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— Property Management Quarterly — January 2016
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S
uccessful leaders know that
employee satisfaction is
key to achieving customer
satisfaction. Happy, moti-
vated employees who are
loyal and invested in an organiza-
tion will have a natural desire to
serve your business and customers
with enthusiasm. With Denver’s
unemployment rate at 3.5 percent,
it’s more important than ever to
nurture your biggest asset – your
employees!
Training and staff development
especially are important in today’s
environment. Henry Chamberlain,
president and chief operating offi-
cer of Building Owners and Manag-
ers Association International, said
he hears from real estate profes-
sionals across the country that they
struggle to find qualified people.
With such a tight local job market,
the ability to find someone who’s
ready to go from day one may be
unrealistic. Look for people who
share your values and philosophies
and teach them the technical parts
of the job. Be sure to train and
develop the employees you already
have as it will contribute to their
success and yours. Industry associa-
tions like BOMA and Building Oper-
ators Association of Colorado offer
many low-cost – even free – educa-
tional opportunities that allow your
employees to develop their personal
skillset, and make your team stron-
ger and more effective.
A recent Gallup Workforce
Panel study found that half of
U.S. employees are watching the
job market or
actively looking
for a new job. The
cost of replacing
an employee can
range from 16 per-
cent of the annual
salary to 200
percent, depend-
ing on the posi-
tion and tenure
of the employee
you’ve lost. Los-
ing an employee
can erode morale, reduce produc-
tivity and strain the remaining
members of your team. Especially
in this market, you should assume
your best team members are being
actively recruited by your competi-
tion. I believe if you take a proactive
approach and nurture the relation-
ships you have with your employ-
ees on a regular basis, they are
much more likely to remain on your
team.
First and foremost, in order to
build trust and loyalty, you have to
care about each member of your
team, not just as employees, but as
people. It’s important to understand
each person’s motivations, interests
and challenges. When you can align
individual success and company
success, you will form a strong
bond as you work toward a com-
mon goal.
For most employees, job satisfac-
tion has more to do with their daily
experiences than their compensa-
tion. In fact, the Harvard Univer-
sity Institute of Politics found in
a 2010 survey that 95 percent of
millennials rated the opportunity
to collaborate with peers and have
an impact on the organization at
the top of their job characteristics
wish list while less than half rated
salaries and compensation highly.
The relationships an employee has
with his boss and co-workers as
well as the opportunities to be cre-
ative, work in a collaborative culture
and have shared company values
are all significant drivers of happi-
ness. Understand what’s important
to each member of your team and
carefully craft an environment that
allows them to thrive.
Annual reviews are one of the
most important conversations you’ll
have all year. A productive review
takes the form of a conversation.
It should not be a lecture from a
supervisor. When you think of it as
a conversation, you’re more likely to
listen than simply talk. Start by ask-
ing how they’re feeling about the
past year and end with asking what
you can do to better support them.
In between have an honest discus-
sion about their performance and
progress toward their goals.
In Jack Welch’s book “Winning,” he
reminds us that an annual review
should be the culmination of many
discussions throughout the year,
and that topics covered – good and
bad – should not come as a surprise
to the employee. Some manag-
ers make the mistake of ignoring
or glossing over areas of concern;
however, this is a disservice to both
you and your employee. Often we
unknowingly hinder our own path
to success, and a caring manager
can frame corrective feedback as
a development tool. The tips I’ve
received about my own perfor-
mance have made me a better and
more successful, and I’m grateful
for every one.
I believe that everyone wants to
perform at a high level, but unfor-
tunately it’s difficult to stay moti-
vated if no one notices the results
of your work. Recognition doesn’t
have to be monetary to be mean-
ingful. Simple expressions of grati-
tude or acknowledgement can be
powerful. A handwritten note can
be a token that is kept for years. A
kind word can make someone’s day.
Sometimes in our busy schedules,
we forget to stop and celebrate our
successes. Make time to recognize
a new deal, a problem solved or a
project completed, and your team
will be energized as they focus on
the next challenge.
The bottom line is that it costs a
company far more money to recruit,
hire and train a new employee
than it does to empower, train and
develop an existing employee. Your
team often will spend more time
with you and your business than
they will with their own families.
They deserve a leader who will pro-
vide candid feedback, honesty and
an environment in which develop-
ment is supported and recognition
is given easily. Happy, productive
employees will serve your com-
pany and customers well for a long
time.
s
Invest in employees to achieve building success
Management
Tanya Leung
General manager,
LBA Realty, Denver
