The property management recruiting strategies have fallen into a rut: companies hire entry-level on-site managers to do the grunt work for minimal pay and let the executives do the thinking (and money-making). But as current executives age into retirement, that model will not cut it anymore. To create a long-term talent acquisition strategy with low turnover and high innovation, property management companies must create an ownership mentality in their workforce. Consider these five ideas:
Start with Internships
The current classes of college students are eager to learn skills that will help them later in life. Property management is an excellent industry to learn how to manage large assets, invest strategically, and navigate professional partnerships. While property management may not be the career path they originally envisioned, giving them a place to sharpen their entrepreneurial skills can open their eyes to the opportunities in the industry.
Let Them Shadow an Executive
Often, the grind of on-site management overwhelms industry newcomers. Let your newest workers shadow an executive for a day or two. Employees can ask questions, learn about the executive’s professional journey, and even give feedback on their own experiences so far. This shows the big picture of the trajectory potential of their career, and hopefully, that picture is set at your company.
Be Receptive to Feedback
We discussed previously that the newest generation in the workforce wants to affect change at their companies (read the full blog here). Task new employees or interns with researching new technologies or assets. Seriously consider suggestions about new ways of operating. Any one of their ideas could be the next great idea that puts your company ahead of the competition.
Offer Profit Sharing Options
Give your employees a chance to see dividends in their hard work. The simplest way to encourage an ownership mentality is to let employees take some ownership of the properties they manage. You will be amazed at the hustle and initiative employees show when they realize they are not just managing someone else’s asset, but their own.
Recruit Driven Property Managers
Work with reputable Property Management Recruiters, like the ones at Horizon Hospitality, to identify individuals with the drive and entrepreneurial spirit that can translate to an ownership mentality. Contact us today to learn how our extensive database and talent assessment resources can help your property management team grow!