We are already seeing it; 2021 will be the year of turnover. Over half of employed workers plan to switch jobs in the next year. This could cause some serious problems for the property management industry, which already sees turnover rates of over thirty percent. What can property management companies do to keep their employees from moving on?
Start on the Right Foot
One of the biggest blunders a company can make is not providing enough training upfront. It may be tempting to skip costly and time-intensive training and toss fresh hires into their portfolios to see who has natural talent. That can be more expensive down the road when employees quickly burn out (see our breakdown of how much turnover costs). Proper onboarding will create engaged employees who are comfortable reaching out for resources.
Guide their Future
If employees have no clear career path ahead of them, why should they stick around? Create specific benchmarks with incentives for them to reach for. An upward professional trajectory with your company should be obvious.
Complete the Feedback Loop
Property management requires constant attention and hustle, without many thanks. Be sure to recognize and reward your top performers. It can also be overwhelming, especially if employees are not sure who to ask for help. Give them clear means of communication with supervisors and proactively check in on them. An employee who feels supported and heard is more likely to stick with it when the job gets stressful.
Give them the right tools
Even the best property manager is going to have trouble succeeding without the right tools. Outdated software is a huge pain point for many property managers. Look at your programs and processes to make sure they are streamlined. Younger employees have no patience for ineffective tools. Not just technology either, but emotional tools too. It is a demanding job and having the support of management is key.
Identify Talent Early
The current spike in employee churn could be a gift in disguise for property management companies. With strategic recruiting and onboarding, companies could introduce a new generation of workers to an exciting and challenging new career path. Make sure your recruiting process identifies the necessary personalities and motivators in candidates. Talent assessments are a great way to learn if a candidate will thrive in such a fast-paced environment.
Partner with our experienced property management recruiters who will use innovative techniques to find your next star employee. Contact us today!
One thought on “2021 Will be the Year of Turnover: How can property management companies avoid it?”