Hospitality Financial Leadership – Using EFTEs

David Lund | October 30, 2017

By David Lund If You Can't Measure It, You Can't Improve It. Management thinker Peter Drucker is often quoted as saying, "You can't manage what you can't measure." Drucker means that you can't know whether or not you are successful unless success is defined and tracked. In the hotel business payroll is the number one cost. STR recently reported that labor made up 50 percent of revenues for a sample of over 4,000 hotels of all types and sizes. Having an efficient and reliable way to measure payroll is critical in any business. In hotels, the impact of payroll is amplified considerably and the need to have so...