The RMR Group Focuses on Employee Development to Win REME Award
The RMR Group LLC, an alternative asset management company, won the coveted IREM® REME Award for Employee & Leadership Development with programs designed to attract, develop, and retain the best talent in the industry. Their efforts have paid off, with a 44% increase in employees who’ve noted in a recent employee satisfaction survey they plan to stay with the company more than five years. In addition, since new employee engagement initiatives were introduced, the percentage of employees who would recommend RMR as an employer increased by 10%.
The employee experience at RMR focuses on long-term talent development. RMR’s employee programs are designed to cultivate employee expertise through challenging work correlated to business performance. RMR’s employee experience not only elevates performance, it also positions the company, and employees, for future success.
Several noteworthy initiatives have come to fruition and continue to evolve:
- Leadership Development Program (LDP): The LDP is a two-year rotational program that provides associates with an expansive view of the real estate services industry while preparing them for future leadership roles. Associates go through a series of four six-month rotations across RMR and client companies like Five Star Senior Living, TravelCenters of America, and Sonesta International Hotels Corporation. Upon program completion, associates are offered unique opportunities to grow their careers at RMR, or with affiliated companies.
- Employee Referral Bonus: Effective May 1, 2017, RMR doubled the Employee Referral Bonus to $10,000. Eligible employees receive the bonus for referring a candidate hired for a full-time position. The employee receives the first half after the one-month anniversary of the referred employee’s start date, and the second half after three months.
- Tuition Reimbursement Program: RMR offers tuition assistance for job-related education from accredited colleges and universities. In 2019, the company increased the benefit to $15,000 annually. This enhancement was made in response to rising education costs, particularly at the graduate level, and from employee feedback noting that a higher reimbursement allows them to complete more courses in a year.
The implementation of these practices has produced positive outcomes, with employee surveys that indicate they view RMR as a supportive culture with team effectiveness, leadership commitment to quality, and high performance standards.