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Digital Strategies to Cut Property Management Turnover Rates and Costs

It's essential to have a robust Learning and Development (L&D) team to stay ahead of the curve in property management.

In today’s fast-paced, tech-driven world the property management industry is becoming increasingly competitive, and as a result, businesses are constantly seeking ways to retain top talent and reduce expenses. This is why it is essential to have a robust Learning and Development (L&D) team to stay ahead of the curve. And by continuing to lean on the influence of technology in L&D, property management companies can continue to support growth and reduce costs associated with high turnover rates.

Technology in L&D

Leveraging technology in learning and development is key to supporting business growth, particularly in a post-pandemic world where virtual interactions have become the norm. Digital tools such as virtual training, online courses, and interactive e-learning modules have transformed the way we learn and develop skills, making it more accessible and cost-effective.

Traditionally, L&D teams have relied on classroom-style training sessions to teach employees new skills. However, this approach can be time-consuming and expensive.

With the advent of e-learning, employees can now access training materials anytime, anywhere, and on any device. This flexibility allows employees to learn at their own pace and reduces the amount of time spent away from work.

Furthermore, e-learning has financial benefits as property management companies can save money on trainers, materials, and travel expenses and instead focus on creating high-quality content. With a focus on technology, L&D teams can provide the necessary resources and training to help employees enhance their skills and abilities.

Reducing Turnover Costs and the Importance of Digital Adoption

One of the biggest challenges for property management is employee turnover, as property management consistently has higher than average turnover rates compared to the rates across other industries.

High employee turnover is a substantial issue in the property management industry with the cost of replacing an employee (usually) ranging from 30% to 60% of their salary. When employees leave, companies must spend time and money on recruiting, hiring, and training. This process can be expensive and disruptive to operations, especially if the company experiences high turnover rates.

The adoption of technology is often a warning sign of high turnover rates; a high rate of employee turnover can be an indicator of problems with employee engagement and low adoption. Inadequate training can lead to a lack of confidence in performing tasks correctly, lead to decreased productivity, and potential mistakes. Employees who don’t adopt new technologies may be more dissatisfied with their job or feel unprepared or overwhelmed by new tools, leading to burnout.

A digital adoption plan plays a significant role in reducing turnover costs. Technology adoption can address this by offering a more engaging and accessible training experience overall and guaranteeing that employees are more comfortable with the tools and resources they are given. Increasing employee training satisfaction and empowerment is a major step to decreasing high turnover rates and lowering the expenses associated with it.

Learning and Development Solutions with Fortress

Fortress has developed an embedded digital adoption solution that provides a simple and effective way to train employees on the software. The platform is designed to be user-friendly and customized to meet the needs of individuals.

Fortress’ solution helps property management companies to streamline their training and development programs, ensuring that employees are up-to-date on the latest tech tools and best practices. This leads to higher productivity, better employee satisfaction, and ultimately, better business outcomes.

One of the key advantages of using Fortress’ embedded digital adoption solution is its high adoption rates. With adoption rates of more than 90%, you can be confident that employees are engaging with the training materials and are acquiring the necessary skills to succeed in their roles. This not only benefits employees but also ensures the property is operating at maximum efficiency.

Team FORTRESS

Team FORTRESS

The home of multifamily property management Build your business on the right foundations with all the insights you need about your income, occupancy, rent trends, smart price recommendations, renewals and more. We’re NOT an all-in-one solution. We’re better. We’re your core property management operating solution, powering a whole ecosystem of best-in-class software.

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