Human Capital: Finding the Best Talent and Retaining Your Investment
By Robert Festinger General Manager, YVE Hotel Miami | February 01, 2015
There are a record number of graduates arriving from Hospitality and Culinary schools yearly; universities in Miami alone will have graduates in the thousands this year.
But as Harry Truman said, "The buck stops with me" and the current roster of hotel general managers and human resources directors in 2015 have a responsibility to their business to recruit, align, develop and retain the best talent in the marketplace: Human Capital.
In an organizational context, human capital refers to the collective value of the organization's intellectual capital: competencies, knowledge and skills. This capital is the organization's constantly renewable source of creativity and innovativeness, but is not reflected in its financial statements. Unlike structural capital, human capital is always owned by the individuals who have it, and can 'walk out the door' unless it is recorded in a tangible form, or is incorporated in the organization's procedures and structure.
The real fuel and energy behind a company's growth and success comes from its people, yet managing human capital can be a real challenge. It's proven that having well trained and integrated staffing yields economic success. You need to have the best and brightest talent in key positions in case something out of the ordinary arises. Additionally, in a saturated marketplace with record numbers comes record bonuses and large stock cash outs. That makes it harder to lure top talent away from the competition. So, the emphasis becomes about cultivating your personnel - your human capital – internally, from the ground up.
Search Within for Talent
Most executive level positions such as General Managers are like an elected politician, feels like they have an expiration date. Positions like Director of Sales, Revenue Director and Finance personnel are becoming a commodity forcing you to do some selling of your own to get applicants to consider joining your team. At a time when things are slowly picking up in the hotel industry, employers are also becoming increasingly selective with whom they hire. The quality of employees, after-all, reflects the quality of service, which in turn determines whether a hotel is going to be successful or not since experience is a consumer's bottom line.