Striking While the Iron is Cool (3 min read)
Recruiting within the land title and settlement industry while under the specter of a looming recession can be fraught with issues, but it doesn’t necessarily have to be so negative. While many companies are laying off staff in an effort to cut costs, there is still an opportunity to add top talent that your competitors unfortunately have had to let go. Nonetheless, it’s important to be creative with hiring practices, including reimagining roles to increase job satisfaction and enhance efficiencies. Moreover, by taking better care of your internal talent, you can also upgrade your teams for future success and perhaps capitalize on moments of strategic opportunity.
Build Around Your Current Team
When times get tough in the housing market, one of the best ways to cut costs without sacrificing quality talent is by reimagining existing roles. As outlined by Forbes, breaking down communication silos and expanding the scope of control for key individuals can help improve job satisfaction by maximizing the use of key resources. This may include adjusting job titles, evaluating responsibilities, and creating new opportunities for employees who may not have previously had access to advancement. This strategy allows companies to make necessary cuts while still maintaining the highest quality talent. When employees feel their work is appreciated and meaningful, they will be more likely to stick through difficult times with the company even if their salary or hours are reduced. Restructuring and streamlining teams and departments around “A” players can also make room to add external “All-star” players that may become available or at least open to listening to your pitch to join.
Upgrading Your Teams
Speaking of All-stars, recruiting during a recession doesn’t always mean settling for subpar talent—in some cases, recruiting in a down market can actually help upgrade your company by finding solid candidates that competitors may have let go due to budget constraints. Case in point, during slower markets there are going to be a significant percentage of companies that do not have deep enough pockets to maintain all of their most experienced and likely most expensive employees. Thus, there are going to be individuals out there on the market that would typically never be available during boom times. In addition, there are many individuals that may currently be open to proactively switching companies now that they have a time to breathe a little and reevaluate their current roles. Even better, they may also be revenue attached and/or possess a rare skill set or knowledge base of experience that you may covet.
Frankly, it is challenging to see the headlines each day “this company cutting this many positions” and “that company slashing that many roles.” However, this type of thing is part of the business cycle and many industries outside of the Settlement Service space are also dealing with similar challenges.
However, many understand that “this too shall pass” and they are adding talent, taking this time to upgrade and enhance their existing teams. If your company has a long-term vision and is well-resourced enough to see the other side of the rainbow/recession, then scooping up “A” players while you can should see your company well-positioned once things turn around. We can tell you with absolute certainty that this is happening right now and most definitely in a market near you. After a relatively brief pause, we are now seeing all kinds of activity on this recruiting front.
What’s the Point, Mr. Recruiter?
The housing market will come back around, it is not a matter of if, only when. Knowing that fact means looking at the current situation as a somewhat uncomfortable blip and strategizing around how to survive it and then thrive thereafter. Continuing to maintain a well-thought-out, forward looking recruiting plan during a recession does not have to mean sacrificing quality or results. With some creativity and ingenuity, it can actually be an opportunity for growth and improvement within your organization. By reimagining existing roles for added job satisfaction while cutting costs, upgrading your teams with top-tier candidates that other businesses let go due economic downturns, looking for opportunities to recruit fresh talent that may now be open to talking, and taking better care of your existing team members no matter what happens outside your walls; you can build strong teams capable of driving business success even in difficult times. You might just come out of all of this stronger and better positioned for success.
Anderson|Biro is a full-service, Executive Search firm dedicated to the Financial Services sector around the country. We source talent to service all aspects of the Land Title Insurance, Settlement, and Appraisal industries. We offer quality solutions for clients in these primary fields and beyond. Our candidates are screened for specific industry experience, outstanding track records, and values that complement your mission and culture. We have also built successful partnerships with leading Homebuilders, iBuyers, Fintech, Servicers, Law Firms, Real Estate Brokerages, and Lenders with direct or indirect stakes around the real estate closing table.