Staff turnover can be a symptom of a stagnant organizational culture, poor human resource management, or a natural response to changing labor market conditions. As a result, companies are forced to find new ways to retain talent and ensure the continuity of their operations, while facing economic and social challenges.
Lack of growth opportunities, low-paying salary, and not having an offer of benefits can lead to dissatisfaction and constant job switching. This is something I have seen with our partner companies, workers feel undervalued when they receive low wages, especially when they are convinced that their work has real significance for their organization. Let’s remember that a fair salary not only helps keep employees happy, but also motivated, productive and, consequently, contributes to the success of the business.
Now we can focus on an industry of great relevance to the economy of our country: the hotel industry, which not only recovered after covid-19 but has generated higher income in the last year. This industry is characterized by being highly competitive and constantly evolving, and hotels must reinvent themselves and offer innovative products and services to meet the increasingly demanding demands of customers in terms of experiences and services.
In addition, they must design strategies to retain their human talent, which faces high levels of stress and anxiety. In fact, according to the opinion of different managers of hotel groups, one of the biggest challenges that the sector is currently facing is the high turnover of personnel and the phenomenon known as cannibalism between hotels.
This phenomenon of staff mobility between hotels frequently occurs when a new hotel opens and offers employment to workers from nearby hotels or from the same category, attracting them with higher salaries and causing what is known in the trade as salary inflation. There is so much competition for employees that there comes a point where it is not feasible for any hotel to continue increasing salaries, so they look for loyalty tools or strategies, including benefits and compensation, to retain them and have the possibility of making an objective evaluation. before taking a decision.
It is critical that industry HR leaders and teams implement strategies that provide employees with a positive and rewarding work experience. Since many of them work in rotating shifts and carry out tasks that require great physical effort, it is essential to provide a safe and comfortable work environment that allows them to perform in the best possible conditions and thus prevent them from resigning and changing jobs for a negligible difference in salary.
One way to improve talent retention is by creating a work environment that provides attractive incentives and benefits. For example, the well-known emotional salary, flexible schedules or, well, salary on request. Without forgetting competitive remuneration, as well as health and wellness benefits for employees and their families.