With changes in the housing market and higher interest rates, the community association management industry is battling rising costs of business. Community association management companies are under pressure to do more with less and reduce expenses as budgets get tighter in a challenging yet competitive labor market.
Community association management companies are having trouble hiring community managers as many candidates are expecting higher salaries with less experience. In fact, CINC’s 2023 State of the Industry Report notes 34% of respondents said they’re struggling to find talent. The report also states board/staff burnout and lack of modern technology are among the top threats facing community association management companies.
As a result of staffing challenges, business owners and senior leaders often end up managing properties. They have less time to focus on strategic initiatives like researching technology solutions to enable them to scale or increasing portfolio count to grow the business.
That’s why driving employee engagement and making your company competitive in the labor market is more important than ever. It’s not only a retention tool – but it’s also linked to improved business performance. According to Gallup, highly engaged employees increase profitability, productivity and customer loyalty.
In this blog, we’ll look at three key insights from the AvidXchange, IOFM 2023 AP Professional Career Satisfaction survey that can help you drive employee engagement within your community association management company.
1. Finance Employees Want to Know They’re Doing Meaningful Work
10% don’t feel at all connected to the mission or purpose of their organization. Educating finance employees on the impact of their insights and how they drive business results can lead to higher career satisfaction.
2. Investing in Technology is an Investment in Your Employees’ Careers
85% of AP pros agree or strongly agree access to tools and technology helps with professional development. Giving your staff the tools and technology they need to be successful can improve their work experience, keep them around longer and allow them to grow.
3. Growth Opportunities Lead to More Engaged Employees
84% of AP pros said learning or skills development opportunities are important when considering a job opportunity. Freeing finance staff from redundant, manual tasks can give them more time to work on higher-level, strategic initiatives.
Are You Ready to Help Your Community Association Management Company Win the Talent Battle?
The community association management industry has evolved since gaining popularity in the early 1900s.
Now community managers have different expectations of what they want out of their careers — and it’s not just about pay. Many candidates are accustomed to using technology and expect to have access to digital tools when applying to new roles.
Nearly half of the survey respondents said they would be “extremely unlikely” or “unlikely” to consider a job opportunity at an organization that didn’t have tools or technology in place to automate parts or all of their work. Ninety-three percent described their AP department as at least partially automated.
If your community association management company is dealing with staffing challenges and tight budgets, now is the time to invest in a tool like AP automation to drive employee engagement. After all, investing in the right tools can give both you and your staff more time to focus on your main goal – preserving and growing the value of your property and dwellings within your community.
Download our guide, “How CAM Finance Leaders Can Drive Employee Engagement” for an in-depth look at how to attract and retain talent in a competitive market.