Culture, connections and certainty: How proptech can weather the ‘Great Resignation’ in 2022
When things get rough, put your people first, and they'll be more inclined to stick around for the long haul.
Is the so-called "Great Resignation," in which contributors collectively call quits on their current roles, likely to rip a gash through local proptech enterprises in 2022?
It's difficult to avoid the topic if you read the news in recent weeks. Thousands of virtual column inches have been spent to the topic (including, in this case, my own! ), with many of them advising businesses to prepare for a wave of departures once Australia's economy – and borders – are reopened.
The change from a buyer's market to a seller's market
In the proptech space, the thought of developers, product managers, and other employees leaving en masse is a worrisome one for owners and managers, especially since it comes so soon after the fierce competition for talent that erupted just a few months after COVID shut down national boundaries.
With the option of filling skills gaps with offshore talent abruptly removed, firms like ours have had to work twice as hard to identify and secure the individuals we've required from a tight domestic labour pool in order to continue expanding our goods and enterprises.
We've got to rely on our connections to make sure we're utilising our brand and emphasising the chances we can offer to talented local professionals who can jump right in. (Of course, paying market rates and providing flexible working circumstances that match their and the company's demands are both givens.)
Is it better for me to stay or should I leave?
Will we see some of these people saying "goodbye" in the near future, along with other long-serving employees seeking for something fresh and different?
I'd like to believe not in our instance. We, like practically every other startup, fell victim to the pandemic lean. We identified a number of priorities for our small but growing software company shortly after it happened, and employee retention was at the top of the list.
While many larger companies wasted no time reducing headcounts, reducing hours and pay packages, and furloughing individuals whose projects had been postponed or cancelled, we chose a different path, keeping every member of our team on full pay.
Yes, there were financial risks involved in doing so, but those risks, in our opinion, were much surpassed by the benefits that would flow from clinging to our greatest asset – the people whose knowledge and dedication have enabled us to establish a world-class portfolio of property assessment solutions.
Cuts in both directions
In the early days of COVID, keeping them informed and telling them that they could get on with the task without worrying about whether or not they'd have a job a month later made our staff feel as relaxed and at ease as possible.
They've repaid us tenfold with their devotion and commitment, even while headhunters knocked on their doors, offering possibilities and sweeteners to anyone considering a move.
It's all about the culture.
Another advantage has resulted from navigating COVID's issues together. It has aided us in enhancing and elevating our already strong corporate culture, transforming a willing workforce into a formidable, close-knit group with crystal-clear shared values and goals.
We believe that culture, together with the opportunity to work for a software company that has grown by 50% and is starting to score international goals, will help us keep our team together, Great Resignation or not.
As we continue to improve our solutions and follow our ambitious expansion goal, it's also what we hope will attract new stars to our firmament.
As proptech workers assess their options in 2022, we anticipate welcoming rather than saying goodbye to a group of colleagues.