Training and development are important levers for retention, in particular, so we were curious to understand what the biggest training and development priorities were for 2019. In response we heard about a broad set of initiatives; however, there was a strong overlap on three key areas:
Much of the motivation executives have for investing in new training rather than just rolling out the same training they’ve always done comes from the changing technology landscape. Not only are newer renters digital natives, so are the individuals that we are training. “We need to re-think the way we create and deliver training,” comments a well-known COO. “We’re looking to deliver more contemporary content in more flexible ways. When is traditional [instructor-led] training best? When would webinars or self-paced online modules be more effective? Etc.”
Operators are also completely revamping the way they deliver training to service technicians. The ubiquity of handheld computers (i.e., smartphones) has made all areas of the maintenance teams much more computer literate than just a few years ago. Several executives commented with some version of, “We used to have to build training [and technology] very differently for the service team than we did for the leasing team, largely due to a wide gap in comfort with technology. With virtually everyone having a smartphone with multiple apps, that gap has shrunk substantially.”
Although it did not arise in our 20 interviews, we nevertheless predict virtual and augmented reality will start to find its way into the training and development of service technicians. It’s 50/50 whether that happens by 2020, but it won’t be much beyond that. There are at least two significant use-cases for this technology:
Although the talent market is undoubtedly challenging for multifamily operators, it was clear from the responses that practically all companies have major people initiatives in train during 2019. The backdrop continues to change, as digitally native residents and prospects demand improved experiences and greater convenience from operators. Technological innovation will continue to impact training priorities for the foreseeable future.
For more on this research download “20 for ‘20” - our white paper that summarizes our interviews with 20 senior multifamily executives about the outlook to 2020 and beyond.