It’s a common misconception that salary is at the root of employee satisfaction. Naturally, many managers believe that the more money they offer to a worker, the happier and more loyal they’ll become. In reality, it’s typically things like work environment, peers, culture and leadership that drive satisfaction. If you’re looking for ways to improve morale within your property management company, here are five non-monetary things you can do.

Foster connection and collaboration

Personally interacting with your employees is one of the most important components of strong, effective leadership. Create opportunities for these connections to take place and make your presence known by becoming part of the collaboration efforts. Take part in brainstorming sessions, go to lunch with team members and implement an open-door policy through which employees can freely engage with you. Putting people before profit can make a huge, positive difference in the way your employees perform.

Welcome and utilize feedback

Feedback isn’t something that should be reserved only for leaders to give to employees. To the contrary, the most successful organizations employ 360 degree feedback policies in which everyone – from top management to front line employee – is encouraged to share their opinions and valued for doing so. Be open to learning what your employees think and how they believe your property management company could be even better.

Do not micromanage

Micromanaging is easily one of the least effective ways to lead employees, yet so many managers still engage in this type of toxic leadership style. You obviously don’t want to leave employees with no direction, but you also want to give them room to breathe. Empowering team members to take chances and make decisions on their own while remaining available as a resource is a much better strategy, particularly from an employee satisfaction standpoint.

Encourage camaraderie

Collaboration amongst coworkers can bring your property management company to the next level, but workplace friendships don’t always come naturally to everyone. It’s up to leadership to create an environment in which camaraderie and teamwork flourish. As a manager, you should also make a point to get to know your employees on a more personal level, as this will enable you to learn what motivates each team member and how you can improve their workplace experience.

Give credit where credit is due

Recognizing a job well done can be incredibly powerful in terms of motivating employees to give it their all. When people feel appreciated for their hard work, they’re far more likely to continue those efforts moving forward. With this in mind, giving credit and recognition where it’s due will not only help your property management company stay productive and competitive, but it will also keep your team members feeling confident and positive about their roles, which will keep them engaged and in it for the long haul.

The old saying, “Money can’t buy happiness,” really does hold true, in the property management industry and beyond. Paying a competitive salary may be enough to get your employees through the door, but it’s taking the extra steps listed above that will keep them coming back day after day.

What do you do to keep your property management team happy and engaged? Please share your thoughts in the comments section below.