Strong relationships are the bedrock of the property management industry. However, an increasingly complex landscape, with new legislative demands and daily challenges, can impact these relationships and, significantly, staff wellbeing. As one of many industry professionals attempting to “tough out” this period I believe we have our work cut out. Alongside my co-founder at JFM, James Farrar, I strongly advocate that we foster an environment that prioritises employee wellbeing.
The Stress of Regulatory Changes and the Growing Impact on Wellbeing
Post-2021, changes in Fire legislation have brought about added pressures in the property management sector. These pressures, combined with daily complexities, can impact employee wellbeing significantly. Now, more than ever, the industry needs to foster supportive environments that prioritise wellbeing as a fundamental response to these pressures.
Key Takeaways from the IRPM Wellbeing Survey
The IRPM wellbeing survey provides us with a wealth of information about the current state of our industry. Some essential findings include:
- The industry’s ‘happiness’ score sits at 18% below the national average, showing room for positive growth
- With 20% of roles open throughout the year, there’s a broad landscape for new talents
- Mental wellbeing is a key focus area, with 65% of respondents acknowledging its importance
- The number of professionals noting physical demands in their roles rose slightly to 29% in 2023
- 75% of respondents noted a rise in workplace stress levels, suggesting the need for supportive strategies
- An interesting pattern has emerged, linking workload pressures with future career choices in the sector
These takeaways guide us towards areas we need to address, creating a brighter, healthier future for all in property management.
Harnessing OKRs and CFRs to Encourage a Culture of Wellbeing
At JFM, we believe in proactively championing a culture that prioritises staff wellbeing. Considering the industry trends, implementing strategies such as Objectives and Key Results (OKRs) and Conversations, Feedback, and Recognition (CFRs) is more crucial than ever.
These strategies enable us to create ambitious wellbeing goals with staff at the heart. The OKRs, originating from the innovative minds of Silicon Valley, have proven their mettle in giants like Intel and Google. They offer a straightforward method to align everyone with our vision, fostering a sense of unity and purpose. Alongside OKRs, CFRs facilitate open dialogue, constructive feedback, and well-deserved recognition, boosting morale and promoting a healthy workplace environment. By weaving these strategies into our work culture, we’re striving to balance the scales and create a vibrant, supportive setting for all at JFM.
Encouraging a Culture of Wellbeing: A Shared Responsibility
A silver lining from the IRPM survey is that a high proportion of respondents (71%) continue to take positive steps towards controlling their wellbeing, showing that personal responsibility for wellbeing remains high. While the onus on companies to create supportive environments is clear, this highlights that wellbeing is a shared responsibility, one that we all need to engage in.
A Call to Arms for the Property Management Industry
In the business world, service awards often grab the limelight. Focusing on client needs is vital, of course. But at JFM, we find immense value in recognitions like ’employer of the year’ and ‘wellbeing champion’. Being highly commended in these categories at the PMAs 2022 and ARMA Ace Awards 2023, alongside customer service, speaks volumes. It’s a clear sign we’re moving in the right direction and our efforts are being recognised.
Now is the moment for the property management industry to actively champion employee wellbeing. Creating a supportive and communicative environment is essential. It’s our best bet to navigate the challenges within our sector. Together, we can cultivate a resilient workforce, enhancing relationships and service delivery. The commitment to wellbeing isn’t an option; it’s an integral part of reshaping property management’s landscape.
