Retaining Top Talent as the Economy Improves

by Alex A. Kecskes

The economy is slowly gaining some momentum. And hotel employees are getting the itch to switch—jump ship for higher pay, better benefits, promotion, and various other incentives.

CareerBuilder recently reported 43% of employers feared their best employees would leave in 2011. To keep them, hotels and resorts face a number of challenges. And it's not always offering a bigger paycheck.

Perks and other employee retention strategies must be dovetailed with the right kind of inspirational leadership. Vice presidents, managers and supervisors must recognize the difference between leading and ruling. "Ruling" autocratic managers who rose to the top during a cost-cutting, layoff-oriented recession must be put on a "shorter leash" by senior management.

A company must identify its top performers and evaluate the risks brought about by their possible departure. Companies must evaluate the specific people talents they need to survive the rest of the downturn as well as the skill sets they'll need tomorrow to stay ahead of the competition.

To keep the talent needed to achieve these goals, companies must take a fresh look at compensation, benefits and bonuses. In some cases, this may necessitate restoring salary levels and bonuses to pre-economic crisis levels for these individuals. In addition, key employees should be provided with training, promotions or opportunities to work in other areas of the business to develop their skills and knowledge.

Finally, efforts must be made to let top talent know that they are valued and needed. Sometimes, a kind word or appreciative gesture is all it takes to keep an employee motivated and happy.

For an additional perspective, check out this video: