It’s not just you—it really is hard to hire people right now. A near-record number of job openings coupled with massive cultural, economic, and structural shifts among the workforce over the last two years has only intensified the challenge businesses across industries have attracting and retaining top talent. And, as career site Glassdoor predicts, this difficult labor market will continue well into 2022.
The affordable housing industry is not immune to these challenges. However, if the industry is unable to staff up, the consequence is fewer affordable, safe, and secure living options in communities.
Here are four areas of focus to boost your efforts to fill new roles and retain your existing talented employees.
1) Prioritize digital experiences and skills to engage employees.
Digital tools and capabilities, which are critical to creating efficiencies and serving your customers, can also be powerful employee engagement tools. Whether your business is a financial institution or development organization, or even a government agency or nonprofit, the use of emerging technologies creates a dynamic culture for employees, provides opportunities for professional growth and development, and can be a differentiator that attracts new talent.
But the pandemic has catalyzed a rise in digitization across sectors that has left many industries scrambling to keep up. Ongoing training to address gaps in expertise and equip workers, such as continuing education or certification programs, will help both talent and organizations keep up with and develop necessary skills.
2) Listen to the needs of your people and prepare to be flexible.
The pandemic dramatically shifted how people prefer to work and which benefits they find most important. A global survey of more than 16,000 workers conducted by EY found that employees want flexibility in where and when they work, citing that productivity is not a barrier to flexibility. In a survey from Gartner, workers cited flexibility as directly responsible for their increased productivity: 43% of respondents said flexibility in working hours helped them achieve greater productivity, and 30% said that less or no time commuting enabled them to be more productive.
Companies that can be nimble in the benefits they offer should consider enhanced benefits for parents and caregivers. For instance, providing designated mental health days could be a recruitment and retention differentiator for many employers as well as providing safeguards to promote a healthy and sustainable work-life balance. Employers should proactively and transparently communicate policy changes to employees and be open to adjusting policies as preferences and circumstances change.
3) Double-down on commitments to ESG and DEI—and engage your employees at every step.
The affordable housing industry provides an attractive career path for people driven by a sense of community and social responsibility. And the COVID-19 pandemic has demonstrated the positive impact companies can make in addressing societal challenges.
As young professionals become more invested in the missions of their potential employers, implementing meaningful diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) strategies will become increasingly critical to attracting top talent. According to a recent CNBC/SurveyMonkey Workforce Survey, nearly 80% of workers said that they want to work for a company that values diversity, equity, and inclusion. In addition, a third of respondents reported their companies are doing “a lot” of work in this area.
According to McKinsey & Company, the business case for DEI is stronger than ever. The firm recommends a few best practices, including ensuring representation of diverse talent, strengthening leadership accountability and capabilities for inclusion and diversity, enabling equality of opportunity through fairness and transparency, and promoting openness fostering a culture where all employees feel they can bring their whole selves to work.
4) Develop the next generation.
Finally, affordable housing firms can take steps to engage aspiring young professionals through mentor programs, scholarships, and learning opportunities. These types of programs help employees develop leadership skills and confidence as well as increase skills and interest in community engagement. They also provide a potential pipeline of talent into the field.
Careers in the affordable housing sector can cultivate a range of skillsets and lead to a variety of fulfilling career paths—from finance to community development and across private, public, or nonprofit organizations. A variety of leadership, scholarship, and grant programs are available to help inform, educate, and attract the next generation of affordable housing industry professionals. And competitions like the Low-Income Housing Challenge hosted by Bank of America and Ivory Innovation's Hack-A-House provide students with real-world experience in creating affordable housing development.
A career in affordable housing offers young professionals the chance to develop important skills and forge unique career paths, as well as the ability to see the real, tangible impact of their work in local communities. By addressing the above talent challenges within the industry, employers can ensure they attract, keep, and develop a talented workforce that will continue to build better communities. The most successful will invest in digital training, mentorship programs, DEI programs, and flexible workplace practices.
