The Disruption of the Multifamily Workplace
There is a certain disruption occurring in the workforce today with the prevalence of social media and the ability for a single person to reach a vast audience through various platforms in a relatively short amount of time. Employees are able to post, snap, tweet and share their thoughts, opinions, and experiences regarding their employers instantly, which can have a major positive or negative impact on the reputation of their employer.
Kim Peters, CEO of Great Rated! states, “Some people think that you can create a brand in the market that is independent of what your actual employees think – but that isn’t true. Social media has made the internal workings of any company very transparent – we are in an age of “naked” corporations” (Frauenheim 2014).
This culture of information-sharing has changed the way management companies must operate, both for their residents and their employees. This vast world of instant updates has also created incredible opportunity for management companies, individual properties, and employees to share with the world what makes them stand out within the Multifamily Industry and create a powerful Employer Brand that will then attract top talent and great residents.
Employer brand is the image of an organization as a ‘great place to work’ in the mind of current employees and key stakeholders in the external market. Brands are among a firm’s most valuable assets and as a result brand management is a key activity in many organizations. (Vijayalakshmi 2016). Branding strategies, if used effectively, can dramatically increase the quality of the pool of candidates applying for positions within a firm and it can also create greater employee engagement and loyalty, thus creating higher retention rates, lower turnover and an improved resident experience.
While there are myriad ways to create a unique employer brand, the strategies employed must be executed in a manner that is consistent with the company vision, values, and mission statement. It goes far beyond having a ping pong table in the lobby or allowing employees to bring their dogs to work. Those are great perks, but do not have a lasting impact on employee engagement if the central brand of the company is not consistent with the long-term vision of the organization.
In order to create an effective and positive employer brand, there are certain factors that need to be thoughtfully considered.
- Examine and determine exactly what makes your company great.
- Define what characteristics are preferable in the type of employees you currently have.
- Get clear on the talent you are looking to attract.
Use those qualities and characteristics to shape the reputation of the brand and get the attention of job seekers that fit the description. In some cases, upon examining the quality of the existing workforce, it becomes apparent that there are some employees who are not only not engaged, but actively disengaged and would be better suited in either a different position or with a different company. It is crucial to address these issues in order to create the best culture within your company.
We need to understand our environment and adapt and change with the abandonment of certain habits and routines. And in some cases, people. We need to be confident making personnel changes that allow the company to flourish and grow” – Patrick Antrim, CEO of Multifamily Leadership
Remember, one of the biggest indicators of a successful employer brand will come straight from the employees within the company. According to the research from Best Places to Work Multifamily program, employees at the companies bearing this prestigious designation are proud of the company they work for and state that they are willing to give extra effort to help the organization succeed. Those indicators are the most powerful employer branding tools that can be utilized through traditional advertising, social media posts, and even word of mouth referrals. If you want to know if it’s a great place to work, you ask the people that work there. These happy employees will carry your brand in a positive light to their own personal networks as well. And once you’ve created an employer brand that is unique and has high-impact within the industry, the quality of your employees and residents will dramatically increase.
Leaders looking to understand what best in class organizations are doing to inspire and engage their teams are invited to attend the Multifamily Leadership Summit.
Antrim, P. (2016, June 15). Cutting Back for Business Growth – TalentCulture. Retrieved September 09, 2016, from http://www.talentculture.com/cutting-back-for-business-growth/
Frauenheim, E. (2014, June 30). The Great Rated!™ Interview: Kim Peters on Employer Brand – TalentCulture. Retrieved September 09, 2016, from http://www.talentculture.com/hed-the-great-rated-interview-kim-peters-on-employer-brand/
Vijayalakshmi, V., and K. UTHAYASURIYAN. “The Impact of Employer Branding on Employee Performance.” Indian Journal of Applied Research 5.8 (2016).