It is very obvious that reducing staff turnover in hospitality is critical to the success of many companies, particularly in the hotel industry. Establishing a base of reliable workers is paramount for continued income and success, even though maintaining them - especially in restaurants - can become difficult. Therefore, you should remain alert and involved in what happens in the company, get in touch with employees throughout their tenure in the position to ensure that everything if continues on wheels. This can be carried out very effectively a professional asset management firm is used for monitoring purposes.

1. What you can lose

Every time an employee leaves your business (even if he has been there for a day), replacing him ends up making you about double the employee's salary. This means that a simple bad contract is a money to the tank. Those costs can add up enough to seriously damage the balance sheet during the course of the fiscal year. To make matters worse, the possibility of an employee leaving is practically always there, since available positions are growing, especially for restaurants. Hiring well and working a bit more to keep quality employees can take a little more of your time (and even income), but it's nothing compared to what you lose if you leave.

2. Retaining the newly hired

The first and best way to reduce turnover is to offer acceptable compensation (not necessarily a competitive one). Listening to a new hire about what you want and talking to him about what you are willing to pay can help solve many problems before they arise. Also, show employees that you are accessible, available, and willing to talk about things in the workplace. Taking time to discuss compensation can also lead to a conversation about whether and how that employee wants to grow in your business, giving you the opportunity to help you develop your career and deepen your relationship with him while training a future manager.

After finding a candidate you like, it is important to maintain an open dialogue to address questions and concerns, such as changes in the schedule, flexibility in the employee or employer and discuss what employees are doing well and what can be improved. Also, establishing an award system and other forms of positive reinforcement at work for employees who perform well can have powerful results in employee retention. Sometimes, it is even better than simply punishing bad behavior. All these ideas are a great way to show an employee that you are investing in him, that makes him feel valued.

3. Retain old employees

As an employee progresses in the positions, keeping the challenges and the awards provided becomes increasingly important. These types of systems are very simple, since they are based on the principle of assigning hard work and rewards as it is done. The prizes you set depend on you, but take the time to listen to your employees what they may want as a reward. Ambitious and meticulous workers looking for great incentives can ask you about benefit packages or bonuses, which have become a hot topic in the restaurant industry in the last year, particularly with employees who have worked for several years or who have advanced several ranges. Having a differentiated plan or set of objectives for employees can keep them focused and performing well,

Also, for employees who have stayed with you for several months, ask them about their goals and keep a record of their responses along with their compensation, benefits, and performance over time. In this way, you can control your progress easily during the year to see how they compare to what they want and make adjustments in the position if necessary. However, if one of those adjustments is to add more responsibility to the job description, be sure to do so with a higher reward, such as an increase in payment or in benefits. Otherwise, employees can quickly get upset with work and resent you.

4. Retain managers

Retaining managers may require some modifications to the system you established for common employees. Managers also need to be challenged, although their challenge will be, in large part, to keep staff focused and working like a well-oiled machine. However, it is important to pay attention to their needs and concerns, as well as to listen to the needs and concerns of the employees they supervise.

One of the best things you can do is encourage creative thinking to stimulate new ideas in management. Taking your suggestions is obviously important, but you will also have to explain why you throw away the ideas you do not like, even if the explanation is that you think more reflection or details are needed. You can also evaluate ideas with them, according to the time, so that you can reach a commitment to an established process and an end. First, the goal is to make managers feel valued and understood; Second, implement a change if needed.

In addition to engaging managers with ideas, it is also useful to give them clear expectations and lines of improvement where appropriate. Thus, they will have a complete understanding of their tasks and responsibilities, which will help them obtain an address and, consequently, to grow your business.

Maintaining managers is critical because they often require more time, energy and money in terms of investment. However, considering that 50% of managers do not expect to remain in their position for another five years, you will have to be creative and, if possible, yield to some questions you would not want to acknowledge, such as increased payments, paid vacations or having more influence in the direction of the business. However, after working a long time for you, granting some points, such as vacations or benefits, is not a weakness, but intelligent leadership.

Conclusion

Listening to employees, recognizing what they do, rewarding them beyond work and offering them benefits are important components of keeping employees from newly hired to senior managers. Although the scale of those benefits and recognitions may increase according to your own plans, there is virtually no price that is worth paying for losing a decent employee.

Author's Bio: 

Angelina is a regular contributor at The Independent.