CREJ - Multifamily Properties Quarterly - April 2015
As a recruiter, I want to share something – there has always been a shortage of great talent. This is especially true for multifamily properties. From development and construction to the operations and qualified vendors, all teams require great talent to make properties successful. The fact is, when business is slow, top performers will always compensate for the less-qualified contributors. This is not an effective business model, but it is one that everyone knows. The first step is to have a conversation about the talent of your team. Often, actions need to take place quicker than many realize. When business is booming, issues created by average or poor performers on workforces can become detrimental. The boom portion of the business cycle can leave your top achievers feeling overwhelmed and unable to realize success, while mediocre performers continue to drain energy and negatively impact your bottom line. The mediocre performers will rarely leave a company voluntarily. If you do not address these problems for top achievers, your competitors will appear with a solution, drawing them to their company. Recruiters are not the only ones who have their eyes on top talent. Eliminating the weakest players may leave you with the scary proposition of promoting from within or taking a chance on recruiting from outside. There is the fear that neither option works. But with weak players on the team, your plan is not working anyway, which is a waste of time and money. To compound the challenge of promoting within or hiring new talent, the selection process used by many hiring managers is unrealistic, unimaginative and ineffective. There are many ways to identify the talented and the engaged. Superstar employees do exist. But you may have to change your thinking to recognize them.