According to the Bureau of Labor Statistics, the unemployment rate in the US is currently 3.6%, the lowest it has been since 1969. Qualified job seekers will likely look at this news favorably, as it means many employers are having to increase wage offerings in order to attract top talent. However, to Property Owners, news of a thriving economy can be detrimental to an already struggling asset.
In terms of maximizing the profitability of an asset, the Property Manager plays one of the largest roles in implementing solutions to improve performance and effectuate change onsite. When a reliable and on-purpose individual is placed to oversee the property, Owners can feel more at ease with taking a step back and relying on their team to achieve the desired results. Unfortunately, when Owners find themselves working with an under-performing Manager, making a transition can be a difficult process.
Continuing to work with an underperforming Manager can appear to be a more appealing solution as various factors can make the search for a replacement quite difficult:
- Unqualified Candidates – Unemployment is at an all-time low meaning many employers are considering candidates that may not have the qualifications necessary to be successful in the position.
- High Competition – Again, unemployment is LOW; therefore, the candidates that are well-qualified are likely being sought after by many companies within the same industry.
- Hiring Budgets – As unemployment rates continue to drop, employers begin to face higher wage demands for qualified candidates that may simply not be able to be met.
Alexander Forrest Investments has designed and implemented a robust, transparent, and high yield hiring process that results in quick turn-around a placement of qualified Managers onto a property in our nationwide portfolio. This process consists of seven steps (sometimes more) that utilizes several filters ultimately resulting in a final decision matrix.
Should an applicant survive all filters, he or she will receive a full-time job offer to work for the owning entity of an AFI-Managed asset. This process is easily replicated across any role AFI could need to hire for and has given our team confidence in the ability to quickly identify high-quality candidates.
Gipson, Jeff. “Hiring In 2019: The Struggles And The Solutions.” www.jamesallenco.com, JamesAllenCO.com, 3 May 2019, jamesallenco.com/hiring-in-2019-the-struggles-and-the- solutions/.
Irwin, Neil. “The Good News: The Job Market Is Solid. The Bad News: The Job Market Is Solid.” www.NYTimes.com, NY Times, 5 July 2019, www.nytimes.com/2019/07/05/upshot/jobs-report-analysis.html.
Le Phan, Linda. “The biggest hiring challenges we’re all facing today, according to 15 hiring experts.” www.TheLadders.com, The Ladders, 13 Sept. 2019, www.theladders.com/career-advice/the-biggest-hiring-challenges-were-all-facing-today-according-to-15-hiring-experts.
“News Release – November 2019.” Bureau of Labor Statistics, vol. 19, no. 1868, Nov. 2019.