Any worthwhile business owner knows that retaining employees for the long haul will benefit both parties. Unfortunately, the property management field carries a rather high employee turnover rate of 36.1%, a good deal higher than the national average of approximately 25%. While the exact reasons for the high turnover rate vary, many departing employees cite no apparent potential for growth or career advancement in their job.
Although property management jobs can offer plenty of chances for advancement, these opportunities are not often presented very clearly for prospective employees to take advantage of. For a property management office, the best employee retention techniques revolve around clear communication about career growth and encouraging employees to pursue their long-term interests in the same place. Let’s look at a few crucial steps to take to encourage higher employee retention for property management groups.
Develop a Healthy Company Culture
Younger people entering the workforce value human connections and positive workplace culture for their careers. Many also search for jobs that allow or encourage remote work from a less traditional office location. Additionally, regardless of age, people value such important aspects of work as a good salary and easily negotiable time off. Prospective employees are likely to be drawn to a company that can offer all of the above, while current employees are likely to stay and continue enjoying these benefits.
Help Employees Plan Their Long-Term Career
Even if you think you’ve communicated with your employees about career growth or at least made the information available, chances are that your employees don’t know about the possibilities. At the very least, they don’t know enough to learn how to pursue them realistically. Don’t just passively make career advancement information available. Talk to your employees about their long-term plans, especially in their early days of working for you. Where do they want to be in the future? How can your company help?
Pro Tip: A 2013 survey on LinkedIn concluded that even though most HR officials assumed the rest of the employees were informed about career mobility, only 25% of employees actually knew enough to do anything. Break the cycle with detailed career planning assistance for your employees.
Provide Incentives and Help to Advance Career Growth
Even though many employees want to advance their careers, not everyone has the resources or funds to do so. One way you can help with this is by offering a few incentives to your employees that will encourage them to continue developing their careers while working for you. Tuition reimbursement for relevant classes is a major incentive, for example. You can also offer in-depth training on your company’s software, rules, or other important factors that will make your employees even better at their jobs and make them eligible for potential advancement in the future.
Cultivating an Appealing Environment
Your employee turnover rate doesn’t necessarily indicate a bad environment, but it can turn prospective job seekers away from pursuing a career with you. On the other hand, effective employee retention techniques could be just what your property management group needs to encourage people to stick around for the long haul. How can your company improve its appeal to others?
Connect with us to learn more about employee retention in the property management field.