1. Protect your key players
Recent surveys show that 20 percent of workers want to change jobs as soon as they can. Not only is that disruptive to your business, it is expensive. Plan on spending a total of three times the employee’s annual pay if you lose an employee—after the immediate loss of productivity, recruiting and training a new employee. If you lose a key member of your team, it is worse because they may recruit other members of your team to join him or her—possibly at your competitor. As you might imagine, the most skilled employees are likely to be the first to go because they will be the targets of recruiting. The last thing you need in this economy is to lose your stars, such as the director of sales, who could take your top accounts with him or her or the department head or GM who motivates your scaled-back team to do more with less while you are trying to ride out the downturn.
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William Edmundson
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2. Be aware
Turnover is no longer limited to our competitors. I have seen a wave of recruiting for hospitality industry professionals to take positions at all levels in other industries ranging from retail chains to mom-and-pop businesses. We are known for our high levels of service and guest satisfaction and leaders in other industries know that component could give them an edge over their competitors. They also know that we have laid off good employees and asked others to take on more responsibilities as a result of reduced headcount and tightened budgets.
3. Preventive measures
Appreciate your employees: Let them know that you care about them and what they do. It can be as simple and inexpensive as buying pizza and telling them “thank you” for their work.
Keep employees in the loop: Nobody likes uncertainty. Employees who do not know information about their job or the situation where they work tend to assume things. Don’t make them guess; let them know where they stand.
Inspect what you expect: Let your employees know that you inspect and notice what they are doing. Show them that what they do lines up with your business plan and that they are a part of the success of the business. Use guest satisfaction scores, sales numbers and other measures to communicate and reinforce the message.
Provide training: Many employees would love to have additional training. It shows that they are learning and shows them that they are important. It is good for them and good for your business. Consider cross-training where appropriate. It will make a difference for your employees and will translate into better guest satisfaction.
Fill staff holes: The best defense is a good offense. Take this opportunity to bring good talent into your team while your competitors may not be protecting their top players. Think about your team as an all-star team as you strive to have the best team on the competitive field as you can.
Success in a downturn is not easy. That is why additional focus is important. Don’t get in the position of having to spend extra money because of turnover. Act quickly to follow these guidelines to protect your key players and your business.
William Edmundson is a hospitality executive with more than 20 years experience in brand building, culture creation, innovative marketing and sales, operations, and franchise relations. He has worked on industry leading brands for Holiday, Promus, Hilton and Choice. William is currently consulting, speaking and writing for the hospitality/travel industry and can be reached at williamledmundson@yahoo.com or 301-653-0506.
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