To confront the high turn over challenge, hotel management must ensure that their benefits support their company's vision, mission and values (Cavallari, 2008). Hotels are also going to need to be more creative in their approach to benefits, concentrating not only on the basics such as health insurance, vacation policies, and 401K plans, but also considering training and development, quality of life support and other non-basic benefits (Cavallari, 2008).
Conclusion
True, 2008 was not a good year for the hotel industry and 2009 is expected to be even worse. However, brighter times are ahead if hotel management responds to consumer needs. On this front, the two most obvious opportunities are consumers in emerging global economies and the Generation Y market segment. For competitive advantage when pursuing these opportunities, companies must become more sustainable, leverage advantages in technology for demanding and educated consumers and learn to retain their valued employees. In these ways, the companies will thrive in bad and good times by delighting their customers in contrast to lagart competitors who can't keep up with market trends or who have to spend too much money to offer the same level of services as market leaders.
Bibliography
2009 industry outlook: Tourism, hospitality &...
(2009, February 10). Deloitte. http://www.hospitalitynet.org/news/4039854.search?query=tourism+and+hospitality+industry+2009
Arieff, a. (2007, June). The greenhouse effect. Travel + Leisure. http://www.travelandleisure.com/articles/the-greenhouse-effect/1/?comments_page=1
Cavallari, R. (2008, June 20). The employee retention challenge. http://www.hotelworldnetwork.com/hrtraining/-employee-retention-challenge
Cline, R.C. Hospitality adjusts to globalization. Arthur Andersen. http://www.hotel-online.com/Trends/Andersen/global.html
EI-AH&MA / KPMG study finds hotel industry turnover rates continue to climb. http://www.hotel-online.com/News/PressReleases1998_2nd/EITurnoverRatesClimb_May98.html
Intro -- What LEED is. U.S. Green Building Council. http://www.usgbc.org/DisplayPage.aspx?CMSPageID=1988
The future of the hotel industry. Amadeus.
Unlocking the Gen Y potential -- thrive with technology. Alcatel-Lucent Application Note. http://74.125.155.132/search?q=cache%3AQOBPRqNZ75gJ%3Awww.alcatel-lucentbusinessportal.com%2Fsupport%2Fincludes%2Fdoclink.cfm%3Fid%3D12572+generation+y+hotel&hl=en&gl=us
Van Dyk, D. (2008, June 12). The Generation Y hotel. Time. http://www.time.com/time/magazine/article/0,9171,1813977,00.html
