This article is second in a series looking at the effects of the Great Resignation on the multifamily industry.

Without a doubt, workers everywhere are following the lure of a bigger paycheck.

A Pew Research Center survey found that more than half of the American workers who quit last year went to jobs offering more money. Low pay was the No. 1 reason workers cited for their resignations, and according to Grant Thornton’s 2022 “State of Work in America” survey, 40% of workers who switched jobs in the last year received a pay bump of at least 10%.

But salaries are only part of the story. Workers also told Grant Thornton they took new jobs because they found a better work-life balance, opportunities for advancement, benefits beyond health and retirement and greater autonomy.

Today’s workers have discovered the advantages of doing their jobs remotely, and they want more of that freedom. According to an ADP survey, 64% of workers worldwide said they would consider looking for a new job if their employer required them to return to the office full time.

“A lot of executives think remote work is too weird, too foreign,” said Jen Piccotti, chief learning officer for Augusta, Georgia-based Swift Bunny, which provides employee engagement and retention consulting for the multifamily industry. “But it’s not, because we did it. We did it for two years.”

Employees also want to feel like they’re being heard and their contributions are recognized. The same Pew Research survey found that lack of opportunities to advance within their company was the second most-likely reason people quit — feeling disrespected was not far behind.

On the flip side, a Bonusly survey found that 63% of employees who were regularly recognized for their work were very unlikely to look for a new job. This acknowledgement and appreciation have to come from the top, Helling said, and the praise needs to be authentic and consistent.

“I think if you asked most people why they’re considering leaving or why they left an organization, by and large, they will point to leadership or lack thereof, communication or lack thereof, support of them as an individual or lack thereof,” she said.

Piccotti said executives who “step out of their ivory tower” and ask employees for feedback about the quality of their lives are the most successful at attracting and retaining talent.

“The majority of employee feedback we see is positive. They like the things they do and the people they work with. There might be some things that are annoying, but in general, by and large, they like what they’re doing,” she said. “I think executives need to hear those positive affirmations and also need to be willing to listen to suggestions to understand what’s feasible and not feasible. A lot of times, they’re asking for results without providing the tools, resources and technology to make them possible.”