It is not an understatement to say that the COVID-19 pandemic has impacted just about every facet of our lives, perhaps none more so than the way we work. In the early days, there was a tremendous amount of concern about large numbers of workers gathering in relatively tight spaces, so we learned how to work remotely. In doing so, a strange thing happened...many people liked it. So much so that it has provided a glimpse into a future that has reduced commutes and better work/life balance.
As we begin to take baby steps back to normalcy, workers have proven to be incredibly reluctant to return to pre-pandemic norms and many would rather quit than do so. In fact, a recent Monster.com survey indicated that 95% of workers are thinking about quitting their jobs. In April 2021, a record four million workers did just that. According to the Bureau of Labor Statistics, 40,000 of these workers were in the “real estate rental and leasing” business while another 763,000 were in the “professional and business services” sector, which also includes some real estate workers.
So, the question is, why are workers leaving in droves and what can employers do about it? In this article, we will explore the answer to this question with a specific focus on the real estate business. Let’s start by exploring why workers are leaving in the first place.
Real estate workers are quitting for the same reasons as non-real estate workers. According to the same Monster.com survey, these reasons include:
In addition, the issue of workplace flexibility has emerged as a major focal point. According to Bloomberg, a May survey of 1,000 workers revealed that 39% would rather quit than go back to an office full time. This number rises to 49% for millennial and Gen X workers.
Finally, money is an ever-present issue. Workers in the leisure and hospitality industry bear the brunt of low wages, but it is a universal truth that workers in all industries are asking to be paid more. According to the BLS, the mean wage for workers in all occupations is $54,360, but mean real estate wages are higher, including:
Even though these wages are comparatively high, education, medical, food, and housing costs are rising and have made it increasingly difficult to raise a family on these salaries.
With these reasons in mind, the next question is, what can employers do to stem the tide of resignations?
The simple answer is, pay higher wages and provide staff with more flexibility. But, business models and customer demands do not always make this possible. According to experts, the following bullets provide a more detailed view of best practice retention policies:
In short, employees want to feel valued and want to work for companies that support a healthy work/life balance from the top down. As the demands of the modern worker continue to change, companies must be flexible and creative in their support strategies to ensure high levels of employee retention.
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