When it comes to running a successful operation, it’s critical that you not only attract and recruit top talent, but that you find a way to keep those skilled employees happy. The property management industry is no different. Keeping staff engaged can make your organization stronger over time, keeping it more competitive as well. Still not convinced? Here are several compelling reasons why employee engagement should be one of your highest priorities.
Reduces Costly Turnover
Think about how much of an investment it is for your business every time you have to recruit, interview, hire and train a new employee. If you’re not keeping your existing workforce happy and engaged, you are leaving yourself open to costly turnover. Highly engaged employees are 87% less likely to leave their employer than disengaged workers.
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Improves Productivity
In this industry, efficiency and productivity are the keys to ongoing success. Did you know that there is a direct correlation between employee engagement and overall workforce performance? Businesses with greater engagement also see a productivity level that is 51% higher than their counterparts. On an individual level, engaged employees outperform disengaged workers by up to 28%.
Lower Absenteeism
Every time an employee calls in sick, your business suffers. Engaged employees tend to miss work less often. To the contrary, workers who are not happy tend to take up to 3-5 more days out per year. (Source: Gallup)
Related Post: 4 Ways to Boost the Morale of Your Property Management Team
Boosts Customer Loyalty
The happier your workforce is, the more that will trickle down to your customers. In turn, your satisfied clientele will be twice as likely to continue doing business with you and also refer your services to others. (Source: Are They Really ‘On the Job’?, Pont)
Increases Profits
According to research conducted by Towers Watson, for every 5% increase a company has in employee engagement, they will realize a subsequent increase in operating margin of .7%. What’s more, another study by Kenexa revealed that organizations with highly engaged employees saw twice the annual net income of those businesses whose workforce lacked engagement.
So, now that you know why employee engagement is so important, let’s take a look at a few tips for improving this area in your own organization.
- Invest in training. Make sure your workers know how to do their jobs well so they’ll take pride in their work.
- Give them the right tools. Make it easier for your workers to do their jobs by providing them with the tools and technology they need. In our industry, property management software can make it much easier and more efficient for your team to work, which will ultimately make them happier overall.
- Provide ongoing feedback. 43% of highly engaged employees receive feedback from their superiors at least once per week. (Source: Towers Watson)
- Empower them. Let your employees know the important role each of them plays in the overall success of your business. Encourage idea sharing, listen and implement suggested improvements whenever possible.
With all of these statistics, there’s no question that employee engagement is one of the biggest drivers of success in this industry. Invest your time, effort and resources into making your workforce happy and you’ll undoubtedly reap the benefits over time.
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Get the full scoop on How to Build an Extraordinary Property Management Team. Download our FREE RESOURCE GUIDE.
