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(1)The Chief Executive of a large hotel became aware that his company was experiencing annual employee turnover of about 40 percent, at an annual cost estimated between $8 to $10 million. This large amount of money was calculated based on two factors: the money spent hiring replacements and the cost to the business in lower productivity due to employees becoming familiar with the requirements of their new job.
(2)Employee turnover is a perennial problem in the hotel industry. But there are some talent management practices and tactics you can adopt to increase employee retention. Here are a couple of suggestions.
(3)Recognize and Reward Solid Performance:We all like to feel appreciated! Your hotel and managers need formal and informal ways to recognize and reward high performance. Not all rewards need to be financial. Even a simple "thank you" or public recognition of their efforts can be effective ways to reward employees. And employees who feel valued tend to stick around.
(4)Provide Opportunities for Development:Giving your staff opportunities to develop and expand their knowledge skills and experience can be a powerful contributor to employee retention .
(5)These talent management practices will not only drive up employee retention, but also increase employee performance and engagement.