies anonymously rated their satisfaction across critical factors such as compensation, culture, development, and work environment.
The 25 companies achieving an 80% or higher satisfaction rate were named Top Mortgage Employers.
The best mortgage companies to work for have built a supportive workplace culture, emphasising employee wellbeing and work-life balance. They also prioritise open communication channels that enable leadership to listen and act on employee feedback.
This is even more necessary across business models, as it’s common to have remote teams, parabrokers and client services staff focused on different parts of the end-to-end client experience.
Pannek explains, “A culture that has client centricity at its core is really important for a broking business – it’s what our industry is built on after all. Having all team members understand what their role is in supporting the end client helps ensure this client centricity shines.”
In the MFAA’s latest DEI survey, only half of respondents said they felt fully included and respected.
“Broking businesses do need to think about what they can do to shift this so that we can retain great employees and they can reach their potential,” adds Pannek. “To stand out, employers need to show that inclusion is important to them. There’s no one way to do this; the key is that it is genuine.”
These approaches are demonstrated by three of the best workplaces, showcasing best practices prioritised by leading organisations.
Finsure: The aggregator emphasises its “Finsure family” culture, fostering a supportive environment through regular social events, town halls and celebrations.
Finance Brokers Association of Australasia (FBAA): The industry association promotes a family-like culture where employees are treated as part of a close-knit community.
La Trobe Financial: The lender’s collaborative culture is built on communication and consistency. Its leadership fosters an environment where employees feel valued, respected and heard.
Finsure: Invests in employee wellbeing through the Sonder wellness app, on-site gym facilities, and flexible working arrangements that support personal commitments.
FBAA: Supports its employees’ mental and physical health with professional counselling, wellness programs and regular physical activities such as walking.
La Trobe: Offers a hybrid work model with flexible hours, mental health support and extensive parental leave.
Finsure: Conducts annual surveys and regular catch-ups to gather employee feedback, using it to improve and maintain a positive work environment.
FBAA: Integrates employee feedback into their operations, as evidenced by their new website design and events, which reflect a shift towards a more employee-focused strategy.
La Trobe: Actively revisits and updates its employee value proposition based on feedback. The leadership team is approachable, and the CEO engages directly with employees to understand their needs and concerns.
Randstad’s 2024 Employer Brand research showcases the importance of a top employer’s employee value proposition for different segments of its workforce demographics.
All workers want work-life balance and competitive compensation and benefits, except for Gen Z, which prioritises training instead of pay.
MPA’s Top Mortgage Employers are part of a formidable economic force and play a critical role in employment as the country’s broking industry is anticipated to continue its growth over the next five years.
According to the Deloitte Access Economics 2023 report, the broking sector contributed:
This year, most employees (71%) are satisfied with their current jobs and do not plan to leave their employers even if offered better working options that suit their needs. For the 29% who would consider other opportunities, this underscores an employer’s commitment to continuous improvement to attract and retain top talent and gain a competitive edge.
Overall satisfaction: 87%
Top satisfaction factor: Workplace culture
At the heart of the best mortgage company to work for is an ingrained belief in the importance of helping people, which fosters a positive and vibrant work environment.
“I truly believe our culture provides us with a unique selling proposition that elevates us above our competition,” says Finsure CEO Simon Bednar.
Every new hire undergoes a cultural assessment comprised of 10 questions during the interview process with its head of people and development to ensure all new starters reflect the qualities that define the organisation.
Its “Finsure family” culture shines as a top satisfaction factor among employee respondents, which the company nurtures by:
Employees reinforce what the organisation is doing well with the following comments:
Finsure invests in its staff’s wellbeing and personal development and offers a range of supportive initiatives designed to cultivate a positive work-life balance and continuous growth, ensuring the workforce remains happy and healthy.
A sample of these initiatives include:
“We also place a high value on community and team spirit, organising monthly social events ranging from casual drinks to team dinners,” says Bednar. “For those seeking adventure and restorative time away from work, Finsure provides discounted travel options, making vacations more accessible. We also allocate a staff training allowance to empower employees wanting to expand their knowledge and enhance their skills.”
Employee feedback through annual surveys and regular catch-ups with team leaders is paramount at the best mortgage company to work for. This approach helps leaders identify what staff enjoy and areas for improvement, ensuring accountability and fostering an open and honest work environment.
Overall satisfaction: 90%
Top satisfaction factor: Technology and resources
As a leading industry association, the FBAA’s philosophical approach to its workplace culture is straightforward: employees are part of the family and are treated as such.
Fostering a family-like culture within the organisation leads to employees being treated well, enhancing their job satisfaction and performance. Trust is built between management and employees by creating a supportive environment and allowing employees the freedom to make decisions.
“When people enjoy what they’re doing, they generally do it really well,” says managing director Peter White, AM. “Our philosophy underpins everything we do, and we always hoped that it would shine through as something our employees see as a value.”
That family-first mindset is evident in its flexible work environment, featuring two days of working from home, monthly team-building events and a compassionate attitude towards employees’ needs.
Employee respondents emphasise how the organisation stands out as a top employer:
In 2016, White initiated a conversation around mental health, raising awareness of the issue industrywide. It’s no surprise then that the FBAA’s mental health and wellness support for employees is top tier, including:
Bi-annual performance reviews are conducted, where leaders prioritise employees’ career aspirations, and proactive conversations help to uncover the training and education required for success, from administration and management courses to certificate-level programs and attendance at topic-specific summits and conferences.
FBAA’s team works in an intensive environment as a not-for-profit, serving a membership of over 12,000 and growing. The organisation acknowledges staff contributions in various ways, including:
“We always like doing the things that are not expected and not in their employment contract,” White says. “It’s one of those recognition pieces for us to show employees we’re thankful for all they do.”
Building upon its top employer status hinges on listening to employees’ needs and feedback and directly addressing the issues that arise. This approach has been integrated into their new website design and events, signalling a shift from traditional practices to a more response- and employee-focused strategy.
Overall satisfaction: 81%
Top satisfaction factor: Commitment to charitable or community organisations and initiatives
Communication and consistency underpin the supportive work environment at the best mortgage company for which to work. The lender’s collaborative culture ensures everyone feels valued, respected and heard, an element that is foundational to their approach.
“We’ve created an environment where employees can speak up, share their opinions and contribute,” says chief people and marketing officer Antonietta Sestito. “Ultimately, having the right leadership team that is supportive, open and approachable has been a key factor for our success over the last few years.”
La Trobe’s recent employee survey revealed the following:
A change of guards two years ago ushered in a new CEO, Chris Andrews, who has brought a fresh perspective and a commitment to listening and understanding what employees want when they come to work. His approach includes lunches with groups of employees, which serve as open forums where they could ask him anything on their minds.
Employees praised La Trobe’s organisational strengths:
La Trobe revisited its employee value proposition about 18 months ago and updated its benefits based on employee feedback and engagement surveys.
Several programs and initiatives were enhanced, including:
“Our flexibility is truly flexible, in the sense that people don’t have to lock in anything,” Davies says.
Priding itself on being a place where people can build a career and make a difference, the organisation offers a wealth of training and professional development programs, including female leaders supported by the Future Women’s program.
The company’s Leadership @ La Trobe program is effectively transforming and developing its leadership team. Additionally, its annual Australian concert series supporting the arts and local talent is highly anticipated by employees.
La Trobe is also engaged in community initiatives such as beach clean-ups with Taonga Zoo, collaborations with Magpie Nest Café and Red Cross blood donation drives.
Reliability and consistency will continue driving the top employer forward, Davies says, along with continually reviewing and listening to employee feedback, including individualised details on how an employee feels.
“Our focus is on identifying those themes and making the most impactful changes that benefit employees,” adds Davis.
The process of finding and recognising the best employers in the Australian mortgage industry took place in two phases. First, MPA invited organisations to submit their details in a survey, in which they were able to describe their offerings and business practices.
Second, employees from the nominated companies were asked to fill out an anonymous survey to rate their satisfaction with a number of key factors, such as compensation, employee development, culture and work environment. Each company was required to meet a minimum number of employee responses based on its overall size. Any company that achieved a satisfaction rating of 80% or greater was named a Top Mortgage Employer.
