Video storytelling is a powerful, engaging and underused medium across the industry.
Just when owners and managers thought they were finally turning the page on the unprecedented challenges of 2020, the pandemic has yet one more card up its sleeve – "The Great Resignation.”
As the pandemic drives people to reassess their lives and futures, many are revisiting what they want, both professionally and personally. On the career front, that means a mass exodus toward unemployment in hopes of finding more money, increased flexibility and greater happiness.
In fact, according to the U.S. Bureau of Labor Statistics, August 2021 saw a record 4.3 million people their jobs for greener professional pastures. For the apartment industry, where average employee turnover was already close to 33% annually before the pandemic, “The Great Resignation” has only added to the existing problem.
As a result, operators find themselves in a fierce battle for talent in a historically tight and tumultuous labor market, fighting to distinguish themselves from the competition in not only the multifamily industry but other industries as well.
While there isn't a magic wand owners and managers can wave to fix these overwhelming labor issues, the best option they have is video storytelling – a powerful, engaging and still vastly underused medium across the industry.
Attracting the Right Talent with Video Storytelling
Humans naturally gravitate toward storytelling. From our hunting and gathering days to our modern world, immersive and engaging stories have always been able to expand our thoughts and drive our decision-making.
When you combine a target audience's natural inclination toward stories with the uniquely engaging powers of video, the result is a potent communication tool that can help messaging rise above the background noise.
In the case of talent acquisition and retention, video storytelling is a convenient and fast solution that can directly address staffing shortages in multifamily. From attracting the right talent for open positions to engaging and retaining existing employees, video could very well be the competitive edge every operator is looking for to counteract “The Great Resignation.”
Outlined below are three simple ways multifamily teams can propel their recruitment and retention efforts to new levels with video content.
1. Personalized Video Introductions to Potential Candidates
The talent you're targeting with your recruiting strategy is going to be looking at different positions at different organizations in different industries. That means you are up against some stiff competition for that talent.
Your first goal should be grabbing your potential new hire’s attention and making your opportunity stand out from other potential employers. Video is a great way to differentiate yourself and make a lasting impact on top talent. Imagine being a prospective employee and receiving a personalized video as an introduction rather than a boilerplate email or even a quick call. While a video might take a few minutes to film, edit and distribute depending on the platform you use, it leaves a lasting impression that gives you a distinct advantage.
Also, given the out-of-the-box nature of a video introduction, you’re inherently appealing to talent with a similar out-of-the-box mindset. In this case, innovation breeds innovation, a quality many communities are in short supply of at the moment.
2. Drive Employee Satisfaction and Increase Retention
Rental housing was facing serious employee turnover issues before the pandemic. Of course, in the throes of “The Great Resignation,” it's absolutely critical that you not only fill current workforce gaps but also keep the talent you have.
That is easier said than done in an environment where people are already quitting their jobs in droves. That said, multifamily teams don't have much room for error before a bad problem gets even worse.
That is why it is so important to ensure every employee feels like a valued member of the team. Recognizing success and increasing satisfaction across your staff is another area where video storytelling shines.
A video introduction of a new hire, a quick shout out for a job well done, or a thoughtful message for a team member dealing with challenges at home can go a long way in driving satisfaction. A personalized video is going to be more effective than a card or email in making your employees feel special and important.
3. Foster Employee Engagement Through Video
According to recent research from Gallup, 36% of U.S. employees are engaged by their work and employer. That means 64% are either not engaged or actively disengaged, neither of which bode well for talent retention.
When an employee is fully engaged in their work, they are committed to staying with the company and meeting both individual and organizational goals. Fully engaged employees are loyal to an organization's vision and committed to excellence.
Effective communication and employee engagement go hand-in-hand, where organizations with clear communication channels are better poised for success. Video is an ideal medium for fostering that critical communication, making it easy to convey goals and objectives at both the organizational and individual levels.
Employees want to feel included and know their individual contributions are adding to a community's overall success. There's no better way for management to relay those thoughts and foster those feelings than through video.
Moreover, providing employees with the tools and resources they need to succeed in their roles is essential for engagement. Video fulfills this need very well, and unlike in-person training, you can archive video training sessions so employees can reference them again and again.
There’s no magical solution to address the talent issues that have plagued the multifamily industry for years. However, with the pandemic indirectly intensifying the problem by way of “The Great Resignation,” managers and operators need to find a competitive edge, one that will help them win the battle for talent.
That's exactly what video storytelling offers to the industry. It’s a powerful solution to engage talent – both potential and current – that doesn't strain already heavy workflows. Now, it's just a matter of seeing who the early adopters will be, the ones that will put their communities a giant step ahead in the fight for talent.
Mike Davis is Senior Vice President of Multifamily at OneDay.