Scrolling through my LinkedIn feed these days looks more like a giant job board than ever before. I’m not complaining, I honestly just feel for all of my peers and colleagues in the industry that are looking for talent right now, and dealing with hiring pains in multifamily. It’s not easy.
Fun fact, before I started Nurture Boss with my brother, I worked in staffing and recruiting for nearly a decade. That required an insane amount of grit and tenacity (that actually prepared me well for working at a startup in Multifamily 😄). But I remember how much work it was to recruit talent in 2012… I cannot imagine how hard it is today!
Some Examples of Hiring Pains in Multifamily
Are you struggling to hire talent?
How long have your open positions been posted for?
How is this impacting your business onsite and across your portfolio?
We continue to hear on the news that people are leaving their jobs, in the millions. Last September, CNBC reported that 4.4 million people quit their jobs. Then, in November, CNBC reported again that 4.5 million workers quit their jobs.
As we turned the new year, this Great Resignation as it has been coined, has not slowed down. While I do recognize that some specific industries represent large sums of this Great Resignation (hospitality and food service for example), I have witnessed first hand how this is also impacting the industry I serve today – multifamily housing.
There are Also Tons of Statistics Out There on the Topic of Recruiting and Hiring:
- 57% of workers are remote at least part time (upwork)
- 86% of workers today want to continue working remotely at least part time (glassdoor)
- Job seekers today will sacrifice up to 12% of their salary for flexibility (pwc)
- 31% of new hires have left their job within six months of starting (bamboohHR)
- The average time to hire across a range of functions is 49 days (LinkedIn)
- The average job posting gets 250 resumes (glassdoor)
So, while the workforce’s wants and needs change, at the same time people are leaving their jobs in waves, there is also an incredible volume of job openings posted every single day. Without all of the context, one may think “these positions will be filled quickly then, since there are so many people looking for work!” However, I do not think it’s that simple, which is leading to hiring pains in multifamily. I strongly believe there will be an uphill climb to fill all of these openings across all industries which includes those in multifamily.
In an Indeed.com search that I did today, I couldn’t believe how many openings there currently are. See below for some of my findings:
“Leasing Agent” = 18,072 job openings
“Apartment Marketing” – 13,955 job openings
“Property Manager” = 13,182 job openings
“Leasing Manager” = 12,117 job openings
“Apartment Leasing Consultant” = 5,151 job openings
“Regional Vice President” = 518 job openings
“Regional Property Manager” = 297 job openings
Adding Gasoline to the Fire…
People are moving!! More than 1 in 10 Americans moved in the first part of 2021 and over the past 12 months, 35 million address changes were submitted in the US. This data is inclusive of all age groups as well.
With the 2022 projects staying inline with what we’ve seen over the past 12 and 24 months… there is a strong demand for onsite teams and onsite processes to be solid.
What Does All of This Mean?
It is going to take time to find the right people for these openings, and even more time to ensure they’re the best fit for your company once they start.
Renters are not going to stop moving, people are not going to stop looking for apartments. How do you continue to set your communities up for success, while hiring during the Great Resignation?
We Can Help with Hiring Pains in Multifamily!!
Nurture Boss, can help! We can keep the lights on in your leasing office, even if the doors are closed! We can support your lean onsite teams while you look to rebuild staff. For a fraction of the cost of excess job postings let us convert leads to leases, communicate the move-in process to new residents, collect outstanding delinquencies for your property and renew more of those residents that you don’t want to leave!
With Nurture Boss you will convert over 10% more leads, renew over 6% more residents, collect tens of thousands of dollars in delinquencies each month and more!