Many people in leadership share the common belief that the best way to motivate your employees is to give them raises and bonuses. You may be surprised to learn that a long-term study conducted by Harvard Business Review revealed little correlation between pay and employee satisfaction. To the contrary, fostering intrinsic motivation (that is, motivation from within and not based on external factors) is what truly drives employee productivity and overall job satisfaction. If you’re noticing that those annual pay increases and monetary rewards aren’t quite producing the results you’re after, here are a few tips for boosting internal motivation in your property management team.
Focus on Culture
Employees may temporarily appreciate a few extra dollars thrown their way, but what will really keep them plugged in and productive is the feeling that they are truly a part of something bigger than themselves. Focus on creating a culture that is positive, transparent and promotes respect across the board. (Here are a few more tips on developing strong company culture.)
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Value Work/Life Balance
The time your employees spend in your property management office isn’t the only part of their lives, and it’s highly unlikely that it’s the most important part either. Understanding the importance of balance – between working and enjoying some much needed time off – and not only offering it, but actively encouraging it can go a long way toward earning the respect and loyalty of your personnel. This can subsequently lead to higher engagement levels and better overall performance.
Empower Your Employees
Coming in day after day to the same old drudgery gets old pretty quickly, regardless of how big your paycheck is. Investing in technology, like automation, to eliminate some or all of the manual, repetitive tasks will demonstrate to your workers that you care and want to make their lives a little bit easier. As an added bonus, they will be freed up and empowered to apply their talents to more important business initiatives.
Related Post: 5 Tips for Developing a Successful Property Management Team
Mentor and Provide Career Paths
Most people don’t want to be doing the same job 5, 10 or 15 years down the road, but without a clear career path and specific goals, there’s no way to truly know where one is headed. If your employees don’t feel as though there’s room for growth within your property management company, it’s highly likely they’ll move on to another employer. Avoid this and keep your team engaged and motivated by creating mentorships and mapping out real, actionable career paths.
Throwing more money at your employees may seem like the easiest way to get them to work harder, but in reality, true and lasting motivation comes from within. Implementing the above strategies will take a little more time and a lot more effort, but the results will be far better for your property management company as a whole. Which path will you choose?{{cta(‘b25e0359-befd-456a-95bf-685a8d134232′,’justifyright’)}}
Get the full scoop on How to Build an Extraordinary Property Management Team. Download our FREE RESOURCE GUIDE.
