Employee Engagement
Why is Retention Important?
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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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Jason Kae | Collective Conversations
Episode sponsored by: Updater
Updater is an app that gets residents move-in ready faster. Did you know that residents who are happy with their move-in experience are 59% more likely to renew their lease? Move-ins matter. Get them right with Updater. Visit go.updater.com/mike Our listeners receive a free gift when you book a demo with Updater.
In this episode, Mike Brewer chats with Jason Kae, author of Journey to a Rainforest – Team Culture, a modern, inclusive fable for leaders, illustrating the team culture model created by Jason Kae, and how it fosters employee satisfaction and engagement.
Key Discussion Points:
- Employee Engagement and Satisfaction are two different things.
- Impact of Toxic Team Members and Leaders
- Ecosystem Framework for building team culture
Throughout the conversation, Mike and Jason discuss practical tips and advice based on the topics covered in the episode.
Whether you’re a seasoned investor, property manager, vendor/supplier, or someone interested in learning more about the multifamily market, this series offers valuable insights that can help you navigate the challenges and seize the opportunities in this dynamic industry.
About Mike Brewer
Mike Brewer is enthusiastic about people, technology, and the multifamily industry. He serves as President of RADCO Residential and COO of The RADCO Companies. As the Founder of Multifamily Collective, Mike is passionate about sharing insights and wisdom through this series of Collective Conversations with others in this industry. This podcast is a platform for industry professionals to connect, learn, and grow together.
About Jason Kae
Author, speaker, and consultant Jason Kae has spent more than 25 years on the front lines of businesses building team cultures with the goal of helping employees, the companies they work for, and the clients they serve to increase their potential for mutual success.
Additional Resources: Journey to a Rainforest – Team Culture (paperback) or (audio)
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Disclaimer:
The views and opinions expressed in this podcast are solely those of the individuals involved and do not necessarily reflect the official policy or position of Multifamily Collective or any other organization mentioned during the episode. The podcast is for informational purposes only and should not be considered professional or legal advice. Always consult a qualified professional or your organizational leadership before making strategic, professional, financial, or investment decisions.
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The Value of Ikigai in Business
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Photo by Content Pixie on Unsplash
In recent years, the concept of ikigai has gained popularity in the Western world.
Ikigai is a Japanese concept that refers to “a reason for being” or a sense of purpose and meaning in one’s life. It involves identifying what you love, what you are good at, what the world needs, and what you can be paid for.
The intersection of these four elements is where your ikigai lies. The concept of ikigai can be applied to business as well, and it has the potential to drive success by increasing productivity and employee engagement and creating a strong organizational culture.
Finding Purpose in Business
Finding purpose and meaning in one’s work is essential for personal and professional fulfillment. When individuals feel that their work aligns with their values and goals, they are more likely to be engaged, motivated, and productive. Incorporating the concept of ikigai into business can help individuals find their purpose and align their work with their values and goals. This can lead to increased job satisfaction and a sense of fulfillment in their work.
Ikigai and Productivity
When individuals have a clear sense of purpose and meaning in their work, they are more likely to be productive. They have a sense of direction and focus that helps them prioritize their tasks and work towards their goals. Incorporating the concept of ikigai into business can help individuals find their sense of purpose and meaning, leading to increased productivity.
Engaging Employees with Ikigai
Employee engagement is critical for the success of any business. When employees are engaged, they are more likely to be productive, innovative, and committed to the organization’s goals. Incorporating the concept of ikigai into business can help engage employees by giving them a sense of purpose and meaning in their work. This can increase job satisfaction, loyalty, and commitment to the organization.
Creating a Strong Organizational Culture
Incorporating the concept of ikigai into business can also help create a strong organizational culture. Employees who share a sense of purpose and meaning in their work are more likely to work together towards common goals. This can lead to a sense of unity and collaboration within the organization. Additionally, when organizations prioritize purpose and meaning in their work, they are more likely to attract and retain employees who share those values.
Benefits of Ikigai in Business
Incorporating the concept of ikigai into business can have numerous benefits. It can increase productivity, employee engagement, and a strong organizational culture. Additionally, it can help individuals find their purpose and align their work with their values and goals, leading to increased job satisfaction and fulfillment.
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Episode 702 – Counseling Team Members
In this episode, I answer a viewer question on the topic of counseling team members about poor performance. I share three things that I think are critical to a positive outcome.
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Empowerment: Medium for Engagement
Did you know that Ritz-Carlton gives each and every one of their ladies and gentlemen (every Ritz-Carlton employee is referred to as a lady or a gentleman) up to $2,000 per guest per day to satisfy any flaw in their service. Disney gives their cast members (every Disney employee is referred to as a cast member) nearly free reign to satisfy their guests. No permission is needed, they just do what is necessary to satisfy the situation.
Each organization spends a great deal of time and resource training for such circumstances, drawing from a wealthy archive of examples. So, it would suffice to say there are built in governors to giving employees that kind of power. Each organization would suggest the power to satisfy is rarely abused and often times has brought about very creative thinking. The bottom line is that it works. It works in the way of empowerment which leads to engaged employees and amazing experiences for guests. And, those experiences create stories that are repeated over and over and over again.
What are you doing to empower your employees to satisfy vendors, prospects and residents?
Empowerment, Employee Engagement