you’re hired! · the values & behaviors that contribute to the unique social and...
TRANSCRIPT
You’re Hired! Now how do I keep you?
Karen McWilliams, VP Revenue Strategy
Ali Griffin, Corp Director Revenue Strategy
Concord Hospitality, LLC
1. Understand the true cost of turnover
2. Recruitment Best Practices
3. Define Revenue Management Culture
4. Associate Engagement as a Priority
5. Measuring Associate Satisfaction
Objectives
• Worldwide Researchers suggest that turnover is the
highest in the hospitality industry (CHA International)
• Turnover can reach 300% (!) according to American
Hotel Association
• Turnover costs including recruitment, training and
onboarding are estimated at half to one-and-a-half times
the annual salary! ($$$$)
• Turnover costs above do not include lost revenues
due to poor revenue strategies
Associate Turnover
Why do we lose associates?
Aspire to better work life balance
Faster Career Growth
Need for Better Pay
Tired of constant personal sacrifices
Want to feel valued
Need culture and intellectual stimulation
Aspire to better work life balance
Faster Career Growth
Need for Better Pay
Tired of constant personal sacrifices
Want to feel valued
Need culture and intellectual stimulation
A $5k to $100K+ expense
depending on the position!
Recruitment Best Practices
Resume finders
Known skillsets
Hire from within
The values & behaviors that contribute to the unique
social and psychological environment of an organization.
(1) the ways the organization conducts its business, treats its
employees, customers, and the wider community,
(2) the extent to which freedom is allowed in decision making,
developing new ideas, and personal expression,
(3) how influence and information flow through its hierarchy,
(4) how committed employees are towards collective objectives.
Culture
What drives associate engagement?
• A solid company culture must exist.
• People are inherently driven to maximize
satisfaction
• Momentum of financial gain
• Importance of skill enrichment
• Desire to be valued & appreciated
• Take an active interest in the person, not simply
the position
The Importance of Culture
• Give each team member a voice, ask
opinion
• Help create goals that are personal
• Allow vehicles for team members to be part
of the process, not handed the process
• When we teach, we learn
• Provide a learning management system
that allows for continuous improvement
Vital Behaviors
• Monitor PTO, max out? Poor life quality
• Birthdays and Anniversary
• Remote teams – Virtual Lunch or Happy Hour
• One day per week “Lunch with Friends”
• Contest Monthly – Find the Fun!
• Stay Interviews bi-annual
• Succession Plan, not simply annual goals for the
‘position.’ Focus on the person
• Send a note home to kids with a lottery ticket
Internal Marketing Plan
Manager
$
Leader
$$$$$$$$$$
Family matters!
Confident Career Growth
Path to Better Pay
Desire to be more involved
Feel valued
Intellectual growth
• Uncover the authentic reason
• Invest time vs. spend time
• Be supportive and hold the mirror
up, have we lived the culture?
• Check in frequently
• How does the associate define
success?
When disconnection starts
Top performance
Live the Culture
Hire the character, teach the
skill Invest time vs Spend
time
Add it up!
• Offer confidential venues for feedback
• Measure associate satisfaction and make
it public
• Set turnover goals and review with team
• Treat feedback with respect and work
together to be solution driven
Measure Success
• Never miss an opportunity to publicly
praise
• Reward great results with experiences that
illustrate a genuine thank you
Celebrate Success