Navigating Today’s Talent Landscape: Attracting and Retaining Top Performers
By John Cullens | March 19, 2025
While the unemployment rate has stabilized, securing and retaining top talent remains a critical challenge for apartment companies. In a market where qualified professionals have numerous options, simply offering a competitive salary is no longer sufficient. The “full employment” economy, as defined by economists since 2021, has empowered candidates to demand more than just compensation.
“The reality is, hiring and retaining exceptional employees is increasingly complex,” observes Elie Rieder, Founder and CEO of Castle Lanterra.
Today’s professionals seek comprehensive packages that include robust benefits, flexible work arrangements, and clear pathways for career advancement. As Janet Baildon, Vice President of People and Culture at RADCO, emphasizes, “Leading companies are prioritizing perks, flexibility, and professional growth to attract and retain the best.”
The Competitive Labor Market
With the national unemployment rate hovering around 4.2% in November 2024, the talent pool remains tight. This low unemployment environment underscores the difficulty in filling key roles, particularly maintenance technicians and property managers, as noted by Baildon.
“Candidates are coming to the table with higher expectations,” states Rieder. “They’re looking for competitive compensation and the flexibility to balance work and life.”
In a market where retail wages have seen a 15% increase in just two years, apartment companies must remain competitive. “Our teams are constantly adapting to local market dynamics,” explains Jerry Perezchica, Director of Marketing for Decron Properties.
Beyond the Paycheck: Comprehensive Benefits and Perks
To attract and retain top talent, apartment companies are investing in comprehensive benefits packages. This includes fully paid medical and dental insurance, generous 401(k) matching, paid parental leave, and robust PTO. “A strong personal time off package is non-negotiable,” asserts Rieder.
Furthermore, performance-based bonuses, including holiday bonuses and lease renewal incentives, play a significant role in attracting and retaining talent.
The Power of On-Site Living and Creative Perks
Offering on-site living options, whether discounted or free, provides a unique advantage. Decron Properties, for instance, offers up to a 20% rent discount for managers and maintenance supervisors. “We see competitors offering even more, sometimes up to 100%,” says Perezchica.
Western National Property Management (WNPM) takes it a step further, providing free apartments for on-site caretakers and a minimum 20% discount for other on-site employees. “We continuously monitor and adapt our perks to stay competitive,” states Theresa Busby, Vice President of Human Resources at WNPM. RADCO highlights tuition and cellphone bill reimbursement as key benefits.
Investing in Career Growth and Development
“People want to see a clear path for advancement,” emphasizes Perezchica. “Without it, they’ll seek opportunities elsewhere.”
Investing in training and education is crucial. Many companies offer tuition reimbursement and in-house professional development courses. “Our employees are motivated to stay because we are invested in their success,” asserts Busby. WNPM’s comprehensive training programs and peer-to-peer mentoring ensure a strong onboarding experience, significantly reducing early turnover. “A strong onboarding experience is essential to retain new employees,” adds Baildon.
Evolving Career Paths and Leveraging Technology
Recognizing the evolving needs of their workforce, apartment companies are creating new career paths. Decron Properties, for example, is developing advanced sales roles for experienced leasing agents, leveraging CRM technologies to manage multiple properties. “This allows us to offer higher pay and increased responsibility,” explains Perezchica.
Technology also facilitates remote work, providing greater flexibility. “We’ve realized many roles can be performed remotely,” says Perezchica. This flexibility has proven valuable in retaining employees who relocate.
Cultivating a Culture of Belonging and Recognition
“Fostering a culture of belonging is paramount,” states Busby. “Our long-term employee retention speaks to the effectiveness of creating a workplace where everyone feels valued.”
WNPM’s “You Rock” awards, work anniversary celebrations, and personalized recognition programs contribute to a positive work environment. “It’s harder to leave a job when you enjoy the people you work with and feel valued,” says Rieder.
Decron Properties actively engages employees through regular events and social media promotion. “Our employee engagement committee ensures a consistent cadence of events,” explains Perezchica. “Our employees are our brand ambassadors.”
During challenging times, such as the pandemic, companies like WNPM demonstrated their commitment to employee well-being by offering zero-interest loans. “These acts of genuine care foster a sense of family and belonging,” concludes Busby, “which are key drivers of long-term retention.”
By prioritizing comprehensive benefits, career development, and a strong company culture, apartment companies can effectively navigate today’s competitive talent landscape and build a high-performing, loyal workforce.
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