Streamline Duties to Help Management Companies Run Leaner
Employee retention has become one of the largest issues among the U.S. workforce today. Because of Covid-19 many companies were forced to adopt a work-from-home policy. As we enter into 2023, management companies are now experiencing the effects of this concept and have recognized the need to make a change. Retaining employees has become more than just investing in what keeps people happy. It’s about investing in people's personal development, mental health, and work-life balance.
The Great Resignation
The Great Resignation - the largest known voluntary employee mass resignation of 2021. Following Covid-19, employee resignations were estimated to result in over 50.5 million people leaving their jobs in 2022 — as compared to 48 million in 2021. Unlike other years, 2022 was significant in that it raised eyebrows in how we dictate work environments based on hybrid and remote ways of living. For example, “the rate of remote work rose to 26% of all employees in 2022, which is a record high with 16% of all U.S. companies being fully remote. ”Although the requirement to work from home may have been thought to be successful in the beginning, companies are now finding this to be further from the truth, and are now requiring their employees to be hybrid or fully back in the office. This, however, doesn’t suit the needs of employees who enjoy the convenience of working from home thus resulting in an employee churn as they begin to look for jobs that suit their lifestyles needs. The effects of high turnover are now making a significant impact on management companies all over the U.S. In fact, according to the National Apartment Association (June 2022), property management averaged a 33% turnover rate, as opposed to the lower national average of 22%.
Remote vs. Hybrid
Above all else, property management companies are now recognizing that their employers are more than just concerned about health and safety — they’re concerned about their flexibility and emotional health. As workers shifted from an in-office work setting to full-time remote, it was expected that people would find a sense of comfort or less strain on their mental health. Unfortunately, it had the complete opposite effect — overtime workers became more mentally stressed due to juggling daily communication and an increase in home interruptions. As a result, workers' mental stress not only increased, but it created a sense of insecurity in their job, giving millions of Americans the desire to resign.
Now that we enter into 2023, businesses are now requiring their employees to shift back to their former, in-office work environments. In fact, it’s estimated that 90% of companies will require their employees to return to the office in 2023. Knowing what will come from this has already started to sway many workers into an unpredictable mind-set or what some call, quiet quitting — when an employee doesn’t necessarily leave their job, they instead choose to say goodbye to unnecessary responsibilities and the idea of going above and beyond. It has been said that one reason for this may be due to feelings of former work burnout, cost of commuting, and the fear of the unknown and old habits — or for better words, going back to rigid rules and parameters.
More than ever, management companies are now exercising alternative ways to attract quality workers by offering more flexibility and opportunities to develop and grow with the company. For example,“a Gallup survey in June of 2022 found that 8 in 10 people are working hybrid or remote, while only 2 in 10 are entirely on-site.” In addition, “an AT&T study found the hybrid work model is expected to grow from 42% in 2021 to 81% in 2024.” With this being said, it’s important to recognize the shift in work-life balance benefits both the employer and the client. For example, if a management company strives to provide employees a better quality of work-life balance, they should expect that their clients will desire the same outcome. Here is where management companies can gain the advantage, by investing in streamlining communication and responsibilities for their employees. One way of doing this is by incorporating new, advanced forms of HOA software that provide employees and their clients the opportunity to streamline their day-to-day responsibilities so that both parties are able to effectively communicate and work in a hybrid or remote setting.
One of the most effective ways management companies can streamline multiple duties is by incorporating an all-in-one digital platform that offers HOAs a comprehensive suite of solutions for community members, boards, vendors, and their management teams. Software such as this, also works as a digital solution for those needing to transition from a full-time office environment to a fully remote or hybrid environment. The benefits of software such as this not only helps management companies, but also helps those on the user end, such as the board member that works remotely from home or occasionally in the office.
● Streamlines multiple operations through a single digital platform.
● Provides all-in-one functions to streamline multiple responsibilities.
● Allows management companies the ability to consolidate the use of multiple software tools into one application.
● Increases productivity, communication, and transparency among multiple groups.
● Automates manual tasks.
● Increases mental health and work-life balance.
TownSq Data Intelligence
One of the most important parts of having a successful management company is exercising transparency and the “big picture” concept for all their teams and property managers. The purpose of providing a big picture concept is so workers don’t stray away and focus on the small things. They will instead focus on what makes the most impact to reach success. By doing this, management companies now have the opportunity to utilize data software such as the TownSq data intelligence feature. The benefits of this application allows management companies the opportunity to see a clearer snapshot of how workers and their clients interact, communicate, and obtain goals.
● Provides management companies the ability to review individual manager performance.
● Increases productivity and identifies areas of opportunity.
● Evaluates and identifies important metrics that are key to managing the communities’ success and performance.
● Virtually communicate through digital forums and group chats.
● Allows management companies and property managers the ability to forecast and identify trends in the community.
● Provides management companies and property managers the ability to make stronger educated business decisions.
Want to see TownSq in action? Request a demo and set your management company up for success.