Strong Companies in a Weak Economy

Inc. 5000 companies grew despite of the recession and they tend to continue to be an optimistic bunch. Recently, Inc. surveyed this group of CEO's to determine their confidence about business and the economy. The results show that even with a less than optimistic view of the economy, there is still opportunity to grow a business. Nearly 90% of the CEO's surveyed say they will increase the size of their workforce in the next six months. 78% reported that sales were up in the previous six months compared with last year in the same period.

This rock star bunch of leaders are concerned about economic uncertainty and find it difficult to forecast the upcoming year. Another concern is the morale of their team members who know that poor attitudes leads to a lack of motivation and productivity. And so, taking control of what they can, Inc. 5000 CEO's are planning plenty of rewards and recognition of team members in 2012.

As I travel throughout the various companies and events in our industry, I am seeing improvement in market rents while most are waving goodbye to concessions. We are in the same situation as the Inc. 5000 companies surveyed because we are gaining strength in a weak economy. I too share the same concern that the last few years has taken a toll on our teams. If you were in the home office, you probably witnessed each department cutting back. We all had to exert increased personal energy to do more with less all while fearing that we may be next on the chopping block. Our on site teams were forced to step outside of the norm and negotiate with customers while many managers were not equipped with this skill. Leasing consultants had to step up their sales ability to get their unfair share of leases. And lets not forget our maintenance team who often had to prepare vacant apartments twice, once when the move out occurred and then again to refresh a stale home that had been vacant for 64 days.

We have all carried our share of weight and now it's time to celebrate our strength. In the coming weeks, I have been asked to emcee several awards events for some of the biggest apartment associations in our country. Each has reported a record number of entries to honor the hard working team members in our business. This makes me very proud and excited to be a part of the celebration. Without a doubt, morale will be at an all time high and that always translates to improvement to the bottom-line.

What are your company's plans to boost morale and reward for strong performances which have kept your company competitive during the recession? Although everyone cashes checks representing monetary reward, many people admit that mere recognition is all they need. I guess that supports a lesson we all know, "what gets rewarded, gets repeated".