Multifamily Employee And Resident Satisfaction Are Tied Together Study Says

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The Editors's picture
The multifamily industry and the importance of corporate responsibility in new benchmark study

It is becoming more important than ever that a multifamily company be seen as being socially responsible, much as Google says “Don’t be evil,” according to a new benchmark study.

Corporate social responsibility is now an expanding concept, according to ManagInc’s new study, and includes caring for all stakeholders, including everyone who has an impact on a multifamily company’s success from employees and suppliers to residents and to the communities one does business within. It is especially important to Millennials.

There is a direct relationship between multifamily employee and resident satisfaction

An analysis of the responses to the survey’s 2016 employee and resident turnover rate questions shows the clear relationship between the two, the study says.  Even without viewing these striking findings, one intuitively understands that engaged and satisfied employees deliver more superior service, which of course impacts resident retention.

  • Engaged and satisfied employees are less likely to resign.
  • Engaged and satisfied employees are more likely to be motivated to provide superior service.
  • Superior service leads to improved resident satisfaction and resident turnover.
  • As the research cited earlier shows, greater engagement and reducing employee and resident turnover have clear and significant impacts on the bottom line.

In the workplace in multifamily

As a point of reference, the National Apartment Association reported employee turnover historically has shown employee turnover rates to be in the low 30% range, while the historical resident turnover rate lies in the low 50% range. The goal is to outperform the industry due to reduced employee and resident turnover impact, the study says.

Where we are succeeding, the report says

  • Employee recognition and appreciation program / events
  • Annual Personal Time Off offered increases based on tenure
  • Annual Personal Time Off offered is at least 15 days
  • In-house education staff and/or outsourced education program
  • Company pays for employee certification education and licensing program (i.e. NAA CAM designation)
  • All position openings promoted to all existing staff
  • Human Resource department/staff
  • Company vision and goals clearly articulated to all employees
  • Monthly or quarterly communications to all employees regarding company updates

Multifamily corporate responsibility is important to employee and resident retention

Where we are falling short, the report says

  • Paid maternity leave offered
  • Paid paternity leave offered
  • Student loan repayment program
  • Mandatory new employee orientation program
  • Formal mentoring program
  • Formal career development program
  • Annual employee satisfaction survey program
  • Policy requiring responding to all online employee-generated reviews (i.e. Glassdoor.com)
  • Annual supplier satisfaction survey program

Where we are succeeding with the resident experience

  • Policy requiring responding to all online resident reviews (i.e. ApartmentRatings.com, Yelp)
  • Resident satisfaction feedback/survey program
  • Mass text, email or call blast system for property-wide announcements

Where we are falling short with the resident experience

  • In-unit apartment upgrade lease renewal incentive program
  • Service request guarantee
  • 30-day move-in satisfaction guarantee program

Where we are succeeding with the greater good and green initiatives

  • Company-organized community service events
  • Company permits personal time off to volunteer and perform community service
  • Low impact LED and CFL lighting used at properties
  • High efficiency Energy Star appliances used for in-unit appliance replacements and turnover units
  • Water conservation systems/programs implemented

Where we are falling short in these areas

  • Company donations made for employees who volunteer individually or as a group
  • Automatic payroll deductions for charitable donations
  • Charitable donation matching
  • Recycling available at all properties
  • Sustainability training and certifications for maintenance teams
  • Promote local utility company renewable energy options to residents
  • Renewable energy utilized at any properties (solar, wind, geo-thermal)
  • Subsidize / encourage car-pooling, car sharing, mass transit, or bicycling

What we agree on about importance of corporate responsibility in multifamily

  • My company is committed to being a socially responsible company, caring for employees, suppliers, residents and the communities we operate within: 80.6%
  • CSR does, or can, have an impact on employee retention, resident retention, company’s performance: 90.3%
  • CSR is important to employees, especially Millennials: 88.7%
  • CSR is important to suppliers, especially Millennial employees: 53.3%
  • CSR is important to residents, especially Millennials: 80.3%
  • CSR can positively impact our company’s reputation: 95.1%

About ManagInc

ManagInc is the multifamily industry's first-ever Corporate Social Responsibility consulting service.  Our philosophy is that everyone wins when all stakeholders' needs are priorities – with the company's "win" being the bottom line implications of reduced employee and resident turnover, and an improved reputation.  Earning a reputation of being a socially responsible company is critical due to the impact this has on employment and purchasing decisions by Millennials, the largest segment of the U.S workforce and rental market.  For this reason, CSR has been called the evolution of reputation management.  Beyond investigating online reviews from current residents and employees, prospective residents and employees also now evaluate a company's commitment to having a positive impact on society; research shows the significant impact all of this has on a company's appeal.

Get the full report here on the evolution of reputation management: leveraging corporate social responsibility to drive performance.

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