Lenders Turn to Current Employees for Hiring, Promotions

Promoting from within is the method of choice for many lenders when it comes to finding ― and retaining ― talent.

“We are real big on career-building within our organization,” said Bo Culver, chief executive of Automobile Acceptance Corp., at a recent conference. “The last thing we want to do is bring someone in from the outside if we can groom someone internally.”

Turner Acceptance Corp. also finds success when hiring from within, cross-training “leaders who have the aptitude to grow and learn more,” President and CEO Jonathon Levin said during the panel.

For positions that require expertise beyond existing employees’ skill sets, lenders like Turner (www.turneracceptance.com) and AAC (www.autoacceptance.com) seek recommendations internally. Turner, for instance, has integrated a rewards program where current employees get benefits, like additional compensation, for recommending a solid new-hire. The catch? The new employee needs to stay with the company for a certain amount of time and succeed at the position, Levin said. AAC, too, relies on current employees to spread the word among friends and family.

Mark One Holdings, meanwhile, trains entry-level employees in different segments of the business a few days a week. “We look at them interchangeably, so that in periods of peak production, you can pull somebody,” said President Bruce Newmark. “Or if someone quits or leaves, then you have somebody already there.”

Newmark urged lenders to consider hiring veterans, who typically have strong work ethics. He also mentioned that Mark One (www.mark-one.com) has started an internship program that has, so far, proven beneficial.

“There are a lot of young kids who bring a lot of energy to the organization when they come on board,” he said.

―Christina Haberstroh