Entrata recently hosted a webinar featuring experts in training and onboarding in the multifamily industry, Hyrum Balzer, Director of Product Education and Lauren Chandler, Manager of Elite Certifications, about the importance of training in creating a culture of growth. Below are some of the key takeaways from the webinar.

Staffing is one of the top challenges facing the industry

According to the NAA the top three problems facing the multifamily industry last year were, operational efficiency (how can to get the most out of people and technology?), maximizing revenue (what are you doing to make money?), and HR, staffing, and recruiting (how can you attract and retain the best talent?).

HR, staffing, and recruiting has been a challenge for a while now, but the industry is finally starting to turn the corner and see improvements in how properties are approaching it. The industry is getting closer to figure out what that secret sauce is.

When staffing up your properties there are three things to keep in mind

1. How can you attract the best new team members?
2. Is your training program robust enough to give employees what they need to succeed?
3. Do you have the right culture in place to retain employees?

Hiring new employees is expensive

Hiring new staff can be a huge drain, both financially and in terms of the efficiency of your site teams if you aren’t retaining employees. First, the financial cost is estimated to be around $4,700 for attracting and onboarding new employees. In and of itself, that number might not seem like a lot, but when you factor in that annual employee turnover can be as high as 46% on average, that can really add up. There are much better ways to spend your money than that.

Second, the loss of institutional knowledge is a significant challenge, especially in an industry that is striving for operational efficiency. With the loss of each employee also comes the loss of individuals who know how your property runs and what they need to do when problems arise. That can be especially tough when you’re constantly trying to incorporate less experienced people into your teams on a regular basis.

Company culture is key to retention

If you want to ensure your property is a long-term, viable employment option for your team members, it’s important to focus on company culture. That’s going to mean something different for a lot of people, so for the purpose of this blog we’re going to focus on something that every company culture should include—listening. You should be listening to your teams. They’re on the front lines. They see what it’s like to run the properties on a day-to-day basis. Listening to feedback helps you identify areas where you are succeeding and areas that might need some improvement.

Balzer and Chandler noted that one tactic you could implement is conducting “stay interviews” or “stay surveys”. These are in contrast to exit interviews. They involve asking current employees why they stay, what are the aspects of their job they like, and what they might like to change.

How to solve staffing problems

One of the most effective ways to solve staffing problems is by empowering your teams to make decisions and solve problems on their own. Doing so allows them the opportunities to grow and lets them know you trust them to do the job you hired them to do. Ceding control to employees can be hard, and that’s why giving them proper training at the outset of employment and throughout their tenure at your properties is imperative. 

When you offer ongoing training and certifications it shows your employees that you are invested in their growth and that you want them with you for the long haul. Another way to use training and certification as a retention tool is by making bonuses and promotions available to individuals who achieve certain levels of certification.

Technology should be an enabler not an inhibitor 

When you implement new technology at your properties, the end goal is often helping make employees’ jobs easier and making them more efficient. But oftentimes, employees look at new technology as a roadblock, especially when it doesn’t work as advertised. When that happens the technology usually is only partly to blame. Lack of sufficient training is usually the major culprit. 

When you invest in technology, it’s paramount that it is utilized to its fullest capabilities. You should know beforehand what your goals are and then ensure your employees have the necessary training to achieve those goals.

Learn more

To learn more about how training can improve employee performance and retention, check out our webinar, Empowering Teams for Success.