The hospitality industry is a key player in today's interconnected world. It serves as a catalyst for local employment, stimulates the growth of new business ventures and tourism, and contributes significantly to the global GDP, accounting for approximately 10%. This industry can be demanding and high-stress due to irregular work schedules, long hours, and a lack of recognition.
Let’s look at the following statistics which validate the importance of employee recognition:
- Employee turnover rates in hotel and other hospitality organizations are almost twice as high as those in other private sector jobs.
- There is a strong correlation between employee engagement in hotels and the likelihood of guests recommending the hotel to others.
- Only 55% of Millennial hospitality workers express satisfaction and intend to remain in the industry for the next five years.
- 42% of hospitality workers identify a lack of recognition and advancement opportunities as the main hindrance to career growth.
- 57.2% of hospitality workers aged 18-35 felt undervalued despite competitive compensation.
An effective method to improve turnover rates, elevate engagement levels, enhance morale, and foster a sense of purpose within the hospitality industry is employee recognition. Employee recognition is a form of acknowledgment and appreciation that recognizes an individual's contributions within a group. It plays a crucial role in promoting a positive company culture and providing motivation to achieve other organizational goals
Further Reading
Hospitality HR Series: Why Employee Engagement is Vital →
The Importance of Employee Recognition in Hotels →
Capitalize On These 4 HR Trends Every Hotelier Needs to Know About →
