Employee turnover is a part of doing business, but it comes at a cost. And if it’s happening too much, you’re losing much more than just time and money. The process of recruiting, hiring and training new employees can seriously hinder the productivity of your entire property management company. Whether you’ve struggled in this area or you’re just looking to be more proactive about employee retention, here are four strategies that will help you keep your team happy and engaged.
Conduct exit interviews
Instead of leaving things status quo or guessing why your employees keep heading out the door, why not go straight to the source? Figuring out what’s driving good team members away is the first step in making your property management company a great place to work. Survey the recently departed to identify patterns and commonalities.
For instance, you may discover that a particular manager is in need of some coaching or that certain policies are at the root of the mass exodus. Gathering this feedback will help you pinpoint areas of your business where changes can and should be made to improve employee satisfaction and prevent future turnover.
Practice open, honest communication
A big driver of employee turnover is organizational change. Simply put, people fear the unknown, so if your property management company is experiencing a transition period, it might trigger people to want to leave. This is why it’s so important that leadership openly and honestly communicate with employees. Don’t let anyone feel as though they are in the dark about what’s happening to their company, department or role.
And when communicating change, be specific about how it will affect them on an individual level. Keep the doors open and encourage anyone who is concerned to bring up what’s on their mind so you can address it accordingly. The more transparent you are, the more you’ll set your employees’ minds at ease and prevent them from jumping ship.
Don’t let problems fester
In most cases, employee turnover comes as a result of poor management. When people don’t feel supported or valued by their manager, it won’t matter how well-run the rest of your property management company is. As such, top leadership should take negative feedback about managers serious and address any existing issues swiftly. The longer you wait, the more you risk losing your best employees.
Conducting regular polls of your employees can help you figure out what needs they have that are not being fulfilled by management. With that information in hand, you can then focus on coaching and helping managers in question with their professional development. And remember to track progress. If a problem persists, despite your efforts to correct it, making a staffing change might be the best option.
Employee turnover can have many ripple effects, particularly in terms of staff morale. Those who choose to stay with your property management company may have had their confidence shaken after seeing several of their colleagues leave. As a leader, it’s your job to restore that confidence and reassure them that everything is going to be okay.
If a number of employees recently left due to a major organization change, make sure those who remain understand the reasons why and – more importantly – that there is a clear plan in place for the future. Don’t try to hide problems, but instead tell the truth and provide realistic steps for how improvements can and will be made.
What did we miss? Do you have a strategy in place that has helped you keep your employees plugged in and in it for the long haul? Please share your thoughts and insight in the comments section below.