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Tips for Improving Employee Retention in Your Property Management Firm

Posted by Joseph Slonimsky on May 7, 2015 6:00:00 AM
Joseph Slonimsky
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Tips_for_Improving_Employee_Retention_in_Your_Property_Management_FirmIt’s been said that a company is only as strong as the employees who run it, and this is especially true in the property management industry. Without the right team in place, you’ll find your company struggling to stay a step ahead. What’s more, employee turnover is costly and disruptive to your business. So, how can you improve the chances of not only attracting top talent, but keeping them happy so they’ll stay for the long haul? Let’s take a look.

Hire Right the First Time

The more work you do on the front end of your talent management process, the less of a headache you’ll have in the long run. Invest enough time and money into screening applicants so that the ones you choose will be the best fit for the jobs they’re hired for.

Get the full scoop on How to Build an Extraordinary Property Management Team. Download our FREE RESOURCE GUIDE.


Invest in Training

One of the biggest reasons employees quit is because they feel overwhelmed and/or frustrated by a lack of knowledge. Throwing new employees to the wolves will not only impact the quality of their work, but it will also likely lead to a higher turnover rate. Train your team right so that they feel confident in their ability to do their jobs.

Provide Growth Opportunity

If there’s no chance for growth in their careers, your employees will eventually move on to a company that does offer such opportunity. Create career paths, identify areas of strength in your workers and give them something to work toward by promoting from within whenever possible.

Offer Perks

Beyond the traditional benefits like health insurance, today’s workers are looking for much more enrichment from their employers. Things like flexible work schedules, casual dress, free food in the office and tuition reimbursement can make your property management organization much more attractive than the competition. Likewise, it can increase employee satisfaction which leads to better retention.

Empower Them

Don’t micromanage your team. Empower them to do their jobs, make decisions and manage their own responsibilities. As a result, they’ll want to give 100% of their effort, which will drive the success of your business.

Related Post: 4 Ways to Boost the Morale of Your Property Management Team

Ask 

Finally, although perhaps most important, ask your employees what makes them happy and listen. They know best what enhances their personal work experience, and when they see how their thoughts, ideas and needs are being addressed, they’ll show their appreciation by making a long-term commitment to your company.

On a side note, it’s important to point out that salary did not make this list. While pay is certainly a motivating factor, it’s been proven time and time again that it is rarely a driver of happiness. Offering your employees a competitive salary bolstered by the tips listed above will provide you with a much more well-rounded approach to keeping them happy and productive for many years to come.

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Get the full scoop on How to Build an Extraordinary Property Management Team. Download our FREE RESOURCE GUIDE.

 

Topics: Productivity, Blog, Property Management

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