Heejin and I used to be even more clueless when it came to retention b/c we thought it was all about the money. B/c we used to be all about the money. I would have worked out of a cardboard box under a freeway overpass if the volume and split were good.
Not so with our Uber-talented Millennials – they stay primarily b/c of our culture and our volume-based profit sharing, and also b/c of our “Why” and our “Vision.”
1. We are obsessed with culture. Our culture is all about “safety,” “family” and “fun.” Safety means everyone can make mistakes without getting chastised and can also feel free to share ideas. Family means everyone likes and supports each other (nobody wants to leave their family). And fun means dart gun wars, flip cup, Jenga, Jeopardy, champagne tasting, happy hours, raffles, contests, Tahoe trips, etc. We never stop.
2. Profit sharing. The better JVM does, the better everyone at the firm does. To be compliant we base our sharing on total volume of loans; so the more we fund the more everyone makes. This is key for retention.
3. Share your “Why”. This is from Simon Sinek’s famous book “Start With Why.” As we mentioned in a recent blog, “People don’t buy what you do; they buy why you do it.” Your “Why” can’t just be making money. Find your “Why” and you’ll both get more business and retain your top talent.
4. Share your vision. Your top talent wants to know exactly where you’re going, and where they’re going.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167
