In the ever-evolving world of property management, attracting and retaining top talent has become increasingly more challenging. The traditional approach of relying solely on higher wages to entice and keep employees is no longer sufficient. The most recent Resident Expert webinar hosted by Entrata shed light on this pressing issue and offered valuable insights from two industry veterans, Anne-Marie Niklaus, President of Berger Communities, and Sarah Greenough, Chief Marketing Officer of Princeton Properties.

The webinar highlighted the importance of hiring for cultural fit and fostering a sense of belonging among employees. It emphasized the need to empower team members, encourage open communication, and provide opportunities for growth and development. As Sarah aptly put it, "Individuals really need to find their place, that they're adding value, that they understand that they have an impact on what they're doing."

One of the major factors contributing to employee burnout among site teams in the multifamily industry is the constant barrage of information and the expectation of being "on" 24/7. To address this, leaders need to be more intentional about communication, ensuring that it occurs during business hours and is relevant to employees' roles. Additionally, creating a safe space for feedback and acting upon it is crucial in building trust and demonstrating a commitment to employee well-being.

The panel also emphasized the need for flexibility and work-life balance. Recognizing that the traditional 9-to-5 workday may not be feasible for everyone, companies should be open to accommodating employees' personal needs and schedules. As Sarah noted, "We as an organization have to make sure that we don't get caught up in the weeds... that we look at the big picture and that we're benchmarking differently, that we're making sure that we're keeping what the mission is in mind and letting these people have a good quality of life as part of our organization."

Attracting and retaining top talent in the multifamily industry requires a multi-faceted approach that goes beyond simply offering higher salaries. Companies need to prioritize cultural fit, empower their employees, foster open communication, and provide opportunities for growth and development. By creating a positive and supportive work environment, companies can not only attract top talent but also ensure their long-term success.

As Anne-Marie eloquently stated, "It's about having them understand that they are part of the bigger picture, that they are going to facilitate growth not only within the company, but within themselves. I also think that it's about being intentional with your culture, making sure that they love coming to work each day."

In essence, the key to retaining top talent lies in creating a workplace where employees feel valued, empowered, and connected to the company's mission. By investing in their employees' well-being and professional development, companies can build a strong and loyal workforce that will drive their success for years to come.

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