Talent Management Continues to Drive Multifamily Property Management Performance, Despite COVID-19 Challenges

Multifamily Benchmark Report Reveals How Policy, Training and Assessment Priorities Vary Between Small and Large Organizations

Grace Hill, a provider of policy, training and assessment tools to develop and retain property management talent, released results from a new benchmark report that highlights the practical challenges that multifamily property owners and operators face in implementing a comprehensive talent management system.

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“This has been a difficult year, both economically and emotionally, for multifamily housing companies of all sizes,” said Dru Armstrong, CEO of Grace Hill. “But despite these challenges, the data continues to reinforce that people performance drives property management performance. We see again and again that companies that handle the fundamentals of talent management well are much better positioned to navigate and adapt to unexpected hurdles. Retaining and developing your best people is the key to success and resiliency.”

According to the 2020 Multifamily Benchmark Report, updated annually, while most organizations recognize that an effective property management talent performance program could lead to cost and process efficiencies, many lack the necessary tools to fully execute given their own real-world time and budget limitations. The greatest challenges reported by respondents included finding enough time in the day for training, linking policies and procedures to training courseware, and prioritizing underutilized tools like mystery shopping, which can impact employee performance.

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Coping with COVID-19 is still a work in progress
While nearly half of respondents (45 percent) report that policies and procedures are fully updated for COVID-19, 48 percent say there is still more ground to cover. The report also found that nowhere near enough companies are surveying their most valuable (and vulnerable) stakeholders, with 38 percent surveying employees and 26 percent surveying residents about their experience during the pandemic. Uncertainty about the future remains, with 63 percent of respondents saying they do not anticipate a return to normal operations this year or anytime soon, and 22 percent saying they have “no idea” when business might return to normal.

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