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The Key to Condo Industry Success? A Strategic Talent Management Approach (+ TRM Cheat Sheet)


We're starting today's post by sharing a personal story. .


Many years ago, during a visit to a contractor's office, we were ushered into the board room and saw the following written on the top of the whiteboard: "clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients" (quote by Richard Branson). Having worked with this company for some time, and having known many of their employees, we quickly understood why they did so well for so long - they put their employees first, and in turn, their employees cared for their jobs and the company's clients. It's simple, and it works.


... And you can do it, too!


Attracting and retaining top talent is a key priority for organizations of all sizes, but traditional recruitment and hiring processes are no longer sufficient to meet this challenge. That's where having an easy and effective strategy for Talent Relationship Management (TRM) comes in - and we’re sharing how implementing it can be particularly useful for addressing staffing challenges in Ontario’s condominium industry!


So… what is Talent Relationship Management (TRM)?

As a strategic approach to talent management, TRM focuses on building long-term relationships with potential candidates and current employees to create a pool of talent that can be drawn upon as needed. Read on for a crash course and cheat sheet with the key points of TRM, and some practical advice for organizations looking to implement a TRM strategy.


🤫 Psst… this isn’t just valuable advice for businesses. Condo boards looking to maintain consistency within their condo communities may want to consider asking relevant service providers whether they have a TRM strategy. Furthermore, knowing how they’re implementing and monitoring its effectiveness can be a great indicator to whether you can expect consistent staff or consistent turnover.


Ready to commit to a new relationship… with talent management? Check out our crash course and cheat sheet below!

Stratastic Inc.


P.S. We returned to this company's board room several times through the years, and Branson's quote is still there, top of the whiteboard and top of every employee's mind.


P.S.S. Register now for the best relationship of all… you + our collective condo community!

 

Talent Relationship Management:

Crash Course + Cheat Sheet



🤔 Now, what’s the problem?

Ontario’s experiencing a high demand for housing, which puts pressure on contractors in the industry to keep up with the pace of development, maintenance, and management. However, a shortage of skilled workers, combined with high turnover rates, has made it difficult for many businesses in the industry to meet these demands. Unfortunately, several service businesses, such as property management and construction companies, are facing challenges in attracting and retaining skilled workers.



🤝 How can (TRM) help businesses, and the overall condo industry?

HR leaders often say that there are 3 ways to have talent in a company: buy it (typical hiring process), borrow it (use someone from within the company to temporarily fill the role), or build it (consistently train employees to one day step up).


The TRM model uses the “build it method” by focusing on building relationships with potential candidates and employees over time. By creating a pool of talent that can be drawn upon as needed, companies can reduce the time and costs associated with traditional recruitment processes, and ensure that they have access to the skilled workers they need when they need them. This can be valuable for the Ontario condominium industry, where many diverse companies face staffing challenges in attracting and retaining skilled workers.


Implementing a TRM strategy can also help companies in Ontario’s condominium industry to differentiate themselves from competitors and attract top talent. By creating a strong employer brand and focusing on employee engagement and retention, companies can establish themselves as employers of choice in a competitive job market. This can be particularly important in a service-oriented industry like property management, where the quality of service provided is closely tied to the quality of the employees providing it - and further tied to client (condo board and ownership) satisfaction.



🗈 HR Mode Activated - TRM Cheat Sheet:

To start, it's important to understand the challenges organizations face when it comes to talent management, such as a shortage of skilled workers and high turnover rates. TRM is a solution to these challenges by building relationships with candidates and employees over time, rather than solely focusing on filling open positions.


Getting started with a TRM strategy involves identifying the key talent segments that are critical to your organization and focusing your efforts on those segments. Creating candidate personas that represent the types of candidates you're looking to attract can guide your messaging and outreach efforts. Additionally, leveraging technology to automate and streamline your TRM efforts, such as using a CRM system to manage candidate relationships or implementing chatbots or AI-powered recruiting tools to improve the candidate experience, is vital.


There are four key components at the core of TRM, and each can be implemented by using specific tasks.


Attraction: creating a compelling employer brand and promoting it through various channels, such as social media, job boards, and employee referrals. Attraction tactics might include creating a careers page on your website that showcases your employer brand and values, or leveraging social media to promote job openings and share employee success stories.


Engagement: building relationships with candidates and employees through targeted communications and personalized interactions. Engagement tactics might include hosting virtual events or webinars to introduce candidates to your company culture and values, or using targeted email campaigns to keep candidates informed and engaged throughout the hiring process.


Conversion: turning candidates into employees by providing a seamless application and onboarding experience.


Retention: maintaining relationships with current employees and creating opportunities for career growth and development.


Utilizing the core strategies of TRM is a valuable approach to talent management that can help organizations attract and retain top talent in today's competitive job market. If companies focus on building relationships with candidates and employees over time, rather than simply filling open positions, they can create a pool of talent that is ready to step up when needed.


Now you understand the core of TRM, and know how you can start implementing this strategy within companies and condos!


+ Don’t forget to register with Stratastic for more tips like these!

 

Tags: Talent Relationship Management, TRM, condominium industry, staffing challenges, attracting top talent, retaining top talent, talent management, employee engagement, employer branding, human resources, recruitment, candidate personas, career growth, onboarding, CRM, HR, employee retention, employer of choice, skilled workers, condo boards, condo community, Ontario.

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