More and more as time goes by, millennials will be the drivers of business in the mortgage industry. But more than that, they'll be leaders in it.
Across all industries, the millennial consumer is one of the most talked-about themes in business. We want to pay close attention to how the millennials are spending their time and money, how they prefer to interact with companies, and what types of media they tend to use. Undoubtedly, this is an important issue to focus on, and the mortgage industry is no exception. More and more as time goes by, the millennials will be the drivers of business in the mortgage industry.
But millennials aren't just consumers; they're also employees. When we think about millennials, then, we should put just as much focus on talent acquisition and development of millennials as we do on targeting millennials as consumers. The mortgage industry, compared to many other industries, skews older. Most of us in the mortgage industry -- especially those of us in leadership positions -- are from previous generations. Soon, this will not be the case. The question is: are we going to do a good job of transitioning millennials into leadership positions so that there's a smooth transition?
As a leader in the mortgage industry, I would encourage you to take every opportunity you can to be a mentor for young people. Take a millennial under your wing and share your experience with them. While you will certainly learn a great deal from them, they will also be able to learn from you and become more capable leaders for the future of the mortgage industry. So, how about it? Have you spent any time developing young people in your organization?
