Trimming Turnover

By on Aug 19, 2019 in News

The turnover struggle is real. Multifamily leasing offices face a turnover rate from a conservative 21 percent to a jaw-dropping 54 percent. Why might promising talent abandon ship?

To decrease your turnover rate, you’ve got to identify what’s ailing your staff.

End inadequate training

Job training can be costly and time consuming. Filling a job posting cost about 6-9 months’ salary per the Society for Human Resource Management. That’s thousands of dollars and dozens of hours to identify, interview, and train a new hire.

It’s tempting to put another body in the seat, give them a quick training and hope for the best—half expecting they won’t last long, anyway. Unfortunately, inadequate training contributes to the turnover issue. To be successful, employees need a firm grasp of their responsibilities and how to fulfill them.

An online learning platform makes staff training more efficient, cost effective and consistent. You can customize classes to reflect your brand and role-based responsibilities. Staff can then learn at their own pace and, unlike live trainings, staff can review materials as needed. Assessments give leadership insight into areas where staff need additional guidance.

Reward excellence, nurture opportunities

When you track the performance of your sales team, you can learn a lot: which team members are pulling their weight, which aren’t, and where in the sales cycle prospects fall off.

Use the first data set to reward high performers. The latter two points can help you reexamine training procedures and ineffective workflows.

Make team building fun

Interpersonal tension contributes unnecessary stress to workplace dynamics. Team building promotes better communication, creativity, and trusting relationships.

Engage in corporate philanthropy to help team members work together on creative projects and reach goals together. Simultaneously, you’re making your community an even better place to live and work.

Manage overwhelming workloads

Employee burnout is a leading cause of employee turnover. Reduce employee burnout in property management by streamlining processes and automating tasks. This way, your staff can really shine in the areas specific to their roles.

First, create workflows that implement best practices and efficient techniques. When you streamline workflows with property management software, you reduce redundant data entry and minimize the risk of errors that are time consuming to fix.

Next, eliminate nonessential tasks through automation. You might be surprised at just how much work can be automated! Send follow-up emails, issue intelligent text responses, update ILS, and so much more without active staff engagement.

Ask for input

Don’t wait until an excited new hire transforms into a disenchanted and unengaged employee to ask questions. Consider setting up three-, six-, and one-year check-ins. These brief meetings allow you to monitor employee satisfaction and progress. You can identify pain points before they lead to burnout and turnover.