33 Employee Retention Strategies Used by Property Management Companies
In one of my favorite sessions of #Apartmentalize, Golden Handcuffs HACKATHON for Employee Retention, session leaders collaborated with the audience to create a list of innovative perks and strategies to improve employee retention! After session leaders shared approaches implemented by their own companies, the education session split into multiple brainstorm sessions where members of each breakout group shared assorted programs they have employed at their own companies to improve employee satisfaction and retention.
Wendy Dorchester
Vice President, Operations and Corporate Support at Hawthorne Residential Partners
Katie Wrenn
Director of Training and Development at WRH Realty Services, Inc.
As this was a collaborative session with the entire audience, these ideas came in a "rapid fire" format from the audience break-out groups, so I have shared some of the ideas that resonated most with the group:
- Work/Life Balance, so no emails after 5:30pm
- Increased bereavement to 2 weeks, and even extending that to pet bereavement of 3 days
- Expand bereavement to include miscarriage and stillbirth
- Inspiring exercise by providing a monthly stipend up to $100:Exercising 4X = $50; Exercising 8X = $100
- Pay for industry designations and 3rd party training
- Eliminated On-Call by outsourcing that function
- Aligned incentives by tying team bonuses with investor bonuses. If investors get paid, everybody gets paid.
- 3 months maternity, 1 week paternity
- 3 weeks vacation for new employees, 4 weeks after 4 years, and 5 weeks after 5 years
- Birthday day off
- Assistance with fertility or adoption
- Increase to half off of housing to live on-site
- Anniversary gifts
- Use initial welcome survey to send "Surprise & Delight" gifts. For example, they might ask what their favorite treat is in the welcome survey, which can then be used to provide a special perk at random times.
- Fully stacked kitchen
- Family Circle Discount – extends rent discount to immediate family
- Unlimited PTO or unlimited PTO for doctor's appointments
- Employee Stock Ownership Plan (ESOP)
- Separate mental health insurance
- First Aid Training
- Counselors if there was a disaster at property
- No-contact PTO
- On Call Bonuses
- Minimum time for on call, so even if it is a 15 minute repair, they get compensated the minimum time.
- Closed on Saturdays if they hit occupancy goals.
- Free pet insurance
- Free health insurance
- Weekly pay period cycle
- Training for personal benefit (i.e., general life skills training, as opposed to training for work functions)
- Norton Lifelock for identity protection
- Legal shield for team members to talk to a lawyer about legal issues
- Access to the Calm app for meditation
- Employee Assistance Program for access to counselors, therapists, and other
What other unique employee perks have you seen out in the wild?
About the author
Brent Williams is Chief Insider of Multifamily Insiders, the largest social network in the world for multifamily professionals. His background includes both property management and supplier, and he writes on all facets of the multifamily industry, although his focus lies in resident retention.