2019 Training Benchmark Report
Each year, Grace Hill invites training and operations personnel in the multifamily housing industry to participate in our annual Training Benchmark Report survey. The results are assembled in the Multifamily Training Benchmark Report, which identifies key learning and development benchmarks and trends, and provides an overall analysis of the industry.
Here is a summary of some of the trends identified this year:
LMS satisfaction has increased. While LMS (Learning Management System) use is down this year, LMS satisfaction overall has increased substantially. The average net promoter score (NPS) for a current LMS went from 3 last year to 23 this year. Respondents expressed appreciation for integration with other company platforms and the usefulness of training content, and most said there were no features of their LMS they were dissatisfied with.
LMS integration is more prevalent. One of the main reasons companies are happier with their Learning Management System is that technological integration has become more common. 44% of companies that use an LMS now report that it integrates with other company platforms, a jump from 35% last year. Platform integration, including data feeds and single sign-on (SSOs), creates a more streamlined training process that can positively impact participation rates.
Reducing compliance risk is a higher priority. Compliance costs are up more than 30% for large property management companies, and companies of all sizes report an increased focus on compliance risk reduction. Reducing compliance, legal, and operational risk is now the number-two training goal, up from the fourth spot last year. Market research conducted by Grace Hill has also found that following the law and reducing risk is now the top training goal for learners too.
Turnover is up. This year, companies reported higher turnover rates for every role except leasing professionals, who nonetheless are at a 20% turnover. More than ever, companies report relying on training, especially onboarding, to retain employees. But this year, professional development joined the top three opportunities for improving turnover rates.
Professional credentials have more value. A greater emphasis on professional development can also be seen in the treatment of credentials. More companies report being willing to pay for employees to earn their credentials: 68% vs. 61% last year. There have also been substantial increases in every form of credential recognition, from preference in hiring to pay raises.
Grace Hill helps companies managing multifamily properties reduce operating risk and elevate property performance by providing top-to-bottom talent management solutions, including tools such as the Benchmark Report. We are dedicated to helping make the multifamily workforce the best-trained, highest-performing, and most talented workforce in the world.