The title of this article uses the word “best” to describe self-storage hires, but that adjective encompasses myriad traits like smart, reliable, proactive, dependable, consistent, productive, communicative, collaborative, and motivated.
Does that describe someone you want to work with? It should. The “best” employees embody these qualities, and as a result, they bring immeasurable value to the organization. Did you know that hiring and training a new employee costs a business, on average, approximately $43,000-49,000? According to the US Small Business Administration, the average $35,000 employee costs approximately $43,000 to hire and train over the course of their tenure. That number includes employment taxes, job posting, training, and other fixed costs, but the general rule for how much it costs to hire an employee is 1.2 times the expected salary.
If an employee will make $35,000, then 1.2 times that salary is approximately $42,000.
Now think for a moment about turnover in your organization. How fast does an employee leave after their employment begins? Companies with higher turnover face higher employment costs because jobs must now be reposted, interviews must be conducted (lost work time for other employees), and training of a new hire begins. Smart business owners know that hiring the “best” employees means wise spending when it comes to human resources and that greatly affects the bottom line.
How to attract and retain the “best” employees
Start with the job description and the salary when searching for the best employees. Consider the pay range for the position and set the range to the highest possible salary end cap that the company can afford.
The type of person you are looking for to fill this role will not be the one willing to work for the least amount of money. Smart, reliable, proactive, dependable, consistent, productive, and motivated employees also have families and bills and will be searching for a position that meets those needs. A salary and benefits package that reflects the value placed on the position will attract highly qualified employees. Keep in mind that offering a higher salary to attract a better talent pool means lower turnover, lower training costs, and higher satisfaction for both employees and owners.
- Create a competitive package that includes salary and benefits.
- Be specific in the job description about the type of preferred candidate.
- Set the bar high for expectations, but be willing to interview the right candidates demonstrating the desired attributes and qualifications.
Think creatively about where to find the right candidate.
If the salary you are able to offer is lower than what the ideal candidate would consider, tune your marketing efforts to other benefits that you offer for the right candidate. For example, a new graduate or young person starting out who still has an affordable living situation might consider a lower salary for the right position and the right company because they can afford it currently.
- Advertise creatively to college students, trade school students, and young professionals.
- Focus on the benefits available to the ideal candidate.
- Be specific with the job description and expectations, but consider exceptions for the ideal candidate.
Search for a manager with the mindset of an owner.
Many individuals would love the opportunity to learn the self-storage business. The self-storage business is recession-proof, hurricane-proof, and even pandemic-proof. The self-storage business is the slow and steady turtle that wins the race because they focus on long-term success and because they know that people will always need storage for their stuff.
When hiring, smart owners want a manager who thinks like an owner. That means they are a responsible, reliable, dependable, motivated person with the ability to think quickly and treat the business as if it were their own. While that may be hard to find, if you know the right places to begin your search, it’s possible to find the right people. Where should you search?
- Indeed
- ZipRecruiter
- Inside Self-Storage (ISS)
- Storable Marketplace
- Storage Asset Management (SAM)
- Argus
At Coastal Storage, we provide expert advice on self-storage acquisition, development, and investment. Call today to speak with our team of self-storage experts at 904-591-0140. We do more than just find your next best investment. We partner with you for success.