talent retention
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.
Cultivating Success: Parallels Between Gardening and Team Development in the Multifamily Space
As the vibrant essence of spring unfolds, its presence is undeniable. Flourishing flowers, budding trees, and a fine dust of pollen paint the landscape in vivid colors. Reflecting on my past experience leading ‘The Lawn Ranger,’ a landscape company, I am reminded of the dynamic transformation spring brings, mirroring rapid developments and evolutions. So many parallels for multifamily.
This season, a time of rejuvenation, resonates deeply with gardening enthusiasts. They engage in a symphony of activities: selecting plants, enriching the soil, and meticulously assessing the needs of each botanical inhabitant. The fragrance of freshly turned soil lingers in the air, marking the gardener’s act of planting seeds—a gesture of faith in nature’s power to nurture and grow.
Gardening is an ongoing journey of nurturing and care. Gardeners engage in a meticulous process of watering, weeding, and pest control. The satisfaction derived from extracting a stubborn weed, especially those with deep roots like dandelions, is incomparable. A weed might temporarily disappear if only its surface part is removed, but without extracting the root, it soon re-emerges, mirroring short-lived solutions to deeper issues.
Drawing a parallel to the multifamily industry, our role is akin to that of gardeners nurturing their crops. In this sector, the challenges of talent competition, rapid turnover of new hires, and retaining current team members are predominant. The pandemic intensified these issues, though they predate it. High turnover has been a persistent challenge, with the multifamily turnover rate standing at 33%, notably higher than the national average of 22%.
Effective team development begins even before a job is posted. Offering competitive salaries aligned with current market standards rather than past benchmarks is fundamental. Adequate compensation is a reflection of recognizing an individual’s worth. The journey of a new hire is meticulously planned, from initial communication to a structured onboarding process, facilitating peer connections, and mapping out the initial weeks with training, support, and motivation. These steps are crucial in guiding new hires through the complexities of their new roles.
The initial period is critical as new hires assess their experiences against the expectations set prior to joining. It’s during this phase that we risk losing them if there’s a disconnect between our proclaimed values and daily practices. When trust is broken, akin to the persistent weeds, superficial solutions are insufficient.
Addressing the challenges of talent acquisition and retention requires a fundamental approach. Key elements include competitive remuneration, fostering meaningful connections, committing to a purpose beyond self-interest, and ensuring that the cultural experiences within the organization align with its brand promises. Like gardeners who adapt to the evolving needs of their plants, we in the multifamily space must continuously evolve our strategies to nurture and retain our teams effectively.
