According to the Bureau of Labor Statistics, the hospitality sector has an annual turnover rate of 73.8%, with around 6% of staff leaving every month. Hospitality and leisure employment, however, has continued to trend up in line with its previous 12-month average as of March 2019. The sector has added 33,000 jobs since January 2019. Tourism employs 1 in 10 people in the global economy, according to the World Travel and Tourism Council.
Yet, the hospitality sector still leads in job opening rates, according to the Bureau of Labor Statistics. These low unemployment rates have created an increase and operating costs and resulting in upward pressure on compensation. Find out how developing a robust employee recognition program can mitigate some of these industry-wide challenges by attracting and keeping top talent.