The COVID-19 pandemic impacts nearly every aspect of a property management business, and human resources are no exception. With furloughs and reorganizations circulating the industry, recruitment and retention continue to be top priorities for HR managers.
Amid these changes, the employment of property, real estate and community association managers still is projected to grow 7% by 2028, according to the Bureau of Labor Statistics.
To attract and retain a high-performing workforce, property management firms are establishing strong employer brands, fostering responsive work environments and cultivating corporate values. But how do you know if it’s working?
As the industry and the U.S. workforce change more rapidly than ever, now is the time to take lessons from engaging the resident experience conversation and apply them to the employee experience conversation online.
In this post, we cover ways to monitor your employer brand as a property manager, the impact of generating and analyzing employee reviews, and how your brand reputation can help attract and retain top-level property management talent.
Monitoring Your Employer Brand
Compelling job descriptions and competitive salaries are a start, but employee-generated company reviews are the cornerstone to capturing job seekers’ attention.
In large part, employee reviews function the same way as resident reviews. Just as resident reviews could be invaluable for marketing or a liability in attracting tenants, employee reviews could either be your most faithful recruiting tool or a major red flag in a job search.
Job seekers rank current employees as the most trusted source of information when researching employers, followed by prospective employees and former employees. Job seekers trust employees three times more than the potential employer for credible information about working at the business, according to LinkedIn.
Glassdoor.com, Indeed.com, LinkedIn and other job search websites now provide an easily accessible venue for employees (and in some cases, interviewees) to share their personal experience with your property management company. And they’re used a lot.
One in three job switchers found their new employer through job portals or personal connections/referrals in 2019, according to a recent study by Randstad. Among those switching through job portals, a vast majority used Indeed. But this isn’t a one-platform job: Glassdoor.com reports 59 million visitors per month.
Check out your company’s reviews on Glassdoor, Indeed and LinkedIn. If you currently don’t have a presence or a rating, it’s time to start generating online employee reviews.
Generating Employee Reviews and Feedback
Employee feedback could be the most influential of current talent attraction and retention strategies.
From a potential applicant’s perspective, the advantage of a robust brand reputation is clear. If 10 leasing positions are posted and three have reviews, that applicant will likely research and apply to those three property management companies first.
Generating these reviews gives prospective employees confidence to know what it’s like to work for you. It also encourages employees to submit ideas on how the company can be more efficient and offer more value to its staff.
One way to generate employee reviews is to send regular internal surveys to measure employment satisfaction and use a technology platform to extract insights from comments. But to fill your locations, leasing departments and office staff with the highest-caliber talent, you’ll need to ask current and former employees to leave testimonials on public employer review sites.
Make sure your surveys and review campaigns cover the top job-search drivers. According to Randstad, these are the most attractive benefits for job seekers:
- Additional vacation benefits (80%)
- Flexible working hours (79%)
- Being able to work from home (72%)
- Healthcare insurance packages (79%)
- Reimbursement of mobility expenses (72%)
When you focus on corporate culture and highlight these benefits, you spend less time selling your firm as an attractive work opportunity.
Retaining Property Management Talent
Employer brand is key to retaining property management talent as well, since your locations are likely spread out geographically and demographically. People-intensive companies in this industry must be able to assess – in real time – what makes work more efficient and makes employees feel values.
By monitoring your employer brand, you can improve the employee experience and manage human resources to ensure everyone performs at their highest level. Then, you can turn around and promote that employee experience to prospective employees, pushing them one step closer to sending their resume.
Of course, negative comments are unavoidable. If the comments you’re seeing aren’t what you were expecting, you can use feedback analytics to see where the disconnect is. Responsive companies that commit to transparency and improving the employee experience will fare best.
You can also think of your employee experience as a marketing opportunity. Satisfied employees can become authentic brand ambassadors for your property management firm.
Use Employer Brand for Hiring Decisions
Aside from the most obvious reason to switch employers – a higher salary elsewhere – around 40% of employees in 2019 cited a mismatch between their personal values and the organization or poor relationships with colleagues, according to Randstad.
Just as job seekers are focusing more on companies’ intangibles, property management companies are using employer brand analytics to find out which types of personalities mesh well with their culture. For HR managers, employer brand has evolved into an essential way of attracting, filtering and retaining top candidates.
As real estate firms look to win over the best leadership, analysts, leasing agents and frontline staff, they also need to incorporate culture into hiring strategies. Knowing who will mesh with your staff across multiple locations starts with analyzing employee feedback and understanding your firm from their perspective.
Having an employer brand that resonates with the preferences of today’s workforce demographics makes recruiting much easier. So does having Binary Fountain on your side. Schedule a free demo to see what our Employer Brand Analytics can do for your HR department.
About the Author
Content Marketing Specialist