Today and next Tuesday our Bizdom U class will assemble over at Quicken Loans. We are going on a company tour put together by Chris McCallum of Envision U at the Livonia Corporate Head Quarters. The purpose of this trip is to see how the company works while also applying those principles to our future businesses. We will get a snapshot of the company from the beginning to the end of the loan process. We will also gain an understanding of their support mechanisms and departments.
I have a few friends that are in the mortgage broker business. As you can imagine times are very tough in the lending industry. The sub-prime market has collapsed and just last week a major residential mortgage company had to close it’s doors leaving over 7000 unemployed. So I had asked myself a few questions as to how Quicken remains competitive and continues to grow. When we began this program Quicken had just over 3600 employees, now they are well over 5000.
That is amazing growth in the matter of 7 months. So while everyone is downsizing or being forced to close their doors Quicken continues to stride along. As I have come to see first hand it all starts with the culture. It is all based around a set of what I would call common sense principles. However what I have seen when comparing them to the competition is that what you would think is standard practices are not.
Doing the little things, or raising the level of awareness as the ism states, is what separates Quicken. Returning all phone calls within a 24 hour period is standard policy. I have been through the mortgage process before and you would be surprised how long some of these brokers and banks respond. I sometimes feel as if I am chasing people just to give them money. How absurd is that.
We had a “tour guide” by the name of Melanie Roy who is a trainer in recruiting. She was in charge of facilitating our interaction with the different departments we would encounter. Our first stop was in HR where we met James McCloskey. He gave us an overview of the hiring process, how they interview and select employees. This information proved useful in understanding what type questions to ask potential employees. Most importantly you most watch out for professional interviewers.
When the time comes for us to begin our companies it will be vital that we put the right people in place. Good to Great phrased it as “putting the right people in the right seat on the bus.” Just as it is important to ask the right questions you must be very upfront with candidates on how things operate on a daily basis. This is important so that people will not feel overwhelmed when they are performing their job function.
Next we met Dan Majewski who is the VP of recruiting (Melanie’s boss). He expanded on what James had told us by explaining where one might look for candidates. I agree with Dan that the best source to get candidates is through referrals of current performing employees. I gather they rely on the laws of attraction, good workers attract other good workers.
Eric Stoddard who is the VP of Banker Training stressed the importance of having proper training in place. One should strive to make the training as close to real as possible. This instills confidence in employees so that they can “hit the ground running.” Eric stressed that employees are in most cases the first contact your company has with the customer. So when an employee does something incorrectly make sure you address it immediately.
Once a Banker graduates from banker training they will always have someone to help guide them. Kristan Hamilton who is a banker coach allowed us to listen to incoming and outgoing calls. The reason that they listen in is for quality assurance purposes. If they feel the banker is missing vital steps in the sales they can coach them to correct their mistakes. This concludes day one of our tour.