Industry Trends: Managing Employee Performance
Most multifamily property companies report low use of technology for managing employee performance.
A recent Grace Hill survey revealed that the majority of multifamily property companies have significant technological opportunity in the area of managing employee performance. Few participants reported using performance management software or using technology to link training to performance. These deficiencies result in the commonly reported difficulties of gathering employee data and being able to address performance issues with training.
Most property companies (60%) use only an in-person employee evaluation process to monitor their employees’ performance. Approximately half as many (27%) use a combination of performance management software and in-person employee evaluation. Very few (6%) use centralized performance management software.
Linking Performance to Training
Almost half of property companies surveyed (47%) said they do not currently link employee performance to training. Examples for how training could be tied to performance include: mandatory training based on employee performance and customized training based on individual employee needs identified in evaluation (leadership, professional development, coaching).
When it comes to employee performance management, the top reported pain point was “Ensuring each employee is reviewed and has a performance management conversation with their manager.” As likely consequences of low technology use, the next two most common challenges reported were “Gathering employee performance data in a systematic way across our company” and “Tying our training program to an individual employee’s performance.”
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For more industry trends, check out the following posts:
Property Management Companies Report High Employee-to-Trainer Ratios
Employee Credentials Becoming More Valuable to Property Management Companies
New Market Report: Trends Affecting Growth and Complexity in Property Management