Business is booming, but one of the monkeys our industry can’t seem to shake off its collective back is finding and retaining top talent. With annual employee turnover at 32%, and the cost of hiring at a minimum of 1.5 times that position's salary, we're bleeding profits! The 2018 Multifamily CSR Benchmark Study shows that when it comes to basic benefits for employee well-being, professional property management employees have access to solid insurance coverage, comparable PTO, and extensive educational opportunities.
While our companies set out to differentiate apartment communities from the competition with services, amenities, and features that are unique and special, how do we apply that same way of thinking to making our company employment opportunities unique and special? By taking care of our employees, we reduce costly turnover and that boosts our bottom line.
Here are some amazing benefits that some of the top U.S. companies use to stand out against the competition.
SAS, a leader in business analytics software and business intelligence, understands the importance of balancing work and family obligations, so they provide some opportunities that not only support the individual employee, but family goals or challenges, as well:
- Three weeks of paid company vacation and unlimited sick days
- College scholarship program for children of employees
Zynga, a leading developer of social media games, recognizes the importance of pets in the lives of their employees:
- Every day is “Bring your dog to work” day
- Pet insurance for cats and dogs
Evernote, the company that helps you capture, organize, and share notes online, knows that employees value free time when they’re not at work, so they take care of some of the household chores:
- Twice-monthly housecleaning service
Many companies are realizing the critical importance of supporting employees who are adding to their own families, so there are some creative ways to ensure parents have the stability and resources needed when their new family members arrive:
- Ikea offers up to 4 months of paid parental leave for both full-time and part-time workers who have been a team member for at least 12 months.
- American Express provides up to five months of fully paid parental leave for both mothers and fathers, as well as lactation consultancy and free shipment of breast milk to babies from their mothers who travel.
- Facebook provides $4,000 to parents who have a new child.
- Amazon provides LeaveShare which allows employees to share paid leave with their partner if the partner’s company does not offer paid leave.
And when it comes to supporting employees to give back to causes they personally care about, I’m proud to say that ManagInc shares one very impactful benefit with Timberland:
- Up to 40 additional hours of PTO per year for volunteer efforts.
While these are inspiring examples outside of the apartment industry, there are some eye-opening, heart-string-pulling, exciting benefits to be found within our industry, too. Join me on Thursday, May 12 for our free webinar, “Unique Benefits Your Employees Will Love,” to see how apartment industry peers are attracting and retaining top talent. If they can do it, so can you!
To Register for our free, 30-minute webinar, click HERE.