Employee Turnover at Your Property is Expensive | Ep. #165

Employee turnover is costing you money. Here is what you need to do to stop losing great employees and throwing money out the window.Turnover rates in the hospitality industry have grown in past years, in some sectors up to 70% and this includes the hospitality property sector.Turnover can impact everything from staff morale to a property’s ability to deliver consistent guest experiences, to budget and overall profit margins. While there are many factors that contribute to an employee’s decision to leave, it’s up to properties owners and managers to take corrective action. Research has shown that owners, managers and executives polled believe an improved employee experience is important, only 22% reported that their properties excel in making this a priority.What can you do in making a happier, more engaged team? I’ll look at three strategies that have shown to immediately improve your employee's experience, productivity, and a brand’s bottom line.•Connect with your employees the right way•Empower employees with meaningful feedback•Show the benefits of automation Connect with Your Employees the Right WayOne of the most damaging bi-products of turnover is employee detachment.If employees are not invested in a hospitality properties mission and brand, they can’t provide a memorable experience. They need the right tools to remain involved and to feel empowered to do what they do best.On average, only 3 in 10 hospitality industry employees feel they have the right tools to be productive. But with the right investment, if you double your employee count to 6 in 10, you could easily realize a 27% increase in overall employee work quality and an 11% increase in profitability. An investment in the right tools would pay for itself in no time.To establish what’s most valuable to your employee in their daily lives, you need an effective feedback loop.1.Your employees need to believe their job has purpose and value and to do this you have to provide a genuine and relatable explanation about the importance of your company goals. 2.You have to get to know your employees and learn their pain points. Give them a chance to voice what they believe the solutions are. They might have the solutions.3.Study and document in your operations manual, each job on your property, so you can find benchmarks to measure against.4.Observe your property’s top-performing employees and leverage their talent and insight into your training. Ask them to help you develop best practices you can immediately apply.5.From there, research and invest in the right tools and materials that would be most effective in raising each benchmark you identify.What is the next step?Repeat steps 1 – 5.If you can maintain this cycle, your employees will be happier and feel motivated to put forth their best efforts for you. Continue reading to see the other two strategies…https://keystonehospitalitydevelopment.com/KHDC165⇒ And don’t forget to join the “6 Day Challenge” here:https://keystonehospitalitydevelopment.com/6-day-challenge-log-in-here/RESOURCES & LINKS MENTIONED IN THIS EPISODE:The Keystone HDC Training Tutorialshttps://courses.keystonehospitalitydevelopment.com/Keystone HDC Post DownloadsWe add to them every month.https://KeystoneHospitalityDevelopment.com/KHDC140Join our community in “The Hospitality Property School Group” – Check it Out for One Full Week for Only $1https://keystonehospitalitydevelopment.com/membership-siteRESOURCES & LINKS MENTIONED IN THIS EPISODE:Keystone HDC Post Downloads We add to them every month.https://KeystoneHospitalityDevelopment.com/KHDC140Say hi on social:Facebook:https://www.facebook.com/KeystoneHDCTwitter: https://twitter.com/KeystoneHDCLinkedin: https://www.linkedin.com/company/keystone-hospitality-development/Listen to The Hospitality Property School Podcast here:https://keystonehospitalitydevelopment.com/itunes-podcasthttps://www.spreaker.com/keystonehdcYouTubehttps://youtu.be/-WW-pc89t7QHospitality Property School is a division of Keystone HDC