So much has changed in the multi-family industry, but employee retention has remained a challenge. We are happy to have the chance to sit down with Kara Rice from Swift Bunny to talk about how she and her company can help property management companies by reducing employee turnover.
Our Special Guest: Kara Rice from Swift Bunny
Kara has recently celebrated her 30th anniversary in the industry with experience in multi-family education. As a chief communications officer at Swift Bunny, her current position allows her to focus on helping property management companies build satisfying, high-performing work experiences while reducing employee turnover with their state-of-the-art process and technology.
How do we keep our employees happy? What is the actual cost of employee turnover? This episode is a must for all industry managers. We will share some staggering stats and key identifiers as to why your employee retention is suffering and how you can change it.
Key Questions/Topics Covered
What do the statistics show in regards to multi-family employee turnover?
Businesses, in general, have a roughly 19% turnover rate, multifamily on the other hand, is at a staggering 32.7%! Keep in mind this is an average; specific departments such as entry-level maintenance are much higher when compared to C-Suite positions. This shows us that we need to break down employee turnover on a position basis to understand individual needs better.
What are some of the top reasons leasing consultants become disenchanted with their current employer?
We can break this down into three main areas. The first is that they have not been provided with a clear path as to growth and development. Secondly is communication. Leasing consultants want to know that their questions and concerns are being heard and addressed by management. Finally, is a lack of support within their organization. It can quickly become frustrating and overwhelming when an agent is left waiting because no one seems to know what’s going on.
Cost of retaining employees vs. onboarding
We all know that retaining employees saves organizations money. The estimated cost of replacing an employee ranges from 50% to 200% of a person’s salary, depending on their position. By focusing on employee engagement, you protect your bottom line, but more importantly, you are doing the right thing.
What is a top pain point that affects employee retention?
We all know that it usually comes down to dollars and cents. Compensation is a significant factor when it comes to an employee choosing or staying with a company. We need to help employees think beyond the cash value of their compensation by focusing on the overall package they are being offered. Help them see that items like benefits, paid leave and other perks accumulate to a larger payout.
How can operators minimize employee turnover?
Start the conversation with your team members and find out what makes them happy and where they think the organization can improve. Polling and surveying the staff regularly can help you define what your staff needs allowing you to make any adjustments required.
The multifamily industry has not significantly reduced its employee turnover rate for over a decade. As an industry, we need to come together to drive that number down. As Mark said, “It’s time to rip the band-aid off and see what’s underneath.” Only then can we see what we’re dealing with and start to make the necessary changes.
What one actionable tip could you share that has served you well as an educator?
It’s not about the property, it’s about the people.Kara Rice
If you enjoyed this episode be sure to check out :