Public Storage: Reducing Turnover Through Targeted Recruitment & Compensation Strategy

Industry

Real Estate

Challenge

Public Storage faced rising voluntary turnover - especially among property managers - driving up recruitment, training, and administrative costs, while inconsistent regional performance and the lack of a framework to predict successful hires compounded the challenge.

Results

Between 2017 and 2018, voluntary turnover at Public Storage fell 10%, defying the industry trend of rising turnover amid low unemployment. In 10 markets, this shift saved $290,000–$455,000, with projected enterprise-wide savings of $15–$20 million annually.

Key Product

Workforce Modeling Solutions, Predictive Data Models, Turnover Analysis

10%

Voluntary Turnover Decrease

$290k+

Cost Savings in 10 Markets

$15M+

Projected Enterprise Wide Savings

By combining deep labor market insights with advanced analytics, LYTIQS helped us pinpoint the traits and pay structures that truly drive retention - transforming how we hire and ultimately saving thousands in costs.

Public Storage

Senior HR Leader

About Public Storage

Public Storage, one of the largest landlords in the world, operates over 2,700 self-storage locations and an additional 28 million square feet of commercial space through PS Business Parks.

The Challenge

Public Storage was facing a sharp rise in voluntary turnover among property managers - up 28% from 2009 to 2017. This trend was driving higher recruitment, training, and administrative costs, and creating operational inconsistency across regions. The company lacked a clear framework for predicting high-retention hires, and performance varied widely between markets.

The Solution

LYTIQS analyzed more than 20 internal and external factors, uncovering a direct link between competitive pay and retention - markets with wages aligned to local averages saw turnover drop by up to 47%. Using these insights, LYTIQS developed a high-retention candidate profile and helped Public Storage to implement targeted compensation adjustments in select markets. Predictive analytics were embedded into recruitment, enabling more strategic, data-informed hiring decisions that reduced turnover and stabilized the workforce.

The Results

From 2017 to 2018, Public Storage achieved a 10% reduction in voluntary turnover, a notable accomplishment given the broader industry pattern of increasing turnover during a period of continued declines in unemployment. This improvement translated into substantial financial benefits: in just 10 markets, cost savings ranged from $290,000 to $455,000. When applied across the company’s entire footprint, the projected annual savings reach between $15 million and $20 million. By reversing the prevailing trend and retaining more employees, Public Storage not only strengthened its workforce stability but also generated measurable, recurring cost efficiencies.