A good employee is an invaluable asset in any company, they can have a deep impact on production, the way other employees perform, and the solidness of your service. They are also an attractive target for your competitors. All of this makes employee retention one of the biggest issues any hotel and hospitality business will face.
The industry is plagued with a huge shortage of skills at the moment. This makes employee retention a must-have focus for any management staff. Solid retention practices will guarantee the time and money invested in employee training is worth it. If you can safely train and get your staff to the level they need to be, without fear of losing them, then achieving your goal will be easier. But how can you build this firewall to protect your staff? Let’s look at the most important factors of employee retention.
Increase your benefits package
Having solid benefits in your employment package is a huge help. Ones that consider the perks outside of a good paycheck, can make your employees turn away other offers, even if the pay is more. Because money is not everything when it comes down to staying at a company.
Consider life outside of a paycheck to come up with a great benefits package.
- Work-life balance
- Professional development
- Career opportunity
- Aligned values
- Team activities
- Offering health insurance
Give employees opportunities for growth
Stagnation is one of the biggest demotivators for employees. Staying put in the same job title, and responsibilities can hamper morale. Pushing your staff to look at other possibilities.
How can you prevent that? Create a growth plan for employees, let them improve their skills, or explore different paths within the company.
Don’t know where to start? Don’t sweat it, even a small investment has a great impact on your turnover rates. A study found that just a 5% budget investment in training produces a 23% decrease in staff turnover.
Build a solid company culture
Company culture is more than just a slogan. It’s about creating the right type of environment where your employees can flourish and excel. A good environment for growth and fostering retentions includes.
- The freedom to communicate with management
- Allowing employees to work independently
- Managers that delegate and distribute work fairly
- Negative conduct is corrected immediately
- Problems are addressed in the open
Management is the biggest player
A study found that employees will pick a good boss over a bigger paycheck. More than half (57%) will choose to stay and work under a supervisor they like over a 10% pay increase. So, money is not the end all be all. A comfortable company environment and good management is worth a lot!
“We all need people who will give us feedback. That’s how we improve.”Bill Gates
Listening to feedback is the fastest way to improve. It points directly at problems and asks us to come up with solutions. Feedback can also bring about great ideas. Your employees know what they want and need, so listen to them.
Companies that embrace feedback can achieve quick improvements in employee engagement, performance, and retention. Because it’s a tool that can provide immediate action, it has huge potential for any team. To get started in building a solid feedback system, try these 3 basics:
- Create several channels for feedback
- Provide employees with safe spaces to communicate feedback
- Implement feedback in all departments, this is not just a HR issue
Everyone wants to be seen and praised for good work. Especially good employees, and it’s a dangerous game to play to ignore that. A Gallup study found that employees that don’t feel acknowledged are 2x as likely to quit their job. So, your company operation must include in it a system that recognizes and rewards its members. Where not only good work is praised, but also members feel seen regularly.
Acknowledge great performance, working under special circumstances, personal situations, and give employees space to feel appreciated for their hard work.
Foster a friendly environment
Having a friend at work is one of the biggest reasons people stay in certain jobs. Fostering social connections can result in higher levels of employee engagement and an increase in retention. That’s why fostering social interaction and relationship building in teams matters. When looking for activities that will strengthen the bond between teams, go to them for ideas. Give more than one opportunity for them to break the ice, so you can foster these connections repeatedly.
Friendship in the workplace transforms going into a shift from a mere obligation to something more enjoyable. It can create a more functional workflow, and help employees avoid negative associations with work.