by Ashish Kapoor, Vice President of Human Resources
A motivated and happy team of associates: there is perhaps nothing more important to a multifamily company. Only when employee morale is high can an owner-operator manage investors, attract prospects, serve residents, drive renewals and build a high-performing portfolio. On the flip side, dissatisfied employees are bound to leave, risking a never-ending cycle of associate churn, and those that stay aren’t likely to be productive in their jobs.
Clearly, creating a team of satisfied associates is of the utmost importance. So what are employee benefits that boost morale? Some suggestions are outlined below.
There is more to a satisfying job than just a good paycheck, of course. But team members have to feel that they are being fairly compensated for their efforts. The modern workplace is changing, but even as culture becomes a focal point, salary will continue to serve as a fundamental factor in associate satisfaction. Associates’ basic needs – fair pay, benefits, and reasonable working conditions – must be met before they can enjoy your organization’s personality and perks. To ensure attraction and retention of top performers, a winning combination of outstanding culture and competitive salary is now crucial.
Good Health Insurance
Having access to strong health insurance benefits – including dental, vision and mental-health services, among other things – is a huge piece of the puzzle when it comes to boosting and maintaining morale. Life happens: team members and their family members get sick, and they need to know they will be protected in those circumstances. Furthermore, associates not only need to know they will be protected in cases of serious illness, but co-pays and annual deductibles should be small enough that employees feel they can afford routine and preventative care.
Company wellness programs that include discounts to fitness centers can be huge morale boosters for employees. The multifamily industry is demanding, and giving team members the resources to handle stress and build their physical well-being will pay big dividends. JVM has held wellness challenges over the years to encourage our associates to adopt and maintain healthy lifestyles.
Company-Wide Open Roundtables
Employees thrive when a company embraces an open-door policy. Schedule regular open roundtables at which team members are encouraged to openly discuss any issues they have observed in the workplace as well as provide suggestions for improvement. These kinds of roundtables have worked extremely well for JVM by letting our associates know they truly have a voice.
And don’t stop with the roundtables. Associates should know that they can reach leadership at any time to discuss problems within the workplace or to offer suggestions for improved operations and policies.
The Chance to Give Back
Today’s apartment employees – especially millennials and members of Generation Z – want to work for companies that embrace corporate social responsibility (CSR). They want to feel good about their employers.
Consider giving team members paid time off to do volunteer work. Corporate gift-matching programs, through which associates’ charitable donations are matched up to a certain amount, are another great way to make a difference in the community and help associates feel empowered and supported. When employees know they work for a company that cares about the bigger picture, that will make them feel better about their jobs and will create loyalty.
In addition to CSR, today’s apartment employees want to see that work-life balance is a part of their company’s culture. Provide employees with a healthy amount of paid time off (PTO) and encourage them to use it.
High employee morale doesn’t just happen. It takes a comprehensive and sustained effort by companies to offer the kinds of benefits that produce team members who feel appreciated and supported. But that effort is well worth it.