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4 Secrets to Scoring (and Keeping) Top Talent in Today’s Scarce Market

Posted by Mitchell Vinnitsky on Sep 26, 2019 6:00:00 AM

4 Secrets to Scoring (and Keeping) Top Talent in Today’s Scarce MarketAt one time, hiring people was a piece of cake. There were so many applicants, you’d have your pick of anyone you preferred. These days, the opposite is true. With far more open jobs than candidates to apply, the balance of power has shifted. Today, acquiring qualified individuals to join your property management team is one of the hardest parts of leadership. If recruitment is your least favorite activity, here are a few expert tips for not only enticing top talent, but making them want to stay.

Take a non-traditional approach.

A decade ago, you might have eliminated three quarters of your applicants based on their technical skills alone (or lack thereof). In today’s highly competitive marketplace, however, it may be necessary to take a more holistic approach to candidate selection. Keep in mind that technical skills can be taught. Cultural fit cannot. And since fitting in with the team will play a significant role in your new employee’s retention and job success, focusing more on soft skills may be a more effective approach.

Invest in onboarding.

Once you’ve enticed a quality candidate through the door, your goal should be to get them acclimated and comfortable as quickly as possible. If you don’t make this a priority, you could find yourself right back at square one in a few months’ time. In fact, around 30% of new hires will quit within the first 90 days of a new job. Investing time and energy on the front-end will set your new employees up for success and improve the chances that they’ll still be part of the team a year from now.

Coach your team.

It’s hard enough finding the right people for your property management company. So, when you do land those A-players, you want to make sure you hold on to them. One way to accomplish this that many business leaders overlook is coaching. Whether you mandate your existing management to make themselves available or you hire a dedicated coach on staff, having someone who will assist with career development and growth can be a mighty attractive benefit that few other companies offer.

Be hands-on with your leadership.

Dropping an employee into the mix and then returning to your corner office for the day isn’t going to win you much loyalty. In fact, if you’re not present and transparent with your team, you could be missing red flags that will lead to poor performance, low morale and costly turnover. Make yourself available. We’re not saying to micromanage, but rather work alongside them. Be accessible for questions and be liberal with your recognition and gratitude. Never underestimate the power of a pat on the back!

In today’s saturated market, hiring can feel like trying to find the proverbial needle in a hay stack. With unemployment in record low numbers, how can the average property management company compete for top talent? And if they’re lucky enough to land those A-players, how can they entice them to stay? The four tips above may seem simple, but they can do wonders for building a dynamic team, regardless of what the current circumstances happen to be.

What about you? Do you have a tip or trick on how to attract and retain great employees? We’d love to hear about it! Please share in the comments below.

 

 

 

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