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Losing employees can cost you—particularly in today’s high-cost market. Not only do you also lose out on all the resources you poured into that worker, but there are the costs to recruit, hire, and train a new employee, too. In fact, according to hiring platform Indeed, losing (and replacing) an employee costs businesses an estimated 33% of that person’s salary. So, if you lost an employee making $75,000, it would cost nearly $25,000 just to replace them.

Unfortunately, employee turnover is high these days. Post-pandemic, many workers are reevaluating their careers in a movement called the Great Resignation—and the multifamily housing sector is no exception.

Do you want to ensure your valuable employees stick around (and avoid the high costs of replacing them)? Here’s what other multifamily stakeholders are doing.

1. Provide Opportunities for Growth

No employee wants to feel stuck in their career, so showing them you are willing to invest in their talent can go a long way.

“Employees want to learn and grow,” says Hendrick Fernandez, director of premier hospitality training and development at AKAM. “If they feel like they don’t have an opportunity to advance their career, they will start to look elsewhere.”

It’s true: According to a survey from the Pew Research Center, 63% of workers who left their job last year cited “no opportunities for advancement” as a major contributor.

To combat this, Roman Stephens, senior vice president of operations at Northland, recommends providing “clarity” on their advancement opportunities and prioritizing internal promotions.

“Consistently messaging the prioritization of internal promotions helps employees feel valued and a critical part of the firm’s success,” Stephens says. It also offers “a clear path to greater compensation and responsibility.”

2. Know Your Employees

Making an effort to understand your employees and their needs and goals is critical. This means consistently seeking feedback and acting on that when necessary.

According to Fernandez, conducting anonymous engagement surveys is a great place to start. This creates “a safe space for employees to openly share that makes them feel heard and included,” he says.

At property management company FirstService Residential, regular self-assessments and manager reviews are also helpful. “They help illustrate clear pathways to career growth, promotions, and continuing education programs that will help associates achieve their goals,” says Dan Wurtzel, president of FirstService Residential New York. These evaluations also help the company determine who needs educational support via its scholarship program.

3. Offer Holistic Support

Nurturing your employees’ work talents is only part of the equation when building worker buy-in. To make them feel appreciated, properties should invest in their overall quality of life, too. This might mean offering great health care benefits, fitness perks, on-site meals or snacks, and more.

“If an employer shows they care about an employee’s health and well-being, not just when at work, the employee will care about their job and the company,” Fernandez says.

Offering emotional and mental support is important as well. That’s what Sentinel Real Estate Corp. has done with its recent program expansions. As managing director Karen Charde, explains, “By adding well-being training courses such as empathy, leadership, stress management, motivation, and time management, among other topics, we’re making efforts to increase their chances of success within our company.

4. Compensate and Reward

Low pay is another reason workers left jobs last year, so make sure you’re paying appropriately—especially given inflation and rising costs of living. You should also consider what properties in your area are paying. Most important, Fernandez says, is to talk about these topics candidly with your staff.

“Don’t shy away from discussing compensation, specifically around what tangible deliverables or skill sets can put employees in positions to reap financial rewards,” Fernandez says. “This openness may seem counterintuitive, but it builds trust both ways.”

Offering a bonus or reward-earning system can also be beneficial. This can be an official program or something that is done on an occasional, case-by-case basis. The latter, Fernandez says, can be particularly powerful.

“When unannounced, these bonuses can be a game-changer,” he says.