Search Results for: hiring
Intuition and Hiring
Have you ever been in a situation where you’ve been pressed to hire someone to fill the key role? And without fail it is never at the right time. Is there such a thing as good timing when it comes to filling a key role? Or any role for that matter?
As Multifamily providers, we have all been there. And we’ve all acted too swiftly at times.
Do you want to know why we do that?
Simply put; we ignore our gut. And I’m not talking about that little bit of waistline that you wish you can get rid of with a bit of exercise and healthy eating.
No I am talking about that deep-seated innate feeling you get when something is amiss.
I’m talking about intuition. But we have a problem.
There are two things working against our ability to tap into intuition today;
1. There is so much noise in the world today and that makes it very hard to listen to your intuition much less trust it.
2. Multifamily starts. That is to suggest that as more and more units get built in the marketplace; the more opportunity presents itself for Multifamily Talent.
Both present very strong headwinds as we head into the next 3 to 5 years.
Keep your gut strong.
You’re being mindful of intuition Multifamily Maniac,
M
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The Impending Rise of Layoffs and the Integration of AI in the Workforce
The Impending Rise of Layoffs and the Integration of AI in the Workforce
Photo by Prateek Katyal on Unsplash
As we enter 2024, a transformative wave is sweeping the global workforce. An increasing number of companies are resorting to layoffs, and simultaneously, artificial intelligence (AI) is carving out a significant role in the workplace. This evolving scenario, underpinned by a recent survey from Resume Builder involving over 900 companies, highlights a dual phenomenon: the surge in layoffs and the ascendancy of AI in professional realms.
In this environment, the focus shifts to employees and how they can navigate this shifting landscape. The key lies in understanding and adapting to these changes, which are challenges and gateways to new prospects and growth in the corporate world.
Performance Matters More Than Ever
Your performance is your resume, and your resume is your performance. Companies are gravitating towards a performance-oriented approach in determining layoffs. What does this mean for you as an employee? Delivering results and ensuring that your contributions are visible and acknowledged is imperative. In a scenario where job security is increasingly fragile, proving your worth through consistent, high-quality output is more crucial than ever.
Embrace and Leverage AI
AI’s infiltration into various industries is not just a trend but a paradigm shift. Understanding and utilizing AI tools can transform you into a vital asset for your organization. The key is to stay abreast of how AI influences your field and to master integrating these technologies into your workflow. This knowledge solidifies your position and positions you as a forward-thinking, innovative professional.
Networking and Skill Enhancement are Key
The current job market is uncertain, making it essential to keep your career options diverse and open. Expanding your professional network and investing in in-demand skills, such as analytics, social media management, and AI proficiency, is not just a defensive strategy against layoffs. It’s an offensive move that prepares you for possible market shifts and unlocks new career pathways. This proactive stance ensures you survive and thrive in a fluctuating job landscape.
Call to Action
In light of these insights, professionals must take proactive steps in their career development. Focus on enhancing your performance, familiarizing yourself with AI technologies pertinent to your field, and continuously expanding your skill set and network. Adaptability and preparedness are your stalwart allies in a rapidly changing job market. The Daily 3×5 Podcast is your companion in this journey, offering strategies and insights to help you navigate the complexities and opportunities of today’s workforce.
#WorkforceTrends #Layoffs #AIIntegration #CareerStrategy #JobSecurity #PerformanceMatters #Networking #SkillEnhancement #FutureOfWork #Daily3x5Podcast
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Innovative Strategies to Minimize Business Interruption in Multifamily Maintenance
Photo by Acton Crawford on Unsplash
Maintenance turnover presents a significant challenge, often leading to business interruption. This interruption manifests in several ways: reduced operational efficiency, increased costs, and the potential for diminished resident satisfaction. The key to mitigating these issues lies in addressing turnover innovatively and proactively.
Understanding the Root Cause
Before diving into solutions, it’s essential to grasp why turnover in multifamily maintenance is prevalent. Often, it stems from job dissatisfaction, inadequate compensation, lack of growth opportunities, or misalignment with company culture. By pinpointing these underlying factors, we can tailor more effective solutions.
Embracing Flexibility in Work Arrangements
One counter-intuitive approach is to offer more flexible work arrangements. Traditionally, maintenance roles are seen as strictly on-site positions. However, where feasible, allowing for some flexibility in terms of hours or work location can enhance job satisfaction. This flexibility might include split shifts, compressed workweeks, or the ability to handle some administrative tasks remotely.
Investing in Automation and Technology
Leveraging technology can significantly reduce the workload on maintenance staff. For example, implementing smart home technology in units can lead to preemptive maintenance, identifying issues before they become critical. Additionally, maintenance management software can streamline tasks and improve efficiency, thus reducing the stress and workload on staff.
Redefining Recruitment Strategies
Often, recruitment focuses primarily on technical skills. A shift in focus to include soft skills, such as adaptability and communication, can lead to hiring individuals who are more aligned with the company culture and are more likely to stay long-term. Consider looking outside the traditional talent pool to industries with transferable skills, such as hospitality or retail.
Offering Continuous Learning Opportunities
Creating pathways for professional development can significantly reduce turnover. This could involve technical training, leadership development programs, or cross-training opportunities. Employees who see a clear path for advancement within the organization are less likely to seek opportunities elsewhere.
Fostering a Strong Community Within the Workforce
Developing a sense of community and belonging among staff can greatly enhance job satisfaction. This might involve team-building activities, recognition programs, or simple gestures like celebrating birthdays and work anniversaries. A valued and connected team is likelier to be engaged and committed.
Next Steps for Implementation
- Conduct an anonymous survey within your maintenance team to understand their challenges and desires. Swiftbunny is a great platform.
- Explore flexible scheduling options and assess the feasibility for your team.
- Research and invest in maintenance management software that can automate and streamline tasks. HappyCo is tremendous.
- Revamp your recruitment process to focus on a mix of technical and soft skills.
- Develop a comprehensive professional development program tailored to your team’s needs.
- Plan regular team-building activities and recognition programs to foster a sense of community.
URLs for Further Reading:
- Flexibility in the Workplace
- Leveraging Smart Home Technology
- Effective Maintenance Management Software
- Professional Development in Maintenance
- Building Community in the Workplace
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Why is Retention Important?
Photo by AbsolutVision on Unsplash
Employee retention is paramount to the success and growth of any organization. Employees who remain with an organization for an extended period become more experienced, possess deep knowledge of the company, and contribute significantly to its culture and productivity. Below are a few of my thoughts that highlight the importance of retention:
- Cost Saving: Managing or cutting costs is more critical than ever. Inflation and the rising cost of insurance and labor are putting a drag on NOI. Hiring and training a new employee can be substantially more expensive than retaining an existing one. Advertising, interviewing, screening, and onboarding costs can add up. Additionally, new employees might take time to reach the productivity level of an existing worker.
- Preservation of Company Knowledge: Long-standing employees hold vast amounts of institutional knowledge. When they leave, they take this invaluable knowledge with them, and it can be challenging for new hires to fill these knowledge gaps quickly. Putting math to this is nearly impossible, but the cost is high.
- Increased Productivity: Continuity is a significant factor in achieving consistent productivity. Employees with the company longer tend to understand the processes, tools, and culture, allowing them to work more efficiently. They also understand their fellow team members and how to work well with them.
- Enhanced Company Culture: Retention contributes to a strong company culture. Employees seeing their colleagues staying and growing with the organization fosters a sense of stability and belonging.
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Winning Strategies in the Multifamily Talent Arena
How to Attract, Retain, and Develop Top Talent in the Multifamily Property Management Sector
Photo by Dylan Gillis on Unsplash
The multifamily property management sector is experiencing an escalating war for talent. With growing competition and a shifting landscape, attracting the right professionals requires a deep understanding of what motivates them and how to foster their growth. This brief note offers multifamily executives insightful strategies to win this battle, focusing on attraction, retention, and professional development. We will explore the problem of talent scarcity and present solutions with tangible benefits for your organization.
Finding and retaining top talent has become one of the most pressing issues in multifamily property management. The industry is increasingly competitive, and the demand for skilled team members is rising. The challenge lies in identifying individuals with the right blend of technical expertise, creativity, and passion to engage with residents. How do multifamily executives find these ideal candidates and keep them engaged? The problem is complex and requires a nuanced approach.
Solutions:
- Emphasize Culture and Values: By creating a workplace culture resonant with the values of potential team members, you can attract those who align with your mission. This alignment ensures a more harmonious work environment and enhances the likelihood of long-term retention.
- Offer Tailored Professional Development: Offering customized professional growth opportunities demonstrates your investment in your team members’ futures. By fostering their career growth, you enhance their skills and build loyalty.
- Engage with Team Members: Encouraging veteran team members to engage actively with new team members helps foster community. This connection enriches the working experience and promotes higher satisfaction among team members.
- Implement Competitive Compensation Packages: Salary isn’t everything, but it matters. By researching and offering competitive compensation packages, you signal to prospective team members your recognition of their value.
- Utilize Technology: Leverage technology to streamline hiring and ensure you reach suitable candidates. Utilizing appropriate platforms can make the recruitment process more efficient and targeted.
- Invest in Wellness: Focus on the overall well-being of your team members. A happy, healthy team member is often more productive and loyal.
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