Operational efficiencies, maximizing revenues and staffing and recruitment are the main challenges today for multifamily operators, according to the results of a recent survey from the National Apartment Association, sponsored by AppFolio. Even though the ranking has changed, these three concerns have remained the same in the past two years. HR/staffing/recruitment was the top challenge in 2021, but it continues to be a pressing issue for most operators.
Attracting new key members and training the new employees to get them up to speed were among the most challenging activities related to HR/staffing/recruitment. To retain their valuable employees, owners-operators today focus on fostering a healthy workplace culture, taking care of reputation—both internally and externally—and empowering employees to speak their minds. Of course, multifamily operators are also more open to providing increased compensation, loyalty bonuses and even bonuses tied to resident retention.
In this episode of NAA Insights, Vice President of Research Paula Munger told Multi-Housing News Senior Editor Laura Calugar that an increasing number of NAA members have begun to work with local trade schools and colleges that can provide candidates for their open positions. Some companies have even started their own apprenticeship programs to ensure a constant pipeline of qualified workers for their needs. What else is key when dealing with a tight labor market? Tune in now to find out!
Here’s a sample of the topics discussed:
- How have the top challenges for multifamily operators changed lately? (1:15)
- Most challenging activities related to HR/staffing/recruitment and how operators are choosing to deal with them (2:02)
- Where is HR the most stringent issue across the country? (3:32)
- More hires or keep the current headcount: What do multifamily operators intend to do? (5:19)
- Are there any layoffs on the horizon considering the softening in construction activity? (6:15)
- The emotional component when dealing with turnover (7:52)
- The role of training in minimizing staff turnover (8:54)
- Solutions to ensuring a constant pipeline of skilled workers for the industry (09:57)
- How can multifamily operators make property management more attractive to the young generations? (10:48)
- What other types of concerns might arise going forward (13:24)
Make sure you follow MHN’s podcasts on Apple Podcasts and Spotify!
