If the pandemic has taught us anything, it is that human resource departments must improve their response mechanisms. Digital transformation empowers property managers and their teams to improve their asset and operation management strategies. However, it also provides the tools HR departments need to avoid the risks of the new endemic, including staffing deficits, employee churn and poor staff training.

A failure to embrace digital transformation interferes with responsiveness and adaptability. Digitalization helps to manage the short-term impact on operations and focus on how new endemic management strategies will influence business models.

Upgrade technology to reduce risk of lost business and staff

Now is the time to integrate digitalization and adopt new digitally-focused business models. Digitalization reduces costs while increasing efficiency.

In the HR realm, it also improves operation and services by standardizing procedures. From project planning to reducing costs, companies can refine operations and incorporate real-time monitoring.

Consequently, the company controls project income, and its team grows more efficient at managing client cash flow. A digital asset operation system provides teams with the tools they need to understand asset status, and benchmark key indicators so costs are reduced.

There is also a reduced risk of losing business to digitalized property management companies, while using the tools that meet the expectations of top industry talent.

Use digitalization to reduce talent deficits

Using digitalization to train and retain talent can hinder the risk of property management and front-line staff deficits.

Many industries are experiencing shortages due to the pandemic. However, as we see the situation change to an endemic, the staff lost through layoffs and shutdowns may no longer be waiting in the wings.

Now is the time to look at talent recruitment and the technology that can make the process easier. Artificial Intelligence (AI) for sorting resumes and on-boarding software is just one example of how technology improves recruitment.

Big data also helps pinpoint personnel capacity issues, as well as current team and management effectiveness. Being more flexible can also address operational risks due to staff shortages.

For example, through digital transformation, companies can operate using both internal and external structures. There are opportunities to outsource partners, incorporate contract workers, or improve the offering to full-time hires through flexible telecommunication. Cross-over thinking is the wave of the future in HR, mitigating labour shortages in an industry that has always faced talent shortfalls and skills gaps.

Cultivate your own talent to reduce risk for inappropriate hires

Higher-end training through digitalization fills a company’s own skills gaps. Advanced training technology can continuously support the organization’s growth using a three-pronged approach:

Accurate Head Count: This first step introduces digital tools that monitor performance and address deficits or surpluses. You can continuously adjust staffing numbers accordingly. As a result, you always operate at the ideal staff levels and focus talent planning on having the right roles with the right people in those roles. Your organizational structure is optimized, and you are better able to manage employee life cycle.

Training: Next you can conduct unified online training from a central location so everyone understands your business model. Online training in hand with live broadcasts allows you to conduct broad or micro classes designed to cultivate talent in the specific areas your property management requires. In hand with monitoring, you maintain complete control over your workforce, allowing you to optimize talent, while also ensuring you remain fully operational. You have a team who can use training platforms at their disposal to improve their capabilities while you improve learning efficiencies.

Agile Talent: We are living in the Volatility, Uncertainty, Complexity and Ambiguity (VUCA) era where rapid changes are difficult to predict. Your goal, therefore, is to create a business model with agile talent ready to adapt as changes arise. HR managers must be able to meet the needs of sudden crisis and adapt as society changes the rules. Your accurate head counts in hand with online training work together to create agile talent, so you are always able to tap into new skills with a training program designed to meet the needs of a changing work environment. When you establish efficient online learning processes, you can smoothly transition to new initiatives the industry or changing circumstances demand.

Digitalization of your talent cultivation strategy allows you to remain responsive to client needs. Keep in mind individuals and businesses that provide condominium management services in Ontario must hold a licence issued by the CMRAO.

Reduce risk of employee churn

Digital technology, and more specifically digital learning, lowers risk of employee churn. A culture that understands the importance of ongoing training helps to not just attract top talent, but also retain it.

Digitalized HR models become self-adaptive, ensuring a deeper learning experience that nurtures careers. However, digitalization in general makes jobs easier for your staff, while refining headcount. In turn comes adjustments to incentive strategies, from greater employee rewards to flexible work options. These improved incentives coupled with ongoing self-driven training can help recruit talent and incentivize current staff to stay.

Finally, HR departments can formulate accurate salary management measures, so they are prepared for future industry challenges.

Reducing risks for deficits, or even surpluses in staffing, allows for an optimized salary structure. While property management companies must learn to optimize HR services and leverage advanced technology to support property performance, they must also embrace their own digitalized training and hiring devices to help meet expectations of top talent.

Vadim Koyen is President of CPO Management Inc. CPO Management Inc. is a full-service property management company specializing in residential and commercial condominiums in Toronto and the GTA. With over 10 years in the industry, CPO offers a wide spectrum of services from strategic and financial planning to accounting, building maintenance and capital improvement. https://www.cpomanagement.ca/