employee turnover
Riding the CFO Roundabout: Securing Hospitality’s Financial Leadership Future
Bill Conn | April 4, 2024
By Bill Conn CFOs are on the move. Since 2022, the hospitality sector has witnessed a dramatic shift in its financial leadership environment. Data shows that during the first six months of 2023, 103 CFO (Chief Financial Officer) changes occurred in Fortune 1000 companies.[1] This number represents a 30% increase from the 79 changes in the same period in 2022. From a hospitality perspective, this CFO “carousel” and the high demand in 2023 for CFOs and other finance executives is unlike anything the industry has ever experienced. The demand for top talent has risen across all disciplines, but 2023 was definitely the year of the CFO. Sur...
High Turnover in the Hospitality Industry: A Result of Neglected Training
Anne-Céline Depierraz | October 11, 2023
By Anne-Céline Depierraz In the hospitality industry, providing excellent service is crucial to success. However, achieving this goal is not easy, as the industry is complex and requires a high level of dedication and skill. One of the most significant challenges faced by hospitality businesses is high staff turnover rates. The average 2021 turnover rate in the USA in the leisure and hospitality industry was 84.9% compared to the overall rate of 47.2% nationally. This trend has been a longstanding challenge for hospitality businesses, but what is causing it? One important answer to consider is: neglected training. When employees are...
6 Great Ways to Reduce Absenteeism and Turnover Rates in the Workplace
Dr. Bertrand Audrin | August 21, 2023
By Dr. Bertrand Audrin Absenteeism and high turnover rates are two of the most common difficulties that leaders are facing in today’s tricky employment market where employees are leaving their jobs more frequently and feeling less committed than ever before. While these phenomena are affecting all industries, the services industry is particularly hard hit. Challenges in the hospitality industry The hospitality industry experiences significant employee turnover and absenteeism, having historically had one of the highest turnover rates among private sectors, even prior to the pandemic. These factors pose a substantial financial burden ...
