Dive Summary:
- There is a lot of good to be said about a recovering market, whether commercial, apartments or single-family home construction, but there is one not-so-good thing: workers finally have options for finding better opportunities.
- In the apartment business, for example, the National Multi Housing Council surveyed companies recently and found that 79% had keeping high-performing team members as No. 1 or 2 on their list of concerns for this year.
- The organization worked with a consulting firm on how to best create incentives for employees to stay, and one best practice was to have a balanced plan that combines absolute and relative measures of performance and includes both annual and multi-year incentives. That way employees can see benefits soon, but they also have an incentive to stay around and do well.
From the article:
Many apartment companies went through some painful downsizing during the recession. ...