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Reading Room Articles
A real estate management company cannot be an ongoing success without a commitment to train its most valuable asset - its people. Unfortunately, most companies do an inadequate job of training. This is especially true now with mergers and acquisitions, budget cuts, the need to cost justify every dollar spent and competitive pressures. Frequently, the training budget and the training staff are the first to be cut because many managers cannot see a direct return on dollars invested. Yet, because of the above reasons, more training, not less, is required. When you also consider the additional and changing knowledge and skills required to do existing and future jobs, to adapt to new technologies and to meet higher quality and productivity goals, there is an ever widening training gap - the difference between the training that is required and what is being provided. The American Society for Training and Development (ASTD) reports that the average company spends approximately $750 annually per employee for training. A group of thirty-seven highly successful companies studied by ASTD spend an average of $1190. The three 1996 winners of the prestigious Baldridge Award spend an average of $1100. Nationally, most companies commit between .5 and 1.5% of payroll expense annually for training and development. The ASTD group of thirty-seven successful companies spend an average of 3.15%. This is another benchmark to indicate why these companies are consistently more successful than average companies. A good rule of thumb is to spend about 2% of payroll on training. The training gap between the average companies and the top performers translates into consistently higher quality, higher productivity rates and competitive cost advantages for the already successful companies. These successful organizations do not train more because they are successful; they are successful because they train more. If training is too expensive, what do you think the lack of training is costing? Insufficient training not only results in lower productivity but more errors, lower morale, higher turnover and greater stress. Managers must understand the value of training and establish a training plan for each of their employees and enroll them in the appropriate training programs. They must then adhere to that schedule, which means not canceling their participation for the slightest provocation. Frequently, people are cancelled from training classes because of so called crises. There is never a good time to train. If a person has a full time job he will obviously be missed if he is being trained. His productivity will suffer during that time. However, the proven theory is that he will return and be even more effective than before and more than make up for lost productivity. Time spent improving and honing employees' skills results in greater productivity, which makes the time spent training well worth while. With full employment and the difficulty in hiring qualified personnel, it becomes increasingly important to ensure that they are well trained and that they remain with the organization. After a new employee is hired, his supervisor should arrange for immediate and ongoing training. He should identify the employee's initial and ongoing training needs and ensure that those needs are fulfilled through in-house and outside training. Our company (Gene B. Glick Company) pays the full fee and all expenses for employees to attend training sponsored by outside organizations such as IREM. An integral part of our outside training includes sending our personnel to various IREM, NAA or NAHB classes and receiving the industry designations such as CPM and RAM. We are fortunate to have organizations like the National Apartment Association, which has a full lineup of excellent courses taught by highly qualified industry practitioners. Companies can rely entirely upon industry association-sponsored training or use it to supplement their own in-house training, depending upon their size, structure and training philosophy. How else are managers going to become better planners, organizers and problem solvers? How else are they going to become more effective in communicating, leading, motivating and building an effective team? How else are they going to make better use of their time, better use of their people and better use of all the resources at their command? How else are site people going to provide better resident service? How else are leasing people going to lease more apartments and generate more income? How else are maintenance people going to increase quality and productivity? It won't happen without a substantial commitment to training. Furthermore, employees who are encouraged to advance and are provided with a career development path, which includes training, are more likely to become committed to the organization. There is a two-fold benefit to training: the increased skill and knowledge enabling employees to increase their productivity and the added commitment and loyalty toward the organization. After considering the information in this article and asking yourself the above questions, determine how you can improve your training. 
To read more articles from this author please visit www.smmonline.com.The Sales & Marketing Magic Companies, shares more than 20 years of experience in multifamily housing, encompassing leasing, marketing, management, training, authoring, consulting, developing, and Brainstorming! For more information on, Sales & Marketing Magic for Apartment Managers; the latest Tools & Forms Catalogue; The Annual Multifamily Housing Brainstorming Sessions™; or to receive top ideas, FREE, via e-mail, please call 727-784-9469 or visit www.SMMOnline.com. |
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