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Freddie Mac

Making Homes More Affordable & Accessable

Operating in the secondary mortgage market, Freddie Mac’s mission is to provide liquidity, stability, and affordability to the U.S. housing market. Through innovative products and programs that protect taxpayers and shift credit risk to private investors, Freddie Mac is working to build a better housing finance system across the USA.

Objective

Previously a government agency, Freddie Mac had a legacy culture of risk-avoidance and bureaucracy and was experiencing high levels of staff attrition. To increase staff satisfaction and retention as well as drive service improvement, the management team of the company’s internal audit division wanted to shift towards a culture of greater innovation, calculated risk-taking and empowering people.

Solution

Freddie Mac enlisted Matthew Syed Consulting to deliver a programme that would not only build but also sustain a growth mindset across its Internal Audit teams. A one-day workshop was delivered to inspire and motivate managers and staff and included analysis and discussion of the division’s Mindset Advantage reports which would inform staff and team development plans going forward. To help it adopt and sustain growth mindset and behaviours on a daily basis, Freddie Mac deployed the Mindset Transform platform, providing staff and managers with rich, multimedia content; practical recommendations and techniques to apply in the workplace; and an easy-to-use forum for sharing experiences and learnings.

Outcomes

Although only a few months into its growth mindset programme, Freddie Mac is already seeing improvements in staff engagement and satisfaction, driven by changes in language, attitudes and behaviours at all levels.
“Our people are more comfortable about speaking out and are less risk-averse, suggesting innovations and trying things out,” comments Carsten Goebels, Senior Audit Director at Freddie Mac.
As well as helping to reduce staff attrition and associated costs, growth mindset is also making the company and its people more efficient and innovative in serving homebuyers, renters, customers and taxpayers. This will play a vital role as Freddie Mac continues to transform its business and drive reforms and improvements in America’s housing system.

“Shifting to a growth mindset culture within the division has improved openness and calculated risk taking of our employees, which will help us be more efficient, innovative and competitive.”
“Matthew Syed Consulting is different from other providers and programmes because it provides practical tools and recommendations to help people not only start to change mindset and working practices, but to sustain change on an ongoing basis.”
Carsten Goebels, Senior Audit Director, Freddie Mac

Key Facts

BUSINESS OUTCOMES

 

  • Reduced staff attrition
  • Increased staff satisfaction
  • Improved processes and efficiency
  • Greater innovation
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