I was just reminded of a famous story in our industry about a mortgage company owner who had a great year, so she bought a mansion and hosted her entire company for a holiday party. She spared no expense and even made a grand entrance down her staircase to ensure she made the maximum impression.
All this might have been fine but for the fact that the only “bonus” her staff members received that year was her gift of a Christmas ornament.
This story, while amusing, could be told about many owners in the mortgage industry from years past, as our industry was notorious for ridiculously ostentatious living. What is most interesting is that almost every one of those owners has since gone belly up.
This is just another reminder during the good times to share the wealth with talented assistants and employees. It keeps morale much higher; it ensures everyone works together on the same team, and it makes work environments much more fun overall. It is also much cheaper.
Since JVM implemented very aggressive and generous bonus plans related to company performance, our service levels and profits have soared. Launching the plans was terrifying at first b/c of the expense. Now, we would be terrified not to have the plans.
Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646
