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One Size Does Not Fit All When It Comes to Employee Turnover

Pay increases. Referral incentives. Expanded benefits. Apprentice programs. Signing bonuses. Our managers and human resources teams have been working so hard to find, entice, and secure applicants and new hires. The labor shortage is being felt in every market, and short-staffed teams are doing their best to carry on. While it’s important to continue to be creative and support the hiring process, it’s equally important to be mindful of your current team and all that they are doing to manage your business. According to the Q2 2021 Swift Bunny Turnover Report, the average overall employee turnover was 47%, with some maintenance and leasing positions exceeding 50%. While all employee categories represented by the Swift Bunny Index agreed they would like to see improvement in compensation, incentives, and advancement opportunities, there were some differences in what mattered most to Maintenance Team Members and Leasing Team Members. Maintenance: What Matters Most Service team members shared that they generally enjoy good relationships with their co-workers and feel like they know who to reach out to when and if they need assistance. However, a consistent source of frustration is a sense that their contributions are taken for granted and are not recognized or appreciated. This lack of perceived value is reinforced when they are left out of internal company communication or when they have to wait days or weeks for a response to a question or request. What you can do: Say thank you. Acknowledge the critical contribution the maintenance team provides in their serv......
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Talent replacement costs more than $$$. Did you know that?


The cost of employee turnover has a financial cost, but the intrinsic cost can be even greater. I believe that if you put people first your results will follow. There are simple solutions that you can put in place to reduce turnover and engage with employees.
With a holistic approach, we can hit on areas that employees crave, create pride and be known as an employer of choice. Not only will this reduce your turn & costs, you will recruit & retain a higher level of talent and outperform your market.
 
 
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The Importance of Putting Your Customers Second

 You’ve heard it. I’ve heard it. It seems to be the motto of all service industries: “The customer is always right.” What if I told you that this directive was given to his employees by Harry Gordon Selfridge. Of Selfridge Department Store. In London, England. In 1909. I don’t know about you, but I’d say it’s time to reboot our approach. And I don’t mind stealing concepts from England again. In fact, IMHO, Sir Richard Branson has delivered the best motto for service industries for our time: “The way you treat your employees is the way they’ll treat your customers.” Consider this: resident turnover has consistently fluctuated between 51% and 59% for over a decade, according to NAA’s Annual Income and Expense Report. As a result, many property management companies have developed finely tuned resident retention programs that may include service guarantees, additional amenities, unique resident events, and more. Property management companies have been showing their residents the love! ... by expecting their employees to go above and beyond: Response times to calls and emails, service with a smile, online reputation management, mental gymnastics to reinvent the pool party, and on and on.  The result? Resident turnover remains between 51% and 59%. My friends, we are living the definition of insanity: doing the same thing over and over and expecting different results. Focus on resident retention has not moved the needle the way we expected it to. Yes, there are success stories out there, but not consistently and not in great volume. It’s time t......
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Empowerment, Vision, Passion: Three Success Drivers Your Employees Need

Empowerment, Vision, Passion: Three Success Drivers Your Employees Need
The multifamily industry continues to struggle with employee retention. The turnover rate has continued to stay in the 30 percent range for quite some time1. Every company, regardless of industry, has the task of keeping their employees happy. People want to love where they work, so companies have to compete with other career opportunities, above average pay, affordable benefits, and realistic work-life balance expectations, all while keeping costs at a minimum. Employee turnover costs companies millions of dollars. According to Ere Media2, replacement costs for entry level employees are between 30-50 percent of their annual salary, mid-level employees cost 150 percent of their annual salary, and for high-level or highly specialized employees, it can cost up to 400 percent of their annual salary. So how does this translate if a business loses 12 employees in one year (averaging one per month)? It translates into $1.5 million in employee turnover costs. That’s assuming six of those employees were entry-level with a $40,000 salary, four were mid-level with an average salary of $80,000, and two were senior-level employees with a $120,000 salary. According to the same source, the conservative end of these numbers is also bad. Companies are looking at $250,000—the lowest amount you could imagine for losing 12 employees. Multifamily has all these challenges, plus more. Multifamily employs people to not only fill units with new, qualified residents, they are employing people to handle the most sensitive aspect of a person’s life—their home. The resident experience is crucial to a property’s success and if something goes wrong, ch......
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