‘Digital Disruption:’ The Future of Work, Skills, Careers in a Digital World
DENVER–Tracey Wilen, author and researcher on the impact of technology on society, work and careers, says rapid changes in society and technology are revolutionizing the workplace and employment.
“Clearly, technology is immersed in our lives,” Wilen said here at the Mortgage Bankers Association’s Annual Convention & Expo. “What do we as leaders need to do to use technology as a positive force in our workplaces?”
With the workforce becoming increasingly multigenerational–Wilen noted McDonald’s youngest employee is 14 and Wal-Mart’s oldest employee is 103–she said technology means different things to different generations. “And this is where technology is most disruptive,” she said. “You don’t know where your competitor is going to come from and eat your lunch.”
Look at Uber, for example. “Uber is now the largest transportation company in the world–and it doesn’t own a single car,” Wilen said.
We live in a multimedia society, Wilen added, “and your flat data isn’t going to cut it.” Companies of the future, she said, will develop “transdisciplinarity”–management teams consisting of people who have a variety of skills with a basis in technology.
One of the dynamics of transdisciplinarity, Wilen said, means that succession planning begins on Day One. “The Millennial Generation is not going to wait until they are in their 40s to become leaders,” she said. “They want to be leaders in their 20s. You need to put together a team of employees who can adapt quickly to changing dynamics and who are not bound by traditional employment hierarchies.”
So, how do these concepts apply to the mortgage industry? David Schneider, CEO of Stearns Lending LLC, Santa Ana, Calif., said the biggest challenge in dealing with technology is the ability to give customers a choice. “Giving the customer the option of which technology they want to use–whether it be a mobile device or a face-to-face meeting is what we’re working on,” he said.
Mary Ann McGarry, President & CEO of Guild Mortgage, San Diego, said technology is important, but the mortgage industry is also a very “high-touch” process. “The challenge is to provide a balance in what customers want and need.”
Ramon Richards, Fannie May Senior Vice President of Securitization and Credit Technology, said technology has enabled the company’s teams to be effective in different locations. “While is it important for us to collaborate as a group, technology has enabled us to do so less often,” he said.
McGarry said the role of the loan officer is going to continue to evolve. “There will be high-tech low-touch if the customer desires that, and high-tech high-touch when they need that,” she said. “The loan officer isn’t going anywhere, but how they do their job is going to change dramatically. And loan officers will need to employ social media to reach out to more customers.”
Richards said Fannie Mae has shifted into open floor plans. “Initially there were concerns about a loss of privacy, but employees soon realized that they can collaborate more effectively in an open floor plan,” he said.
Schneider said the risk of a “digital divide” is over-rated. “We try to pair up Baby Boomers with Millennials so that they can become more successful,” he said.
“One of the challenges we have is finding employees who have these technological skills,” Richards said. “This places a priority on training and education…we see a lot of analytical people who are interested in working for Amazon and Google. We need to make our industry more attractive to employees with these skill sets.”
“Those of us who are in the mortgage industry love it because it has great purpose,” Schneider said. “Getting Millennials interested in the mortgage process is important.”
