Everyday, we see conflicting news reports about the state of the nation's job market. One day, thousands of new jobs are created, but the next day, companies are closing left and right. However, there is reason to be optimistic in the new year as prospects across the country are becoming solid for qualified professionals. This is due to the fact that now more than ever, companies need top candidates, so they are taking new unconventional approaches to recruit. Companies like Providential Bancorp are at the forefront of these new techniques by taking an aggressive approach to recruiting top talent with the promise of audacious goals.
Although, things have not always been successful for Providential. Following the mortgage crisis of 2007, Providential Bancorp was left reeling after laying off thousands of employees. However, they survived the "great shakeout" by taking the opportunity to rebuild the company with innovative strategies in an industry not known for radical change.
"Management focused our efforts on a new business model," states Tim Padavic, VP of Business Development for Providential. "We’ve made amazing improvements in recruiting and operations through innovations in technology."
Chief among these innovations was the creation of a virtual platform on which to run its business. The results have been exponential growth for the company. “Since most people shop for mortgages online anyway, this new approach is consistent with customers’ expectations,” explains Padavic.
The virtual platform enabled Providential to recruit top sales talent from around the country. "Federal regulations in the mortgage industry require that loan officers be licensed," states Padavic, "but the best and most qualified employees may not live within close proximity to the corporate office. So we created the platform to set candidates up with a home office." Now, employees can be anywhere in any state, as long as they are licensed.
However, the platform also cut down on training and travel time because each salesperson could undergo training with online webinars, and the company cuts out the expense of bringing them to the corporate office in Chicago. "This is an innovation for the company, but it also allows us to set loftier goals," explained Padavic. "Our managers track and scrutinize all activity of each salesperson to ensure the desired level of productivity."
Each loan officer is provided with leads and all necessary sales tools with the platform, so they are left to their own devices. This has proven to be very successful, as the company was able to make all salaries commission-based, thereby establishing a more aggressive sales culture. Although perhaps just as important to Providential's growth since 2007 is their sales strategy.
According to Padavic, "While up-selling higher interest rates is an accepted industry practice to pad a loan officer’s income, our focus has shifted to generate more revenue by increasing loan volume."
So as volume is the name of the game, Providential plans to increase loan volume as they expand the volume of their own operations. Currently adding 20 sales people each month and planning to increase that to 30 per month by the second quarter of 2013, the company has plans for future growth. "We have our sights set on expansion," promises Padavic, "We offer excellent opportunities for ambitious people to join our organization."
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