When it comes to the topic of employee benefits, one might automatically think about things like health care, retirement plans and vacation time. In reality, more and more organizations across the globe are beginning to recognize the importance of extending those benefits to include more value-added options, such as free lunches, discounted gym memberships and other unique perks. If your property management company is only offering the bare basics, here are some real reasons you may want to rethink your approach.
Firstly, value-added benefits help you attract the best employees. In fact, a recent survey by CareerBuilder revealed that 55% of employees consider the benefits offered at a potential company to be more important than salary. This is great news, particularly for companies that don’t have huge salary expenditure. Offering creative benefits and perks that truly make a difference in the lives of your potential employees can be just the thing that tips the scales in your favor and attracts the type of quality team players your property management company is looking for.
Get the full scoop on How to Build an Extraordinary Property Management Team. Download our FREE RESOURCE GUIDE.
Secondly, offering certain out-of-the-box benefits can actually keep your employees more focused and engaged at work. For instance, offering on-site daycare services or incorporating a policy that allows employees to bring their dogs to work can make it much easier and more convenient to spend more time at the office, which can translate to greater productivity and higher profits for your property management company overall.
Another reason offering value-added benefits can be great for your business is because it fosters employee loyalty. How much money does your property management company spend to recruit, hire and train new employees? If you experience high turnover, you are most certainly wasting a good portion of that expense unnecessarily. Focusing instead on creating a workplace where employees are truly appreciated and well compensated in ways that go beyond salary and other basic benefits can be very effective in keeping people on for the long-term.
Ready to get started? The first step in implementing a value-added benefits policy for your property management company is to start at the source. Find out what things truly matter to your employees. Conduct surveys. Host collaborative meetings. Ask for suggestions and ongoing feedback. As a result, you’ll be able to develop a customized plan that suits your budget and addresses the areas where your team members are seeking additional compensation.
What extra perks and creative benefits do you offer in your company? Please share in the comments below.
{{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.
