Winning over the workforce

The last five years have brought unprecedented changes in workplace practices, employee preferences, and expectations. COVID-19, the Great Resignation, social and political unrest, and the rapid adoption of artificial intelligence (AI) have contributed to significant changes in the ways people work and how employers attract and retain top talent. Given these adjustments to the employment landscape, how can employers build a solid, happy workforce? JPM talked to two industry experts to gain their insights. 

A different landscape

Since 2020, massive workplace shifts have forced employers to rethink how they attract, hire, and manage their teams.

Jasmyn Sylvester, CPM^®, ACoM^®, director of property management for LBX Investments, says no amount of prediction or planning could have prepared companies for the curveballs thrown. “The unexpected changes have forced property managers and property management firms to consider how we are showing up and engaging with our property types, the consumers, and employees,” she says. “However, when it comes to hiring, our needs haven’t changed: We need qualified people who are great at what they do. It may not mean they have a finance degree, but can they complete the function today? Are they personable? Do they have the emotional intelligence to communicate with tenants? These are the qualities we need.” While the job qualifications haven’t changed, worker preferences and average job tenure have. 

“From my perspective, the biggest change since COVID has been the acceptance of job-hopping,” says Craig Marquardo, vice president of multifamily at VCS Commercial Realty. “Before COVID, longevity at a position had value, and that doesn’t seem to be a priority anymore. More employees are leaving positions after only six months.” 

Data from the U.S. Bureau of Labor Statistics supports this observation. According to its data, the median number of years that wage and salary workers had been with their current employer was 3.9 in January 2024, down from 4.1 years in January 2022 and the lowest since January 2002. 

Other worker preferences that have become more prominent in recent years include high pay, investing in their future, and flexible work arrangements. 

Filling the position

For property management companies looking to have a happy, dedicated workforce, here are four tips to attract, hire, and retain satisfied employees for the long haul. 

1. Get creative in your search.

While job boards, LinkedIn, and other online options can effectively advertise your open positions, boots-on-the-ground recruiting and working your own network can put you face-to-face with high-quality candidates, especially for smaller companies. 

“A lot of hiring in this industry is still done through word of mouth,” Marquardo says. “If someone has a good reputation, they’ll get calls about new opportunities even if they’re not actively looking.” 

While working your network, cast a wide net at reputable institutions to ensure you’re reaching high-quality talent in your area.

“Don’t stunt your capabilities by just reaching out to PWIs [predominantly white institutions],” Sylvester says. “Include trade organizations, local junior colleges, and HBCUs [historically Black colleges and universities]. You’ll want to make sure everyone has an opportunity to play in this field so you can get the best and the brightest. Don’t shoot yourself in the foot by being short-sighted.”

And don’t forget that satisfied employees make the best marketers. Engage your current employees to see if they have recommendations for open roles. “Happy employees want to work with good people who also want to work with good people,” Sylvester says. 

2. Do your homework. 

Before you even post or mention your job opening, be clear on what you are hiring for, Marquardo urges. Look at the job’s required tasks and be very clear about the job title—creating a new one if necessary. 

“One example I see a lot is management companies hiring for an assistant portfolio manager with no property management training. The job description reads more like a portfolio manager’s assistant than an assistant portfolio manager. As a result, property managers call the portfolio manager and end up talking to the assistant, who has less experience than they do, hoping to get answers for them. It becomes very inefficient. We need to be very clear about the position we are hiring for.” 

When an employer begins interviewing candidates, it can be challenging to ascertain past work performance. Marquardo says many companies cannot give information on a former employee’s performance; they can only verify employment dates. “Employers must ask highly specific questions during interviews to assess how a candidate might manage people or the building,” he says. Also, pay attention to the personality and interpersonal skills displayed during the interview. 

Reaching out to your network to vet a person’s ability is also important. “Just like you can find out about a great potential employee, you’ll also hear if someone has a bad reputation,” Marquardo adds. 

3. Honor the new work preferences.

Whether employers are on board with flexible work policies and employees’ preferences for remote or hybrid work, it’s in their best interest to have an open mind when looking for the best worker. Sylvester and Marquardo agree that inflexible policies may shrink the talent pool. 

Sylvester observes that many employees wish to maintain work-life balance. Employers can foster this with a clear remote or in-office policy. “If you need them in the office sometimes, create a clear policy around that, such as a certain number of in-office days, but give the team member a choice on which days they come in,” she says. Another option is to be flexible about the times of day people work. 

Marquardo says it’s essential to evaluate each role individually to determine which must be performed in the office and which can be effectively completed off-site. 

Whether remote or hybrid, employers must foster a culture of collaboration where workers are fully supported by leadership and provided with the tools to do the job. 

“We have to make sure employees have what they need to be efficient while they are remote,” Sylvester says. “There should be no qualms when they ask for something. ‘Do you need a mouse? Would you like some screen lifters? You need a printer?’ It’s about ensuring they have what they need to be productive.”

4. Invest in your employees.

Once employers make a hire, the most valuable thing they can do is strive to retain that team member. 

Where to start? With a fair salary. Low wages can be disheartening for any employee, especially if they see employers throwing lavish happy hours or providing other expensive perks. 

“We talk about the benefits, but people have to live and care for themselves,” Sylvester says. “Inflation, economics—things are getting more expensive—so pay people what they’re worth.” 

She urges employers to examine the market, see what other organizations are paying their team members, and ensure that there are no pay discrepancies between genders, races, and other demographics.

Next, find ways to invest in team members’ careers and professional development. Sylvester says this type of investment is often more appreciated than even bonuses. “Provide them with education,” she says. “Pay for their IREM membership or help fund their certification costs. Pay for them to go to the industry conferences.” 

Marquardo agrees and adds that training and education help the larger organization. 

“I want to train my leasing agent to be an assistant manager and then a great property manager,” Marquardo says. “I want my manager to become a great portfolio manager. We won’t need to hire and train someone from the outside if we already have someone who knows our system. It also saves a lot on hiring costs.”  

And if you’re unaware of what your workers need or desire, ask them. 

Ready for the unknown

Even before 2020, property managers weathered day-to-day changes. However, with the transitions of the last five years, managers have become even more nimble and ready for the unknown. 

“Our environment is ever-changing, and if you don’t understand and prepare yourself to evolve with the times, you will become stagnant and obsolete,” Sylvester says. “As long as we’re tuned in and amenable, we’ll thrive no matter what the future holds.”