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:

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Coming up in June 2019...

Sales & Marketing: Selling Experiences

There are innumerable strategies that Hotel Sales and Marketing Directors employ to find, engage and entice guests to their property, and those strategies are constantly evolving. A breakthrough technology, pioneering platform, or even a simple algorithm update can cause new trends to emerge and upend the best laid plans. Sales and marketing departments must remain agile so they can adapt to the ever changing digital landscape. As an example, the popularity of virtual reality is on the rise, as 360 interactive technologies become more mainstream. Chatbots and artificial intelligence are also poised to become the next big things, as they take guest personalization to a whole new level. But one sales and marketing trend that is currently resulting in major benefits for hotels is experiential marketing - the effort to deliver an experience to potential guests. Mainly this is accomplished through the creative use of video and images, and by utilizing what has become known as User Generated Content. By sharing actual personal content (videos and pictures) from satisfied guests who have experienced the delights of a property, prospective guests can more easily imagine themselves having the same experience. Similarly, Hotel Generated Content is equally important. Hotels are more than beds and effective video presentations can tell a compelling story - a story about what makes the hotel appealing and unique. A video walk-through of rooms is essential, as are video tours in different areas of a hotel. The goal is to highlight what makes the property exceptional, but also to show real people having real fun - an experience that prospective guests can have too. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.