Most of us have heard of the “Great Resignation” occurring in the workplace. In the past six months, more than 15 million U.S. workers have left their jobs. All indications are that this is going to accelerate. McKinsey & Company conducted a survey and concluded that 40% more are likely to quit in the next three to six months. Don’t let brokerage turnover impact your business.
Why are they leaving their jobs? Through McKinsey’s research, they have found these top three factors:
- They don’t feel valued by their organizations
- They don’t feel valued by their manager
- They don’t feel a sense of belonging at work
I’m not surprised with No. 1 or No. 2. Everyone wants to feel valued which increases our self-worth. It’s a key driver in building loyalty, morale and productivity. But a sense of belonging is crucial to our life satisfaction, happiness, mental and physical health. People want that feeling of connectedness in the workplace. Isn’t the real estate company environment the ideal place to connect with our peers?
Let’s start with the fact that psychologists rank our need to belong on par with our need for love. If it’s that powerful, then look at this definition of belonging at work:
- We are seen for our unique contributions
- We are connected to our coworkers
- We are supported in our daily work and career growth
- We are proud of our organization’s values and purpose
What can the leaders and managers of real estate companies do to foster these feelings? It starts with being responsive, respectful, showing appreciation and providing support.
Here’s a set of actions to take which will increase the sense of belonging in your company and decrease brokerage turnover:
This begins with having a culture of an inclusive organization. It starts on day one when an agent or employee walks in your door. How are you rolling out the red carpet for them?
It’s important that our ideas and opinions are actively solicited and acted upon so we have the support needed to do our best work. What is your process for engaging feedback and letting people know their ideas and thoughts matter?
The personal connections are about forming the human bonds that signal we’re part of a community. How do we make our company a place where people feel like they fit in? A company where they enjoy being around each other?
As leaders of real estate organizations, it’s time to send a clear organizational signal that building a culture of belonging is a priority in your company. This will take effort and needs to be cultivated across the organization. Having a warm, welcoming and inclusive environment will result in high retention and lead to positive results in your recruiting efforts.
Brene Brown, the famous American professor and author wrote, “…belonging is an irreducible need for all people.” Belonging, quite simply, is the language of humanity.