Why Your Best Millennial Employees Might Quit

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Dell and Intel conducted a study about the future of the workplace; included in this was asking what would lead someone to quit their job.  Surprising or not, the top rated answer by Millennials was if the company didn’t offer technology that enhanced communication, flexibility and collaboration.  While the results of the survey may have been impacted by how questions were asked (keeping in mind the study was conducted by two technology companies) – we all know how important technology and communication are to Millennials, the largest segment of the country’s workforce.

On the topic of what would lead someone to quit, the 2016 Future Workforce Study by Dell and Intel reported that 42 percent of Millennials reported they would be likely to quit if their company’s technology wasn’t up to their standards; this figure was nearly four times greater than Baby Boomers. 

Employee disengagement and turnover has an enormous impact on performance: companies that rank in the top 50 percent in employee engagement are reported to be 44 percent more profitable (Gallup); and the cost of employee turnover is at least 1.5 times salary due to lost productivity, etc. (CFO.com).

Given all of this, what are you doing to meet these expectations?  What options are available to the property management industry?

The starting point is to offer smart offices and flexibility.  Smart offices offer the technology people need to work their best – and how and where these activities are best performed.  This happens when you integrate technology that helps people efficiently plan and work.  Flexibility must be offered – starting with accessibility to everything the team needs each day to get their work done.  The experience of getting one’s job done has to be a positive, not negative, experience.    Lastly, sustainability must be built in – balancing financial, environmental and social aspects.

What are some options for the property management industry?  Examples are shared below; these are meant for information purposes and are not endorsements; I suggest reviewing the National Apartment Association’s Resource Center as it’s a great source of information on providers.

  • State-of-the-art computers, Internet access, wifi, etc.
  • State-of-the-art enterprise property management, plus lead, rent payment and revenue management systems (like RealPage, Entrada, Yardi, Rainmaker, Updater)
  • Cloud-based project management platforms (like Asana, Basecamp)
  • Video and chat platforms (like GoToMeeting, JoinMe, Pidgin)
  • Call centers and resident communication systems (like Anyone Home, CallMaX, Apartment Lines, RealPage, One Call Now)
  • Package management systems (like Notifii, Parcel Pending,Package Concierge)
  • Policy permitting the use of smart phones, including a reimbursement policy (for at least a portion of the monthly fees)
  • Permit the use of texting residents, and residents with the staff
  • Replacing manual processes with online systems and functionality-loaded property portals (leasing paperwork, rent payment, lease renewals, service requests; Entrada, Spherexx, G5 and most property management system providers)
  • Automating resident follow up (like SatisFacts, Kingsley, Ellis, J Turner Research)
  • Online education and career development programs (like GraceHill, Insala, etc.)
  • Policy permitting home-officing for applicable positions

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