Another year has been logged into the books and now it’s time to look forward to a whole new decade. It has yet to be determined if 2020 will start the era of the “roaring 20’s” as it did 100 years ago, however new technologies are the focus, just as they were then, to define the professional trends that lie ahead. While it isn’t the invention of the assembly line and Model Ts that are ushering in a new vision for the workforce, in 2020 it is new technologies that allow better communication and more efficient management of assets that are on the horizon. This is true especially for the Multifamily Housing Industry.
Below we will discuss three major hiring trends for the Multifamily Housing Industry in 2020 which include an “individualistic” attitude, the rise of mobile job searches and professional communication, and the preparation for recession. No matter what, we are all excited for a new year of professional possibilities!
The Individual First
The shift to focusing on a company’s culture and the happiness of its employees started happening a few years ago. Now the focus is on the individual employee’s level of job satisfaction and engagement. The reasons behind the shift are fairly transparent, with the rise of the Millennial employee now comprising 50% of the US workforce. The Millennial is having an even bigger impact on the Multifamily Housing Sector because over 60% of Millennials choose to rent their housing. This means we are not only considering the needs of the Millennial employee, but also the Millennial renter.
Luckily, they seem to require the same thing: casual communication, and a lot of it.
This new generation wants to have their voice heard and they want an environment where it is easy to communicate their wants and needs. Your employees require coaching and mentorship that focuses on their individual personality traits. While your renters want to be able to communicate maintenance and other needs quickly to your team on their mobile devices.
Properties should review the way they communicate with their teams and their residents and make sure all pathways are focused on ease and efficiency.
The Further Rise of Mobile
Speaking of ease and efficiency, the mobile device continues to dominate our lives in this new decade. One sector that is pushing forward is hiring. Back in 2017 over 70% of Millennials used their mobile devices to successfully search for their employment. Now two years later, mobile job platforms are dominating the hiring field. Expect an entire hiring process from initial contact, early interviews, and candidate matching all the way to hiring paperwork and job acceptance to take place over the mobile device. Employers can prepare by digitizing all hiring paperwork and using AI on mobile platforms to match them with potential candidates.
Since the Multifamily Housing Industry often hires for some entry-level positions, properties should make sure their applications are mobile-friendly so potential tech-savvy candidates don’t abandon the application process because it’s tedious and not mobile friendly. Think shorter applications and drop-down boxes for ease of use.
Recession on the Mind
According to Glassdoor.com, there are some indicators that a recession could be around the corner in the new decade.
“The yield curve — historically one of the best predictors of an approaching recession — suggests that an economic downturn is likely to occur in the near future. Additional indicators include the slowing pace of job gains, which have decreased from an average of 223,000 per month in 2018 to 167,000 per month so far in 2019, and the ongoing trade war with China, which continues to impact manufacturing and may be spreading to other industries. As a result, today’s most forward-thinking companies have already begun to develop recession-proof hiring strategies.”
So, what does this mean for the Multifamily Housing Industry? It could mean a hiring boom with more and more renters flooding the market after the downsizing of salaries.
Properties should make sure their onboarding and hiring processes are up to date and efficient. This means mobile-friendly and focused on the individual to ensure new hire retention. Now is also the time to make sure your company branding is on point so you stick out to potential employees when they embark on their job searches.
As with the years before, 2020 promises to deliver both highs and lows in the Multifamily Housing Industry. Being prepared and looking ahead can ensure another successful year for your property, and many more to come!