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Saying Goodbye to High Employee Turnover: How to Keep Your Team Happy and Productive

A major challenge that the multi-family industry faces is high employee turnover. With an annual employee turnover rate of 70%, property management has much higher turnover rates than other industries. This is notably higher than the national average of 22% pre-pandemic. ...

Donje Putnam I think the high-stress workload is growing larger by the minute and it's now consuming Regionals as well. On-site managers and regionals are clocking long hours AND IT STARTS AGAIN EVERY MONTH. Owners are demanding more as the market tightens and the high returns they expected are not being met because of the softening rents. A key to solving this issue is to restructure the work using centralization and automation. Let the managers do the managing and peopling and use tech and off-site for admin and a good chunk of the leasing.

Lidia Zaragoza @Donje, I'm curious about what will happen if rental prices start to decrease significantly. I've been hearing about some very high salaries for onsite teams. While I believe it is deserved because of the intense stress, it seems like something will need to be adjusted in the budget to balance the high salaries and the cost of maintaining the properties. Have you had any thoughts on it?

Guest Insider Excellent overview!! You can't replace the people aspect of on site multifamily management, at least not yet. It seems our industry is caught in a cyclone of turnover or short lived careers because of everything you noted. As we rush to get new people in the doors, others are fleeing out the back. Address and fix the true issues, budget for more personnel, higher wages, training & engagement with teams.

Kara Rice Thanks for raising this very important topic, Lidia. It's such a difficult cycle to break: On-site team members are stressed to the breaking point. -> On-site team members quit -> Remaining on-site team members are now extra burdened by being short-staffed and demoralized by the loss of their work partner -> More on-site team members quit. And all in the background....service suffers and residents are frustrated.

Our employee survey data at Swift Bunny supports your proposed solutions. Employees tell us in their confidential survey responses that these things especially matter in terms of whether they will stick around:
- Fair compensation
- A bright future - meaning learning and career growth opportunities
- Good communication at all levels of the organization
- A reasonable workload

Sounds simple...but each one of those can be hard to deliver on, especially when you are short-staffed and time-crunched.

My advice to leaders and supervisors would be to start by improving... Show more

Thanks for raising this very important topic, Lidia. It's such a difficult cycle to break: On-site team members are stressed to the breaking point. -&gt; On-site team members quit -&gt; Remaining on-site team members are now extra burdened by being short-staffed and demoralized by the loss of their work partner -&gt; More on-site team members quit. And all in the background....service suffers and residents are frustrated.

Our employee survey data at Swift Bunny supports your proposed solutions. Employees tell us in their confidential survey responses that these things especially matter in terms of whether they will stick around: 
- Fair compensation
- A bright future - meaning learning and career growth opportunities
- Good communication at all levels of the organization
- A reasonable workload

Sounds simple...but each one of those can be hard to deliver on, especially when you are short-staffed and time-crunched.

My advice to leaders and supervisors would be to start by improving communication. Employees, especially those who are less than satisfied, desperately want to be heard. When leaders make time to talk and listen, good things happen.

And, I love Donje's advice to "let the managers do the managing and peopling and use tech and off-site for admin and a good chunk of the leasing." YES to all of that!

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Saying Goodbye to High Employee Turnover: How to Keep Your Team Happy and Productive

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