Staff turnover and its effect on a hotel’s financial performance
A recently published white paper penned by TFG Asset Management revealed employee turnover in the UAE's hospitality industry measures approximately 25% - 30% per annum, which is a significant figure that can mainly be attributed to deteriorating staff loyalty. The research addresses the main motivations behind staff's intent to leave, creates a hypothetical scenario to measure the financial impacts, and crafts effective strategies to combat this alarming issue. The following article discusses the potential financial impact of a 30% voluntary staff turnover.
By Mariano Faz, Head, TFG Asset Management