Avoid Turnover of the Onsite Apartment Staff
Turnover is costly, resulting in a loss of money and time. So how do you hold on to your best office and maintenance employees? Following these three tips can reduce turnover and ensure you keep your top performers:
1.) Improve Your Hiring Process
Avoiding turnover begins before an apartment professional is even hired by finding a candidate that is the best match for the position. This could be an apartment leasing consultant, make ready, lead maintenance or any other on site position. Rather than hiring out of desperation, seek to hire the right person for the job. One way to find the ideal candidate is to ensure that a job description correctly summarizes a position. Clear communication concerning responsibilities and tasks will eliminate job dissatisfaction later. Also, change is inevitable—and such changes in an apartment community or management company, should be met with changes in the workforce. For example, if a apartment community experiences growth or higher occupancy, employees who were previously paired with a sufficient workload could become overwhelmed, resulting in a demand for new employees. Making adjustments within your hiring process can eliminate factors that will successfully reduce turnover later on.
2.) Review Compensation & Benefits
A review of current compensation and benefits will also prevent top performing office and maintenance staff from leaving. Most often, the local apartment association, like the Houston Apartment Association, conducts a salary survey. Here you will find a sampling of local compensation structures for your staff. Keeping salaries competitive will provide incentive for your best employees to stay, as will the distribution of benefits or bonuses based on performance. It has been said that the very best leasing professionals go where they can find the best commissions. Low pay, on the other hand, could attract workers with a less than competent skill level, who will total a loss in the long run. This goes for all onsite personnel. Providing bonuses or perks on the basis of merit helps to hold on to top performers, as they act as an appropriate reward for the value the employee adds to the apartment community. If offering an increased salary or monetary bonus is not an option, consider supplying other perks that will show appreciation for an employee’s accomplishments. For example, some management companies offer gift cards, days off or a spa day. This sense of appreciation through compensation and benefits will go a long way in preventing employees from leaving.
3.) Establish a Good Work Environment at the Apartment Community
A work environment conducive to top performer employees will also reduce turnover. This kind of work environment is created through good communication, development opportunities for employees, and ensuring that employees are aware of their value to the company. Communication is one of the most important aspects of fostering a comfortable working environment—from discussing expectations of an employee to changes or events within an apartment community or management company. Also, providing opportunities for career development and advancement will provide increased incentive for you best employees to stay. Seminars, Webinars, Apartment Association committee involvement and advanced sales training are all examples of career development. Showing a new hire what current employees did to move up within the management company is a good way of communicating what it takes to advance.
While turnover inevitably occurs, improving your hiring process, reviewing compensation and benefits, and establishing a good working environment can create incentives for your top performer employees to stay.