RESPECT Wins

“How do we reduce employee turnover?”??

It’s a question that most multifamily industry leaders ask themselves on a daily or weekly basis. And if they are not asking that question, they have either found success in retaining team members or they simply don’t care. ?

The easy answer many leaders fall back on, and it’s not wrong, is increasing compensation. But that doesn’t tell the whole story, and it doesn’t address the reality that most people make career choices based on a variety of factors in addition to what the job pays.??

According to the current Swift Bunny Index, the highest-ranking attribute that rental housing employees deem 'Most Important' is 'I am treated with respect.’ This #1 ranking holds true for Leasing, Maintenance, On-Site Management, Regionals, and Corporate Support team members. ?

How does compensation rank???

It’s #7.??

Respect is conveyed and received in a variety of ways, but there are many commonly accepted practices that can influence an individual’s feeling of being respected:?

Feeling Trusted?

?Studies have shown that trust is contagious. If a leader places trust in an employee, others have a higher likelihood to trust that employee as well, and vice versa. So, it’s not surprising that rental housing employees rank “Supervisor shows faith in my judgment” as #2 in Importance, according to the Swift Bunny Index. Trusting an employee’s decisions demonstrates respect for that individual as a professional, which fosters an environment where employees feel a deeper connection to their work and their role in the organization. ?

Touching Base?

Workdays can get hectic, but prioritizing time with team members shows that a leader is not only interested in the employee’s work, but it also creates an opportunity for the employee to ask questions, share progress on goals, and feel valued (ranked #4). When the boss is perceived to check in with some but not others, it can be interpreted as disrespect, even if the intention is to not disrupt a high-performer’s day or week. Having a regularly scheduled 1:1 meeting with each employee conveys respect for each team member’s time, work, and contribution. ?

Being Equipped?

Several factors contribute to an employee’s performance and job enjoyment (ranked #3). Offering on-the-job training to help them be successful in their role (ranked #5), providing them with the necessary tools, resources, technology, and support (ranked #8), and engaging in regular feedback are all key to fostering their ongoing success and satisfaction. And providing what the employee needs is a sign that you’re setting them up for success, which is an impactful show of respect.?

Resolving Conflicts?

Looking the other way when disputes arise can quickly derail a team’s momentum, collaboration, and their feeling of value. By addressing and facilitating resolutions quickly, team relationships can be maintained and strengthened (ranked #9), the working environment can remain positive (ranked #10), and respect for the workplace and the individuals is prioritized.??

How to Reduce Your Team Turnover?

While this data comes from thousands of employees in the multifamily housing industry, every company’s employees have their own unique sets of preferences, and each company has its own strengths and weaknesses. ?Relying on industry data can be a good starting point but asking your own employees what is working or not working for them is most reliable and actionable. ?

If you want to know how to be more successful in retaining your team members, give them a forum where they can give you feedback. We are that forum. Swift Bunny provides a confidential feedback solution that is quick, reliable, and easy. You’ll find out:?

• What is the sentiment of your team as a whole, not just the vocal few?

• What they enjoy most about working for your company?

• What creates the most frustration in their day-to-day work?

• How to address and improve the challenges that are discovered?

Want to know how to reduce your average employee turnover? Ask your employees. We can help.?

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