Photo by Etienne Girardet on Unsplash
Currently, it’s a significant challenge to find qualified candidates to fill open positions in the multifamily industry.
The demand for talent is high, while the supply is low, which has created a talent shortage. Recent reports suggest that 38% of hiring managers are experiencing difficulty finding suitable candidates for their positions. And it’s not just the traditionally high turnover positions like leasing consultants and maintenance technicians. It’s every position at every level.
The shortage has obvious and serious consequences, including slower resident service, further increased turnover, losing ground to competitors, and reduced productivity due to the time and energy required for onboarding, training, and cultural immersion.
Despite this seemingly ongoing trend, my encouragement is to avoid knee-jerk reactions, such as racing to the top in terms of compensation. Or highering the first person who passes the mirror test. It’s critical to take a proactive approach to address the issue.
This means looking inward and spending time in the trenches to understand better what is going on in the organization. Asking questions, such as how to improve happiness, strengthen relationships, eliminate obstacles, and encourage the use of passions, can help to identify and address potential areas for improvement. It’s individual deep work with all team members. People need to feel heard, and they need to know that you see them.
In short, ensure you have an attractive work culture before making other drastic moves to attract and retain talent.