Workforce Optimization and Employee Engagement More Important Than Ever in Multifamily

We’re just now emerging from what has been a truly unusual time for operating multifamily properties. And it has shaken up the industry in many ways. One repercussion is that employees who were previously settled into their jobs have had a chance to ponder doing something different when this is all over. For multifamily operators trying to hold on to good employees, this is a troubling phenomenon. Particularly since the multifamily business already suffers from extraordinarily high turnover: a rate of nearly 33% per year. And it can cost three times an employee’s yearly salary to replace them. But there’s good news. A proactive program designed to motivate employees and build loyalty can have a dramatic effect on your retention rate, in addition to boosting enthusiasm and productivity. Katie McCaslin, VP of Product Learning Solutions at RealPage, is conversant in effective ways to hold on to employees based on best practices she’s seen employed across many PMCs and regions. She and her team have developed a comprehensive program to formalize these techniques and embed them in your company’s culture. “Multifamily operators and staff are so caught up in day-to-day property management that doing proactive things to boost employee retention and motivation are on a back burner if they happen at all,” explains McCaslin. “The irony is that there’s nothing more important than holding on to good people. They drive better renter experiences and renter retention, more effective leasing, a stronger sense of community, and so much more.” What is “workforce optimization” for multifamily? Google “workforce optimization” and you’ll get lots of different definitions. For the purposes of this article (and in McCaslin’s usage) it’s about engaging, motivating and retaining employees through what she calls the “EX,” or employee experience. There are three components t...