Keep Gig Economy & Labor Costs from Lowering Revenue
2 Ways to Reduce Hospitality Labor CostsThe hospitality industry relies heavily on positive customer opinion to thrive. With so many lodging options now available, the quality of your customer service can determine whether consumers will return to your location. Finding and keeping great employees can give your location a competitive advantage over limited-service locations as well as encourage repeat visitors.
1. Improvements in Acquisition ProcessesHospitality businesses report that one of their biggest challenges lies in finding the right employees tohelp build membership communities. A plethora of acquisition channels provide candidates that can be both overwhelming in number and underwhelming in suitability. Hoteliers report that the most successful channels for recruiting quality staff include:
- Employee Referral/Word of Mouth
- Job posting on the hotel’s/organization’s website
- Online recruiting websites and job boards
- Social Media
- Staffing/temp agencies
2. Reducing Hospitality Turnover & Retaining Great TalentEmployee turnover can reach 31% and contributes significantly to the high cost of labor in this industry. More than half of the cost of replacing staff is accounted for by productivity loss and another 14% goes into orientation and training for new employees. Some of this cost can be offset by hiring the right employees in the first place, and more can be saved by improving retention practices. Many companies are combating turnover by focusing on creating an engaging corporate culture. Research shows that engaged employees are more likely to stick around, stay productive, and create a positive customer experience, so it makes sense that retention can be improved by addressing employees’ needs beyond pay and benefits. Some of the most effective retention strategies include:
- Providing opportunities for advancement,
- Offering on-the-job training & development,
- Recognizing good work,
- Encouraging work/life balance,
- Practicing trust, respect, consideration, & fair treatment, and
- Facilitating engagement between employees & managers.
About Tammy Cohen
Tammy Cohen, an industry pioneer and expert in identity and employment screening, founded InfoMart 30 years ago. Deemed the “Queen of Screen,” she’s been a force behind industry-leading innovations. She was most recently the first-to-market with a fully compliant sanctions search, as well as a suite of identity services that modernizes talent onboarding. Tammy revolutionized the screening industry when she stepped into the field, developing the first client-facing application and a due diligence criminal search that has since become standard for all background screening companies. Cohen has received national awards and honors for her business and civic involvement, including Atlanta Business Chronicle’s Top 25 Women-Owned Firms in Atlanta, Enterprising Women Magazine’s Enterprising Women of the Year award, the YWCA of Northwest Georgia’s Kathryn Woods Racial Justice Award, and a commendation in the 152nd Congressional Record. To learn more about Tammy, visit www.tammycohen.com.
InfoMart has been revolutionizing the global background and identity screening industry for 30 years, providing businesses the information they need to make informed hiring decisions. They develop innovative technology that modernizes talent onboarding, including a first-to-market biometric identity authentication application and a verified sanctions search. The WBENC-certified company is a founding member of the Professional Background Screening Association, and they have achieved PBSA accreditation in recognition of their consistent business practices and commitment to compliance with the FCRA. The company is dedicated to customer service, speed, and accuracy, and it has been recognized for its success, workplace culture, and corporate citizenship with over 45 industry awards. To Get the Whole Story on InfoMart, please visit www.InfoMart-USA.com, follow @InfoMartUSA, or call (770) 984-2727.