Are We Protecting Our Most Valuable Assets?
Swift Bunny Identifies Employee Satisfaction Trends
The rising cost of living, coupled with growing mental health challenges, has placed significant strain on employees across various sectors. As everyday expenses such as housing, transportation, and groceries continue to climb, many workers find their salaries insufficient to meet basic needs, leading to financial stress and reduced quality of life. This economic pressure often exacerbates existing mental health issues, contributing to anxiety, burnout, and decreased job satisfaction.
The compounding effect of financial insecurity and emotional strain can hinder productivity, increase absenteeism, and drive higher turnover rates, ultimately impacting both individual well-being and organizational performance.
Employers are increasingly recognizing the need to support their workforce through enhanced mental health resources, financial wellness programs, and more equitable compensation strategies.
The Swift Bunny Index
Over the past year, Swift Bunny—the multifamily industry expert in employee and resident satisfaction trends and benchmarking—surveyed more than 346 property management companies affiliated with apartment associations like WMFHA across the country.
Swift Bunny believes that the rationale for evaluating employee compensation relates to the Employee Profit Chain, a business management framework that establishes a direct connection between profitability and employee satisfaction.
A Disconnect with Executives
The survey asked respondents to rate how much they agreed with each Employee Profit Chain component. The findings have significant implications, including that up to one-quarter of executives do not believe employee turnover, resident satisfaction or resident turnover impact financial performance.
- 24% did not agree that employee turnover impacts resident satisfaction.
- 18% did not agree that resident satisfaction impacts resident turnover.
- 18% did not agree that resident turnover has a negative financial impact on property performance.
- 14% did not agree that employee turnover has a negative financial impact on property performance.
Of concern is that 8% of respondents did not know what their employee turnover rate was. While all management companies track resident turnover, there is an industry-wide issue that many do not track employee turnover (either overall or by position). The Employee Profit Chain validates the impact of employee turnover on performance; therefore, it is critical that all companies monitor this metric.
If you are interested in the 2024 WMFHA Salary & Benefits Survey, done by Swift Bunny, click the link below.