Employee Recognition Drives Employee Retention

Employee retention is an imposing challenge for our times. Turnover in the multifamily industry is at 32.7%. The COVID-19 crisis has put this issue front and center as property management companies have worked to keep employees engaged, connected and feeling appreciated while miles apart. The post-COVID landscape may pose even more retention challenges. Is there a smart way forward? In a recent webcast, Smart Solutions: Optimizing Today’s Workforce, Katie McCaslin, Vice President of Learning Solutions at RealPage, and Christi Weinstein, Vice President of Support Operations at BH Management, discussed the introduction of a new employee recognition and rewards platform designed to boost motivation and retention. RealPage Recognitions provides a platform for managers and employees to send regular shout-outs to one another as part of the corporate culture, rather than only at occasional parties, meetings or in reviews. Ongoing recognition of work well done has proven to be a powerful tool in motivating and holding on to great employees. And it's a lot more affordable than handing out raise after raise. The Recognitions platform includes a point-based system that can be used to award badges, gifts and other marks of appreciation. Recognitions is directly integrated with RealPage’s EasyLMS® (Learning Management System) to provide a comprehensive employee retention, training and talent management solution. “We saw that property management companies were onboarding employees over a 90-day period but often didn’t have a follow-up plan to continue engaging them at one, three or five years,” says RealPage’s McCaslin. “We wondered if exceptional veteran employees would still feel as valued as new hires. “I recently saw a Gallup poll that stated that the #1 reason people change jobs is that they find better career growth opportunities elsewhere. This tells us that you can’t just assign folks trai...