Page 26 - MTIA Summer 2022 Market Brief

New Skills and Careers in Loans

Just as in most areas of financial services and other industry sectors, the norms
for jobs and careers are evolving rapidly. Many of the common elements of how
we work today would have seemed quite foreign in 2012. Even the way we talk
about work has changed, with phrases like “hybrid roles,” “the Great Resignation,”
and “quiet quitting” peaking and then fading at unprecedented rates.

Loan market solutions have also experienced those shifts, both as a market
and specifically here at Wilmington Trust. But turbulence aside, we see what is
happening as a net benefit for teams, corporate cultures, and the level and quality
of service delivered to loan stakeholders. Loan professionals at every level are
making more conscious choices about the roles they take and where work fits in
their overall lives. The end result is greater engagement and the reinforcement of
essential valuable skills.

The Long Tail of the Pandemic
Many trends we are seeing were either triggered or intensified by the impacts of
COVID-19. But the enduring use of remote collaboration tools is only the tip of
the iceberg. Even after a return to “normal,” it is rare for 100% of the Wilmington
Trust Loan Market Solutions team to sit in the same office. Moreover, remote
collaboration has become a standard component in servicing client transactions.

But in our experience, the more meaningful shift was below the surface. The start
of the pandemic called for significant flexibility and adaptability for everything
from using loan systems to working on loan documents. It also raised the bar on
soft capabilities such as relationship-building, problem-solving, self-awareness,
and self-starting. These traits have improved the texture of how we work together
as teams and address our clients’ needs.

Creating Culture

At the same time, the improvements we see have introduced new and complex
challenges. We see them at two levels: first, loan operations and processes, and
second, team culture and performance. The culture dimension is key. As Adobe
found in one workplace study, over three-quarters of employees said they are
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looking for a more supportive work culture to motivate and retain them.
In today’s labor market, companies are willing to recruit talented people without
limiting searches to geography. For example, a “golden goose” candidate with
operational experience and technical proficiency in Denver might be hired and join
a team based in Dallas. Succeeding under those conditions requires expanding
focus on onboarding and training.

6 “The Future of Time: Redefining productivity during uncertainty,” Adobe, September 2022.

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