Federal Reserve officials expect the unemployment rate to reach 4.5% by the end of 2023 with millions of Americans likely to lose their jobs and grapple with higher interest rates. As a result, many employees are reevaluating their jobs and industries while prioritizing work flexibility and financial wellness benefits. We have put together the latest data and research on why employees are leaving the hospitality industry and how, as an employer, you can prioritize your financial wellness benefits to hire and retain talent.
Read more about how your business can thrive in 2023 and beyond by incorporating employee-first financial wellness benefits in our whitepaper.
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* Sara Zaske, “Layoffs pushed hospitality workers to leave industry”, Washington State University Insider, July 15, 2021 https://news.wsu.edu/press-release/2021/07/15/pandemic-layoffs-pushed-hospitality-workers-leave-industry/
Despite being the go-to place for excited travelers, hotels are struggling to reduce turnover rates and keep talented employees on staff.
The number of people employed in the Hotels & Motels industry in the US increased 5.8% on average over the five years between 2018 and 2023
As hotels prioritize hiring top talent in 2023, improving financial wellness benefits and employee experience has never been more crucial. Candidates are considering a variety of industries as industries like hospitality are growing post-pandemic. Standing out as an employer comes down to implementing benefits that not only attract but retain team members.
Implement shift flexibility.
Provide housing opportunities at some properties.
Offer transportation to and from work for employees who may need it.
Incorporate a mobile communication platform to digitize the employee experience for front-line workers.
The US economy is expected to add 8.3 million jobs between 2021 and 2031, with leisure and hospitality accounting for 23.1% of all new jobs, the fastest of any sector at 1.3% per year.https://blog.gitnux.com/hospitality-industry-statistics/The revenue per employee for the average business in the Hotels & Motels industry in the US has increased from 2018 to 2023.
Right now, hospitality workers are not only burnt out, they’re actively disengaged, under-trained and under-informed. These are industry setbacks that translate to poor customer service and will hinder any progress towards recovery. Hospitality needs to focus on engaging employees, training employees, and empowering them with access to the tools and information they need to perform at their highest level, a key ingredient to workplace happiness.
The hospitality industry can offer a range of employee benefits to stay competitive—flexible hours and scheduling, increased pay, employee discounts and training, to name a few.
Learn how thousands of companies have improved their retention, recruitment, and engagement by offering Payactiv.
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