Your business is growing fast. Your staff is stretched thin. You have open positions waiting to be filled—but hiring mistakes are expensive. You can’t afford to fill the job with just anyone.
How do you find the right talent, fast?
If your small to medium business is like most, you eventually face this question. Often, SMBs can find inspiration from other companies that have put the right hiring process in place.
One such SMB is Movement Mortgage, a startup company that’s transforming the residential lending industry. They’ve been radical in how they apply digital technology to attract—and keep—both customers and employees.
Movement Mortgage—recognized by Inc. Magazine as the fastest-growing mortgage bank in the country—is on a mission to gain 10% of the U.S. home mortgage market by 2025. To support this vision, the firm streamlined its recruiting and onboarding with Oracle Talent Management Cloud for Midsize. Here are 7 ways Movement Mortgage has transformed its hiring processes and grown its business.
Movement Mortgage hires, on average, 150 new loan officers per month. To accommodate this, the firm first used external recruiters. That proved costly and time-consuming. When they moved recruiting in-house, they struggled with manual and paper-based headaches. By using Oracle Talent Management Cloud for Midsize, Movement Mortgage saved significant administrative time and overhead costs, and increased the quality of new hires.
To reach its business goals—addressing home-loan requests within seven business days (four times faster than established competitors)—Movement Mortgage relies on mobile. Now it does so for talent management, too. New hires can use their smartphones to apply online and get regular updates (such as new job openings that might be a good fit).
A single person manages each new-hire experience at Movement Mortgage. Hiring managers and supporting departments receive automated, role-dependent reminders at each stage. Hiring managers now initiate job requisitions, saving time and increasing accuracy. And once a new hire onboards, he or she can verify their own profile information. This avoids any potential hurdles that could affect payroll, benefits, or federal and state regulatory compliance.
In banking, high-level employees require certifications and security requirements. Such prerequisites can be time consuming to check and confirm. Yet Movement Mortgage found a way to make it more efficient, especially when seeking high-level applicants. The firm moved to a two-stage application process. The first set of questions captures data for high-level candidates, and a second set of questions provides additional filters and detail.
Movement Mortgage continues to grow quickly, with 3,700 employees in 450 locations across 47 states. To streamline HR processes, the firm uses centralized applicant tracking, which identifies repeat applicants who have already been considered at a different branch location.
Movement Mortgage compares applicant pools and individual recruiter methods with established benchmarks across the company’s multiple locations. That allows the business to accurately measure and compare metrics such as time-to-fill, and use those measurements to implement best practices across the board—helping them cut hiring time in half.
To stay up-to-date on the latest ideas and trends in HR in the cloud, Movement Mortgages leverages the Oracle Applications Customer Connect Community, which offers blog posts, online chat, help videos and advice from Oracle experts. There is also a large annual user conference, where users from different industries share ideas and best practices.
And, with the cloud, Movement Mortgage always has access to the latest version of their HR software. Whenever new innovations are developed, the company can roll them out immediately.
Balancing growth and onboarding is a challenge for SMBs, but firms like Movement Mortgage show how the right technology and processes can turn onboarding into opportunity.