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Explore the relationship between standard and top-performing employees and the nine factors that influence their performance.
After speaking with multiple industry executives, J Turner Research knew that understanding the current employment environment and the various factors that lead to stress for multifamily employees would be critical for any multifamily company’s success in 2023 and beyond. According to the National Apartment Association, the employee turnover rate in property management in 2022 was 33%, compared to the lower national average of 22%.
We undertook an extensive employee study to determine the key factors that enable multifamily leadership to cultivate a positive culture and retain top talent. Cracking the Performance Code: Insights from Multifamily Employees draws on data gathered from December 2022 to February 2023 to explore the relationship between standard and top-performing employees and presents a deep dive into key differentiators of the two groups. The study's primary objective was to gain insight into standard and high-performing employees in nine categories related to their employment.
The study drew participation from over 1,000 onsite, regional, and corporate employees.
The top findings of this study are:
- Top performers give their supervisors the highest marks. Top performers rate their satisfaction with supervisors 7% higher than standard performers. Top performers score all 12 questions within the supervisor satisfaction category higher than standard performers.
- Recognition and empowerment matter. Responses in the category of the company mission, recognition, and loyalty had the strongest correlation to employee satisfaction.
Reviewing and analyzing the data by standard versus top performers as well as by company position gives a unique insight allowing executives to pinpoint where improvements must be made to increase employee satisfaction and reduce record-high industry turnover rates.