Colorado Real Estate Journal - January 2016
Successful leaders know that employee satisfaction is key to achieving customer satisfaction. Happy, motivated employees who are loyal and invested in an organization 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 officer of Building Owners and Managers Association International, said he hears from real estate professionals 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 associations like BOMA and Building Operators Association of Colorado offer many low-cost – even free – educational opportunities that allow your employees to develop their personal skill set, and make your team stronger 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 percent of the annual salary to 200 percent, depending on the position and tenure of the employee you’ve lost. Losing an employee can erode morale, reduce productivity 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 competition. I believe if you take a proactive approach and nurture the relationships you have with your employees 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 common goal. For most employees, job satisfaction has more to do with their daily experiences than their compensation. In fact, the Harvard University 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 creative, work in a collaborative culture and have shared company values are all significant drivers of happiness. 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 asking 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 discussion 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 managers 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 performance 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 unfortunately it’s difficult to stay motivated if no one notices the results of your work. Recognition doesn’t have to be monetary to be meaningful. Simple expressions of gratitude 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 provide candid feedback, honesty and an environment in which development is supported and recognition is given easily. Happy, productive employees will serve your company and customers well for a long time.