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Greg Spangle
Vice President
Organizational Effectiveness
AIMCO
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Why Retention?
Create value for the Talent team in
hard economic times
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Why Retention?
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Why Retention?
Get a seat at the table
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Why Retention? Improve the overall significance of the
recruiting process
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– REIT,headquarteredinDenver,CO– LargestownerandoperatorofapartmentcommunitiesintheUS• 992properties• 162,807apartmentunits• Serveover500,000residentsannually
– 4,170TeamMembers– TradedinNYSE(AIV)– IncludedintheS&P500
Who is AIMCO?
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• Highturnover;especiallyshort-termemployees• Lackofactionablepeoplemetricsfordiagnostics• Weakinternalandexternalbrandidentity• Distinctiveoperationsstructure
Our Challenges
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Building a Business Case
What Numbers are Important
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Building a Business Case
What Numbers Correlate
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Building a Business Case
Show them the Money
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• TurnoverhaditsbiggeststatisticalcorrelationtoCNOI– CNOI=Revenue–ControllableExpenses
• Dollarize=SalaryWaste– Salarywastealonecanaccountforupto3%ofaproperty’sannualCNOI– Propertieswithlessthan25%annualizedturnovercouldexpect60%higherCNOIperformanceversusthosewithgreaterturnover
• TotalDollarsinWaste=OPPORTUNITY•
Real Life Business Case
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So Now You Own Retention
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Stand alone retention programs rarely work
So Now You Own Retention
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Get some quick wins
So Now You Own Retention
• AnySurveyData• KISS• Alwaysaskyouremployees
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• Denial–Thenumbersmustbewrong.
The Five Stages of Manager Involvement
• Acceptance–Canyouhelpmewiththis?
• Depression–OMGwhatamIgoingtodo?
• Bargaining–CanIlookintothisaftertheotherprojectisover.
• Anger–ThisisnotMYfault.
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Building a Better Mouse Trap
LC Turnover = Over 50% of all turnover & over 94% of operational revenue
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How Do you Measure?
1. Pre-productivityTurnover&SalaryWaste2. Short-termTurnoverRisk3. Position4. Tenure5. Promote-ableandRegrettableLoss6. Performance7. Manager8. Type&Reason
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Experiment
• Understandwhytheyleave– TopfivearealltiedtoSupervisorissues– 20thplacebeforethefirstHRtangible– 46thplacebeforefirsttraditionalHR
• Investinmultiplewaystodeterminethetiniestdetails
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