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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Hotel Spa: Oasis Unplugged

The driving force in current hotel spa trends is the effort to manage unprecedented levels of stress experienced by their clients. Feeling increasingly overwhelmed by demanding careers and technology overload, people are craving places where they can go to momentarily escape the rigors of their daily lives. As a result, spas are positioning themselves as oases of unplugged human connection, where mindfulness and contemplation activities are becoming increasingly important. One leading hotel spa offers their clients the option to experience their treatments in total silence - no music, no talking, and no advice from the therapist - just pure unadulterated silence. Another leading hotel spa is working with a reputable medical clinic to develop a “digital detox” initiative, in which clients will be encouraged to unplug from their devices and engage in mindfulness activities to alleviate the stresses of excessive technology use. Similarly, other spas are counseling clients to resist allowing technology to monopolize their lives, and to engage in meditation and gratitude exercises in its place. The goal is to provide clients with a warm, inviting and tranquil sanctuary from the outside world, in addition to also providing genuine solutions for better sleep, proper nutrition, stress management and natural self-care. To accomplish this, some spas are incorporating a variety of new approaches - cryotherapy, Himalayan salt therapy and ayurveda treatments are becoming increasingly popular. Other spas are growing their own herbs and performing their treatments in lush outdoor gardens. Some spa therapists are being trained to assess a client's individual movement patterns to determine the most beneficial treatment specifically for them. The July issue of the Hotel Business Review will report on these trends and developments and examine how some hotel spas are integrating them into their operations.