Wikipedia defines organizational culture as the “values and behaviors that contribute to the unique social and psychological environment of an organization.” In other words, the culture of your property management company is what defines who your brand is and what it stands for. It’s the lifeblood of any business. Unfortunately, in many cases, the culture of an organization can be toxic enough to actually impede its success. Not sure where your business stands? Here are 5 signs to watch for that might indicate it’s time for a change.
It’s the Boss’s Way or the Highway
In years past, corporations were ruled by iron-fisted, designer-suit wearing, corner-office-dwelling big shots who laid down the law that everyone had to follow, or else. In today’s day and age, the companies that are successful are those that embrace a more open, honest and transparent type of leadership as well as creativity, collaboration and innovation. If your property management firm is still being run on the concept that there’s only one way to do things, then your culture is probably paying the price.
There Are a Lot of Silos
If each department within your property management company operates as if it were located on a deserted island, it’s likely a sign of poor organizational culture. To the contrary, businesses that break down barriers and bridge interdepartmental chasms to create a more cohesive and synergistic environment where information is shared, not hoarded, are the ones that will experience continued growth and measurable success over time.
There is a Noticeable Lack of Empathy
We’ve talked about it quite a bit here in the past, but the future of work will likely be a place where leadership is key as opposed to management. One of the fundamental elements of a strong leader is the ability to put themselves into the shoes of others. In terms of organizational culture, empathy is something that should be an integral part of the company’s infrastructure, whether it’s amongst co-workers or with your property management clientele. If this quality is lacking, it’s time for a change.
Employees Aren’t Engaged
Just because your employees make it in to the office every day doesn’t mean they’re actually engaged. In fact, if your personnel are just going through the motions, the underlying culture of your property management organization isn’t just lacking. It’s probably non-existent. And it’s not just culture that suffers. Disengaged employees are more likely to miss work, bring morale down, increase costly turnover and cause a whole host of other headaches.
There’s a Revolving Door
While it’s true the property management industry is fast-paced and, at times, chaotic, that doesn’t mean your employees should be coming and going frequently. A high turnover rate typically implies that there are underlying problems with how the business is being run, and it’s a costly price to pay. If you’re getting a volume discount from your local staffing agency, chances are your culture could use a makeover.
If you’ve noticed any of these issues within your property management company, it’s probably time to take a step back and examine the health of your organizational culture. By focusing on improvement from the core outward, your business will naturally start to realize improvements in just about every facet, including a more satisfied and loyal workforce that is engaged and committed to helping drive the success of your company.
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