Investigating High Turnover Rates Within the Hospitality Industry

One constant trend throughout many organizations if not all is the struggle in finding qualified candidates to fill job openings. Not only is it difficult to recruit skilled workers, but also to retain them. Going back to my parent’s work experience, companies expected job loyalty, but today, I noticed and read stories of employees accepting other job offers only weeks after being hired. I wonder if people have changed or is it that employers are not able to satisfy employees. To completive and win the battle for workforce share, organizations should rethink their strategies to effectively recruit, motivate, and retain committed employees.

D. Consequences for recruitment and retention of top talent: Matthew Rice’s article outlines the compensation and talent strategies that minimize employee turnover. Talent audits are used to identify top performers, investing in employee engagement strategies to improve retention of the existing team, and eliminate employees’ reasons to leave by offering job activities and development opportunities, and this because: “A talent audit is a critical first step in understanding your risk profile and where you need to invest time, energy and capital to limit your turnover risk” (Rice, 2011, p. 32). If applicable, describe any consequences this scenario has had for the organization 's ability to recruit and/or retain top talent. The research provides insight in how changes in

Retaining employees is one way the turnover rate can decrease, Branham (2000), focuses on retaining valuable employees by incorporating four key elements. The first key elements is, “be a company that people want to work for”. There are many companies that have been labeled as, “employers of choice”. These employers all have something in common, which is how they value their employers (Branham, 2000). They treat their employees with respect and like family. With being an “employer of choice,” people are the most valuable asset; not just customers but employees too. Many companies go above and beyond for their customers, but not for their employees, yet they wonder why they are losing valuable talent.

Well-functioning organizations usually have quality employees who work hard to accomplish the organizations mission statement and goals. However, organizations on occasions face issues as for retaining these employees, subsequently failing to fill these positions and fulfilling their organizational goals. Due to the importance of retention, organizations may hire industrial/organizational psychologists to resolve retention issues in order to remain competitive in their field. At JC’s Casino, improving retention is an issue not only for the owner but also for the employees as well as the patrons that frequent the casino. The pay is reasonable but employees are still unhappy and resorting to leaving the organization.

In particular cases, the high rate of staff turnover and absenteeism are associated with low level of organisational commitment (Morrow, 1993). The employee who works on this level must be dissatisfied with the organisation; such an employee may stay because he or she needs to stay for the monetary benefits linked to the continuance dimension (Meyer & Allen, 1997). In simple words, it can be inferred that lower level of commitment is interconnected to continuance commitment among the three dimensions of commitment.

In this report I will discuss factors that affect an organization’s approach to both attracting talent and recruitment and selection. My report will also include some recruitment methods and its advantages.

It has been evident that organizations face challenges of maintaining employees within their firms, and the challenge has been in place for a considerable period. Turnover in firms has been associated with different costs that include the process of training new employees, training of the same employees and their selection which has been seen to seen to exceed 100% of the total cost on an annual basis which is usually witnessed in filling the existing position. The quit rate in the United States as indicated by Bureau of Labor Statistics is at 25% (Glebbeek & Bax, 2004). The significant issues that are associated with turnover include work disruptions, direct costs, loss of seasoned mentors and organizational memory. The other concerns that

People are at the heart of every company, be it a large corporation with thousands of employees worldwide or a small, family-owned business that just opened its doors. People pioneer ideas, solve problems, and take care of the customer. As such, it comes as no surprise that one of the biggest challenges for every company is finding and recruiting top talent. With a new generation entering the workforce, employers are forced to be more creative in their recruiting methods in order to meet the different priorities and expectations of the new generation.

The objective of this report is to identify and assess four factors that affect an organisations approach to both attracting talent and recruitment and selection. I will also be looking at attracting and retaining a diverse workforce and the different methods of recruitment and selection.

Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. These practices are used to prevent valuable employees from leaving their jobs. How to retain valuable employees is one of the biggest problem that plague organizations in the competitive marketplace. Nowadays, employee retention is the most critical issue facing hotel managers as a result of the shortage of skilled labor, low economic growth and employee turnover. A wise management will learn how to attract and keep good employees, because in the long run, this workforce will make or break a hotel 's reputation. The purpose of this research is to: 1) assess employee retention policies and practices designed and applied in floating hotels, and 2) describe the importance of retaining critical employees and developing strategies to enhance employee retention practices, and 3) determine the factors that most significantly influence employee retention to meet the diverse needs of employees and create an environment that encourages current employees to remain employed. The results of this study were clarified that compensation, fringe benefits and job satisfaction play a vital role in employee 's motivation which leads to employee 's retention. Similarly, Training, career development and recognition were found motivating factor which leads to

During the recent past however, when the company became a more dominant global competitor and a publicly traded conglomerate, the numbers of employees leaving the firm have increased, generating adjacent problems of employee recruitment, training and retention. In other words, the major challenges currently faced by the company are related to talent management. At a more specific level, the issues refer to the following:

In today’s highly competitive environment, the biggest challenge that most successful businesses face is to arrest attrition and retain talent. What is more, people’s ambitions are fast changing and concepts like loyalty do not seem relevant anymore. Tried and tested methods are fast losing their effectiveness as talented employees become immune to such formula driven approaches. Money is important but not adequate to solve the problem. That your attrition rates are comparable to industry is no consolation. Companies are losing highly talented people, walking away with accumulated knowledge and experience that is not easily replicable.

A critical factor to the success of any company is its ability to attract top talent while retaining those already working within the company. Losing employees can have a significant impact on a company’s morale, productivity and overall profit.

In today’s business environment, human resource is considered to be an organizations greatest resource; technology and capital are also needed but cannot be utilized with some form of human resource (Mathis and Jackson, 2010). All organizations want to have competitive advance and be successful, selecting and retaining the talented staff is the best way to achieve this. Best practices in the recruitment and selection process can to the achievement of organizational goals

Hotel industry Gurus are already thinking of ways to attract and retain qualified workers by increasing the pay scales and by reducing the long working hours. The top management is now devising constructive methods that will retain the existing workers by sponsoring education and creating attractive