By the Human Resource Team.
If you’ve owned your property for at least a year, you’re familiar with the high cost of employee turnover.
Without stable on-site staff, revenue, productivity, and morale all take a hit.
Often the solution enforced upon owners by National Management Companies is to just through your $ at the problem by overpaying on-site staff to keep them onboard.
But is this solution effective?
So, if throwing more money at staff isn’t the solution, what is?
Cultivating healthy company culture.
People want to feel good about the work they do and about the company they work for.
If the staffing at your property resembles a continual changing of the guard, it’s time to address company culture and take the first steps towards building healthier environment.
A healthy company culture starts with two things:
- Asking questions
- Acknowledging effort
To implement these, find out what employees value (aside from salary and benefits) and remember to give credit for a job well done.
Steps 1 and 2 are a solid start towards cultivating a loyal, hard-working staff (and increasing your NOI). Step 3 –
- Hire Us.
It’s no accident that once we stabilize an asset post takeover our average staff tenure is double the industry average.
Healthy company culture inspires loyalty and high levels of productivity. Unhealthy (or even toxic) culture leads to laziness, unreliable attendance, and high turnover. Keeping high-performing staff without paying inflated salaries does work, it takes hard and focused work by the management company, we are having success.
We’re getting better results for our clients, and we have what it takes to get better results for you.
