It’s no secret real estate groups and property management companies are facing challenges with attracting and retaining talent in a tight labor market.
Many are fighting for the same resources as they deal with staffing shortages, which could put limitations on portfolio growth.
With an unemployment rate of 2.7% in the real estate industry as of January 2023, driving employee engagement is more important than ever for real estate finance leaders. It’s not only a retention tool – but it’s also linked to improved business performance. According to Gallup, highly engaged employees increase profitability, productivity and customer loyalty.
To attract and retain talent, leaders should understand the challenges finance professionals face, learn what they want out of their careers and invest in the tools they need to succeed and grow.
In this blog, we’ll look at three key insights from the AvidXchange, IOFM 2023 AP Professional Career Satisfaction survey that can help you drive employee engagement within your real estate company.
1. Finance Employees Want to Know They’re Doing Meaningful Work
10% don’t feel at all connected to the mission or purpose of their organization. Educating finance employees on the impact of their insights and how they drive business results can lead to higher career satisfaction.
"We've always had this spirit of transparency, open doors getting in the trenches with our team, because I think once we separate from that, we can lose valuable information. ... Regardless of what the individual role is, everybody wants to know what they do matters. And I think that's the other key part is that we make a real effort of helping our team members understand how their individual contribution factors into the bigger overarching goal."
2. Investing in Technology is an Investment in Your Employees’ Careers
85% of AP pros “agree” or “strongly agree” access to tools and technology helps with professional development. Giving your staff the tools and technology they need to be successful can improve their work experience, keep them around longer and allow them to grow.
“Without remote work capabilities, our whole process would come to a standstill when someone was out on PTO. Personally, I was constantly leaving PTO unused at the end of the year due to our workload.”
3. Growth Opportunities Lead to More Engaged Employees
84% of AP pros said learning or skills development opportunities are important when considering a job opportunity. Freeing finance staff from redundant, manual tasks can give them more time to work on higher-level, strategic initiatives.
“Technology is a great way to retain people because by investing in technology to make their jobs easier and better, you are investing in them and their careers. You’re also empowering them to do more for your business.”
Are You Ready to Help Your Real Estate Firm Win the Talent Battle?
At the end of the day, the back office is critical to keeping your real estate property running smoothly and helping grow your portfolio.
Nearly half of the survey respondents said they would be “extremely unlikely” or “unlikely” to consider a job opportunity at an organization that didn’t have tools or technology in place to automate parts or all of their work. Ninety-three percent described their AP department as at least partially automated.
That’s why it’s important to invest in your back office and give your staff the tools and technology they need to feel satisfaction in their role. Not only does investing in the back office help retain talent, but it also attracts applicants looking for real estate companies with the necessary tools to do their jobs effectively.
Digital tools can reduce manual tasks, free staff to work on more strategic initiatives and allow companies to scale by doing more with less. Modern technology centralizes the payment process when bills need to go to multiple properties. Not to mention, it can help your team improve supplier relationships by promptly paying your bills and invoices – which is especially important when it’s hard to find vendors to do the work.
Download our guide, “9 Stats That Define the Modern AP Professional,” for an in-depth look at how to attract and retain talent in a competitive market.