MHN Executive Council: Top Employee Retention Strategies
Dealing with the Great Resignation? Our experts shared their best strategies for retaining multifamily team members.
The Great Resignation has hit all industries, including multifamily. What are some tips to retain employees? Our experts in the MHN Executive Council weighed in. Here are some of our favorite suggestions.
Making them feel heard and valued from the very beginning sets the tone. Being responsive and having good communication during the interview, offer and onboarding process helps build trust. Training and investing in opportunities for growth have been the top factors in employee satisfaction. Monthly anonymous surveys to find out what type of support the on-site teams need has been a great way to react quickly to new needs that may arise. —Jamie Cruz, Regional Asset Manager, Beitel Group
Our current focus for employee retention is instant recognition and consistent support. It goes without saying that our teams work hard to make an impact every day and we empower the team members at all levels who see those actions to give recognition that the entire company can see and celebrate, regardless of their role or relation to their fellow team member.
We utilize a recognition platform to facilitate these acknowledgements and corresponding rewards. This peer-to-peer recognition is a vibrant program that is used daily as team members encourage and thank each other for great work. Those who are recognized earn points and can cash them in for prizes including gift cards and swag. More than the prizes, it is a part of the culture that lets team members know how important they are to the organization.
While recognition is important to celebrate the wins both big and small, we are committed to ensuring our team members also have channels in place to reach out for collaboration, mentorship and support that are separate from their direct supervisors as well. We have created role-specific networks so team members can share experiences with those who can best understand their position even though they work at a different property. This gives team members a well-rounded perspective from the various roles at their own property and fresh solutions from sister properties. Numerous ideas have come out of these connections that benefit the entire portfolio and the professional development of the team members involved. —Diana Norbury, Senior Vice President, Pillar Properties
As an architecture firm, the design of our new office space is our most successful strategy for attracting and retaining employees. As we return to work, it is imperative that office spaces provide a variety of spaces to collaborate, socialize, develop new skills and maintain a sense of company culture. We chose a vibrant, emerging mixed-use neighborhood and a unique historic building next to a Metro station for easy access and after-work entertainment. Inside, we have high ceilings, natural light and plenty of private huddle rooms, lounges and public places to work, including an outdoor terrace. It is designed to LEED Gold and Fitwell standards with high-efficiency HVAC, circadian lighting and a wellness center. Laptops, audio-visual screens and wireless technology allows employees to transition from home to work on a three-days-a-week minimum in-office policy with flex hours between 7 am and 7 pm. This also means that residences must also be outfitted with appropriate technology to work remotely and connect to the office, and in a space that is suitable for work. As such, we are currently designing work nooks and flexible spaces into our multifamily buildings to accommodate this new era of remote and hybrid work. —Yolanda Cole, Co-Senior Principal, Hickok Cole
Offering a four-day work week has been huge for us. —Kyle Funk, Marketing Director, LoftSixFour