{"id":18662,"date":"2024-11-11T17:31:37","date_gmt":"2024-11-11T17:31:37","guid":{"rendered":"https:\/\/monday-group-v2.ap.applyflow.com\/?p=18662"},"modified":"2025-06-03T00:39:51","modified_gmt":"2025-06-03T00:39:51","slug":"how-to-retain-senior-employees-based-on-real-data","status":"publish","type":"post","link":"https:\/\/www.mondaygroup.com.au\/news\/how-to-retain-senior-employees-based-on-real-data\/","title":{"rendered":"How to retain senior employees \u2013 based on real data"},"content":{"rendered":"

Employee retention is an expensive problem to have. According to the <\/b>Australian Bureau of Statistics<\/b><\/a>, hospitality, hotels and events have the highest job mobility rates of any sectors in the country.<\/b> But the cost to hire new senior professionals can run into the thousands \u2013 tens of thousands at the executive level.<\/b><\/p>\n

While higher job mobility might be common in these sectors, especially for frontline staff, it’s too expensive to lose senior employees as well.<\/span><\/p>\n

So, it makes good business sense to do what you can to retain your best employees. People, especially leaders, stay in their role when it\u2019s the best deal for them, even if another job might offer more money or perks. Retaining them, then, will be a process of determining what those factors are \u2013 and providing them.\u00a0<\/span><\/p>\n

 <\/p>\n

Start by addressing what your people want<\/b><\/h2>\n

You can\u2019t give your people what they want if you don\u2019t know what that is. Fortunately, we’ve got insights on what Australians want.<\/span><\/p>\n

As a part of our 2024 Workforce Sentiment & Salary Survey, we asked nearly 600 senior Australian hospitality, hotels and events respondents what motivates them to stay with their current employer. Salary and earnings potential topped the charts, but money isn\u2019t everything. Culture and work-life balance weren’t far behind.<\/span><\/p>\n


\nThe full top six included:<\/b><\/h4>\n
    \n
  1. Salary and earnings potential (19%)<\/span><\/li>\n
  2. Company culture (14%)<\/span><\/li>\n
  3. Work-life balance (14%)<\/span><\/li>\n
  4. Job security (10%)<\/span><\/li>\n
  5. Workplace flexibility (10%)<\/span><\/li>\n
  6. Career advancement (10%)<\/span><\/li>\n<\/ol>\n


    \nAnd what sat at the bottom of the list?<\/b><\/h4>\n

    The factors which mattered the least to our survey respondents were:<\/span><\/p>\n

      \n
    1. New challenges (7%)<\/span><\/li>\n
    2. Work location (6%)<\/span><\/li>\n
    3. Staying with an employer to avoid the stress of searching for a new one (3%)<\/span><\/li>\n
    4. Training and development opportunities (2%)<\/span><\/li>\n
    5. Positive corporate social responsibility (1%)<\/span><\/li>\n
    6. Ownership\/part-ownership of the business (<1%)<\/span><\/li>\n
    7. Travel options (<1%)<\/span><\/li>\n
    8. Stability (<1%)<\/span><\/li>\n<\/ol>\n


      \nPutting it together<\/b><\/h4>\n

      If you\u2019re looking to motivate your senior team members and increase retention, focus on improving company culture and see what flexibility you can offer (more on these below).\u00a0<\/span><\/p>\n

      People are telling us they want to feel happy at work, and to have their work in balance with their lives. Challenges, training opportunities and an optimal work location just aren\u2019t enough \u2013 after all, these things are available at many of your competitors too.<\/span><\/p>\n

      Of course, money beats all for a lot of people. Where you\u2019re able to improve salaries or offer greater benefits, you may see an uptick in employee retention.<\/span><\/p>\n

       <\/p>\n

      Build a winning company culture<\/b><\/h2>\n

      People are willing to stick with a job \u2013 even a stressful one, or one without the same perks as another business \u2013 if they love the people and culture. It might seem intangible, but people can feel the \u2018vibe\u2019 of a place, and that vibe is increasingly under the microscope.<\/span><\/p>\n


      \nWhat makes up the culture of a venue or business?<\/b><\/h4>\n

      Company culture is made up of the way people interact with one another, and the example set by leadership. It is your values and traditions, and how people talk about their job when they leave the building.<\/span><\/p>\n


      \nSo how do we improve it?<\/b><\/h4>\n

      Improving company culture almost always comes down to:<\/span><\/p>\n

        \n
      1. Communicating better<\/span><\/li>\n
      2. Leading by example<\/span><\/li>\n
      3. Rewarding positive behaviours<\/span><\/li>\n<\/ol>\n

        In the hospitality, hotels and events sectors, that might look like a few different things:<\/span><\/p>\n