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Investing in a Millennial Workforce Is Essential

Millennial Workforce

Digested from “Adapting Your Workforce to a Changing Rental Housing Industry” Property Management Insider (5/10/16) Blackwell, Tim

As the Baby Boomers retire and the Millennials become a larger part of the workforce, it’s imperative that the apartment industry recruit the right employees to secure staff and groom future managers.

Great talent can be found in many different places, but industry leaders who are recruiting Millennials should realize that they aren’t always motivated by money — they also want rewarding experiences and an employer that provides them with job training. The industry should make sure to teach those younger employees leadership skills so they can step into management positions.

“Millennials want to be treated with respect but also crave recognition for their accomplishments. If they are putting in the hard work and their equal is slacking off, they don’t believe they should receive equal treatment,” says Margette Hepfner, Senior Vice President of Client Services at Lincoln Property Co.

However, Millennials present a retention challenge, in that they tend to be job hoppers — staying on a job an average of just two years. But there is an upside to that mobility: A geographically flexible supply of labor could create more opportunities for apartment housing leaders to staff new and existing communities. Prospective employees from outside the apartment sector might be more willing to move for apartment industry jobs.

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