Employee Turnover Is Extremely Expensive to Property Management

Employee Turnover Is Extremely Expensive to Property ManagementTurning over employees can cost managers and the property owner significant profit and create tremendous property risk. With each employee loss the training process begins again. Perhaps even worse is the lost time and momentum of finding a new employee. With each successive loss of personnel when a revolving door series of losses begins to occur the employee training begins to degrade. The process becomes less thorough and the total property skill level begins slipping backward.

The first key to putting a stop to employee losses is to slow down. Take the time to really analyze resumes. Look for missing periods of employment. Ensure that the skills you are looking for on are on the resume. Don’t consider prospects that could work. Consider prospects that appear to fit. Conduct thorough background checks. Really interview the references. Seek soft references and carefully check these sources out. Verify previous employment to the extent possible. Verify education. Ensure that the resumes are faithful honest representations of past experiences. Complete credit checks. Avoid hiring individuals that do not appear to be stable.

The next key is to have a clear strategy for the interview. The interview is not a social call. the interview should ask and require information to verify skills. Next, you should ask questions and dig into experiences that show how the person will fit culturally and will fit relative to your expectations. Understand their work interests and dig into their outside interests. Employees that aren’t able to commit because they are over involved in too many areas are not good fits either.

After selecting the employee, go to pains to assure a smooth effective transition in the role that provides the preparation and training to reach a successful start. Often employees fail because they are not given the tools to get off to a good start. This should begin with a position description and a thorough one on one review of the expectations. After the training and acclimation is complete, review the job description again and cover any questions once more.

Next, over the course of time, you need to assure that the employee knows their contribution is appreciated. This implies taking the time to find out how and what their doing. This has to be followed with a genuine interest in the issues they see in their role. The closing component is to offer and assist the employee to develop further into the role and to expand their capacity if they are interested.

You will still lose employees. However, a thorough transition plan will go a long way to minimize losses, maximize effectiveness, and create an effective management operation.