Will Your Employees Stay or Stray?

10 Tips for Increasing Retention

By Peter Stark Principal, Peter Barron Stark Companies | October 15, 2017

Whether you work in healthcare, financial services, manufacturing, or hospitality – in a small organization or a Fortune 500 company – if your organization is successful, you know that employee retention and talent management are essential to sustaining leadership and growth in the marketplace.

All current research regarded to labor indicates that there will continue to be a shortage of well qualified workers in the future. In a recent survey commissioned by Indeed, they found that over 50% of US workers are thinking of making a career change. As we approach the new year, this is one of the most frequent times that employees think about changing jobs.

Wage growth has remained relatively flat since 2005. Motivations vary, but salary is a key factor for many people, especially in lower level positions. In fact, 79% of respondents told Indeed they would be looking for increased wages. In the past few years, raises have been relatively modest. The average increase for hourly workers has hovered around 2.5 percent. But today, unemployment is below 5 percent and it is getting harder and harder to find great employees.

Our prediction is that wages are going to significantly rise over the next couple of years. Why? Because businesses continue to expand and there are more job openings. In July of 2017, employers advertised a record 6.2 million open jobs. There were 1.5 unemployed Americans for each job opening in July 2017, compared to 6.7 unemployed people for each open job in 2009. Other reasons to predict wages are going to escalate is that employers cannot find qualified workers and it is a fact that job switchers earn higher raises. Employers, to hire and retain top talent, need to be prepared to pay higher wages. According to the February 2017 edition of the Harvard Business Review, after salary, employees want health care, benefits and flexibility.

Why Do Employees Leave?

Traditionally, when employees were asked why they begin searching for a new job, the following were the top responses:

Coming up in January 2018...

Mobile Technology: Relentless Innovation

Technology has become a crucial component in attracting and retaining hotel guests, and the need to enhance a guest’s technology experience is driving a relentless pace of innovation. To meet and exceed guest expectations, 54% of hotels will spend more on technology in 2018, and mobile solutions in particular will top the list of capital investments. Many hotels are integrating mobile booking, mobile keys, mobile payments and mobile check-in into their operations. Other hotels are emphasizing the in-room experience, boosting bandwidth and upgrading flat screen TVs to more easily interface with guest mobile devices. And though not yet mainstream, there are many exciting technology developments on the near horizon. The Internet of Things (loT) is taking form in some places, and can be found in guest room control systems, voice activation systems, and in wearable sensors that can be used for access and payment options. Virtual reality headsets are available at some hotels so guests can enjoy virtual trips to exotic locations or if off-property, preview conference facilities and guest rooms. How long will it be before a hotel employs a fleet of robots for room service, or utilizes a hologram as a concierge, or installs gesture-controlled walls that feature interactive digital displays? Some hotels are already using augmented reality for translation services, or interactive wall maps, or even virtual décor. This pace of innovation is challenging property owners and brands to stay on top of the latest technology trends while still addressing current projects. The January Hotel Business Review will explore what some hotels are doing to maximize their opportunities in the mobile technology space.