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Commercial property management firms are facing a generational conundrum: Young professionals are simply not joining property management quickly enough to replace retirees. In the next five years, 60% of everyone in commercial property management will be at retirement age, according to Transwestern's Executive Managing Director of Asset Services Rob Bridges.
Here are ways the industry is putting in serious effort to recruit and retain millennial talent.
Young Professionals groups – To tap into the younger generation's hyper-social status, many firms host educational, philanthropic, networking and social events aimed directly at younger employees.
Formal mentoring programs – Younger employees are teamed up with mentors who help foster and develop the younger generations’ initiatives and long-term goals. The relationship also helps pass on expertise acquired over decades.
Emerging Leaders Council – Provides millennial employees a voice and input at the board level and focuses on initiatives specifically impacting the millennial workforce.
Wellness Programs – Millennials are the most health-conscious generation ever. In addition to fitness centers, workout programs and health incentives, firms are turning to wellness ambassadors who coordinate events, educational luncheons and fitness activities.
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